The World Bank has decelerated India's growth for 2016-17 fiscal to 7 per cent from its previous estimate of 7.6 percent. In its latest report, the World Bank said, immediate withdrawal of a large volume of currency in circulation and subsequent replacement with new notes in November contributed to slowing growth.
It said, the country would regain momentum in the following years with 7.6 and 7.8 per cent growth. The Bank said, various reform initiatives are expected to unlock domestic supply bottlenecks and raise productivity.
According to the report, India maintains the distinction of being the fastest growing emerging market economies of the world, bypassing China.