ADB lowers India’s GDP forecast for FY18 to 6.7%

India’s GDP forecast has been lowered by The Asian Development Bank by 0.3 percent to 6.7% due to tax sector reforms, demonetization and other changes. Due to the lingering effect of demonetization, India had lost it’s “fast-growing economy” tag in early 2017. However, for 2018 the prospect is looking positive for India as the transitory challenges of the tax system and 6.3% fiscal growth in the second half of the year.