Its 3Q GDP now seen to be below 6%.
Most economists believe that the growth for Indian economy in the 3Q and 4Q will be weak following the effect of demonetization which was implemented on 8 November and will go on till 30 December, notes MayBank KimEng.
According to the research house, the GDP growth for 3Q could be below 6% whereas that for the FY17 could be well below 7% now vs earlier forecasts of 7.5-7.8%.
The demonetization, it said, is likely to hit the farm and informal sector the hardest.
The informal sector contributes 45% of India's GDP and 80% of its employment
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