ICCK

"The impact of the demonetisation of high-value banknotes is dissipating as the replacement banknotes enter circulation. Stronger consumption and fiscal reforms are also expected to improve business confidence and investment prospects in the country," said the Asian Development Outlook, ADB's  ..

India recorded a growth rate of 7.1 per cent during 2016-17, notwithstanding the fears that demonetisation of high-value currency notes of Rs 500/1,000 in November last year would adversely impact the economic growth.

"In India, the sub-region's largest economy, growth is expected to pick up to 7.4 per cent in fiscal year (2017-18) and 7.6 per cent in 2018-19, following the 7.1 per cent registered last FY," it said.

With regard to China, the report said, the overall output is expected to slow to 6.5 per cent in 2017 and 6.2 per cent in 2018, down from 2016's 6.7 per cent.

Efforts of the Chinese government to maintain financial and fiscal stability would continue to be a modest drag on growth going forward, it said, adding the continued structural reform would help in maintain growth in the government's target range.

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