On Wednesday, the Reserve Bank of India (RBI) slashed its growth forecast for FY17 gross value added (GVA) to 7.1 per cent from 7.6 per cent earlier. Interestingly, RBI clarified that of the 50 basis point (bp) decline in growth, the slowdown due to demonetisation is only to the extent of 15 bps. The balance, it said, is due to second-quarter GVA growth coming in below expectations.

Source - http://www.business-standard.com