Economists believe that as data gets refined in coming months, it is likely that these numbers are revised.
The Central Statistics Office (CSO) put the growth rate for October-December 2016 period at 7 per cent, compared to 7.4 per cent in the second quarter and 7.2 per cent in the first quarter.
Arun Jaitley said, "GDP number belies exaggerated claims by many that rural sector was in distress and agriculture growth at record high."
Soumya Kanti Ghosh, Group Chief Economic Advisor of SBI, said that the steep downward revision of the third quarter of FY’16 has, in turn, led to higher growth in the third quarter of FY’17.
The April-January net tax collection was Rs 8.16 lakh crore, which was 75 per cent of the revised estimate (RE) for the full year
‘Any adverse effect on consumption is not likely to spill over to next year’
It has been speculated for some time that Switzerland may have to do away with cash, especially high value banknotes, to get rid of its tag of being an alleged 'safe haven' for black money stashed by foreigners including from India
India GDP growth: The Economic Survey for 2016-17 had projected India’s GDP growth rate to reduce by 0.25-0.5 per cent in 2016-17 owing to cash squeeze in the economy following demonetisation.
Gurria said rating agencies have become "so overtly cautious" as they "don't want to be caught being overtly aggressive."
India GDP growth rate: The Reserve Bank of India (RBI) and the Economic Survey had projected India to grow at 6.9 per cent and 6.5 per cent in current fiscal.
Das was speaking at the launch of OECD's Economic Survey for India.
The 30-share index, which had lost 80.09 points in the previous session, fell further by 69.56 points, or 0.24 per cent, to 28,743.32