Asian Development Bank (ADB) has cut India's GDP (Gross Domestic Product) growth rate to 6.7 percent for the current fiscal on Wednesday. For this fall, the bank has cited the weakest performance of the first half, the notes ban and the challenges after the implementation of GST (commodity and service tax).

Multilateral lender has reduced India's GDP estimate from 7.4 percent to 7.3 percent for the fiscal year 2018-19, mainly due to the increase in international prices of crude oil and stable private investment in India.

ADB has said in the Asian Development Scenario, "In the first half of fiscal year 2017-18, the uninterrupted growth rate, the effect of the notes ban on November 2016, the initial challenges in implementing the new tax system, incomplete monsoon in 2017 given the impact of the agricultural sector, it is estimated that India's economy will now grow at a rate of 6.7 per cent, whereas in the earlier estimates it should be seven per cent.''

In its September update, ADB reduced India's growth rate for the current fiscal to 7 percent, and for the next financial year, it was reduced from 7.6 percent to 7.4 percent.

Let us say that according to the figures of the second quarter (July to September), the GDP rate has increased to 6.3 per cent. Earlier, between April and June, the first quarter GDP rate was 5.7 percent. Then there was a lot of criticism of the Modi Government.

But on Wednesday, Asian Development Bank (ADB) has reduced India's GDP growth rate to 6.7 percent for the current fiscal. This has caused a shock to the Modi government.

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