Mumbai: Chief statistics officer TCA Anant on Monday said that weak performance from industry forced CSO to lower GDP forecast for the fiscal year 2016-17, CNBC-TV18 reported.
He said that he did not include November data in banking and financial services in GDP forecast that pegged a three-year low growth estimate of 7.1 per cent.
Anant said due to demonetisation and the subsequent cash crunch in country, the CSO decided to exclude November data in banking and financial sector in the GDP estimate.
He added that he would have estimated a higher GDP growth number had the numbers on deposits made in old notes were included in the forecast.
“Forecast given implies the data available with the CSO,” CNBC-TV18 quoted Anant as saying. Estimate given this time is with the exception of financial services, Anant added who is of the view that real impact of demonetisation will be seen on a gradual basis.
