BoFA lowers GDP forecast to 7.1% for FY 2017

BoFA lowers GDP forecast to 7.1% for FY 2017,  Bank of America Merrill Lynch (BofA) has lowered India’s economic growth estimates by 30 basis points to 7.1 per cent for the current fiscal after the demonetisation of Rs 500 and Rs 1,000 notes. Besides, the global financial services major has lowered its GDP number by 30 bps to 7.3 RPT 7.3 per cent for the next fiscal (2017-18). Earlier, BofA had

estimated GDP growth at 7.4 per cent for 2016-17 and 7.6 per cent for 2017-18.