According to a report by the International Monetary Fund, India’s growth rate is expected to slump for the current fiscal year from the previous estimate of 7.6 per cent to 6.6 per cent due to a temporary negative consumption shock caused by PM Modi’s Demonetisation move. Meanwhile, IMF revealed that India’s growth forecast for the 2017-18 fiscal would only grow at 7.2 per cent, as against its previous forecast of 7.6 per cent. Interestingly, China is expected to eclipse India as the fastest growing major economy for 2016.