In 2017, India came in the category of
A) High income countries
B) Low-income countries
C) High middle income countries
D) Low middle income countries
Answers
Answer:
THE ANSWER IS A
Explanation:
Only a year ago it seemed like India was on track to become an important engine of growth for the global economy. It was the fastest growing economy in the world in 2016, surpassing even China, which had been witnessing a slowdown.
India was hailed as a bright spot in an otherwise gloomy global economy. But the narrative changed in 2017 as India's economy turned sluggish.
Between January and December 2016, it grew by more than 7% in every quarter compared to the same period the previous year.
During one quarter it even touched 7.9%.
But in one quarter (April-June 2017), it fell to 5.7% - its lowest growth in three years.
Indian Congress party supporters protest on the eve of the first anniversary of India's currency ban scheme in Mumbai
IMAGE COPYRIGHTGETTY IMAGES
image captionThe surprise currency ban in 2016 hit small businesses hard
Two major decisions on economic policy had a severe impact on 2017. First was the sudden cancellation of nearly 86% of the cash in circulation in November 2016 - the effect lasted until 2017.