Niti Aayog vice chairman Rajiv Kumar today said that it wasn't demonetisation but deleveraging of credit under former RBI governor Raghuram Rajan that led to economic slowdown.

India's declining savings rate could well pose a serious challenge to overall growth and macroeconomic stability.

Given that services account for over 53 per cent of the Indian economy today - while industry, which includes manufacturing, accounts for roughly 29 per cent - any contraction in the sector is pretty bad news.

Industry of over 6,000 traders, who export staggering $23 billion worth of diamonds each year with a value addition in excess of $7 billion, is worried the Nirav Modi-PNB scam will make things difficult for the sector that's is still trying to find its feet after demonetisation and GST.

Industry stakeholders as well as the common man are eagerly looking to Finance Minister Arun Jaitley to deliver a make-happy Budget with an eye on general elections next year.

India's economic growth would accelerate to 7 to 7.5 per cent in the 2018-19 financial year, enabling the country to bounce back as the world's fastest growing major economy, according to the economic survey tabled in Parliament on Monday.

The Economic Survey also said that India's GDP was set to grow 7 - 7.5 percent in 2018-19, an increase from its prediction of 6.75 percent growth this fiscal.

Former RBI governor Raghuram Rajan is not known to hold back his punches. And defaulting promoters are a pet target of his. He has said it many times before, and he's just said it again in Davos: Promoters of companies that go belly-up have to face strong consequences.

After demonetisation, RERA, and GST, 2017 saw prices come down to unprecedented levels - even Mumbai residential prices finally cracked - according to a recently released Knight Frank India report.

Kenichi Ayukawas tenure has seen Maruti stem the slide in marketshare and further consolidate its hold on the Indian market.

Responding to improving demand, manufacturers cranked up output for the fourth month in a row, and hired new workers at the fastest pace in five years.

For July-September, the median in a Reuters poll of economists was for annual growth of 6.4 percent. Forecasts ranged from 5.9 percent to 6.8 percent. If there was 6.4 percent growth, that would mark a sound acceleration from 5.7 percent in April-June, but still lag China's 6.8 percent.

The CBDT issued a two-page directive to all regional chiefs of the income tax department on November 24, laying out the guidelines for assessing cases which have been taken up for scrutiny on the ground of suspicious financial activity post-demonetisation.

Though both the credit rating agencies appreciated India's strong GDP, S&P raised concern over increasing fiscal deficit and debt burden, saying the country's fiscal challenges coupled with low per capita income and high debt also reflect the country's underperformance.

The agency claimed the initiatives, including demonetisation and Goods and Services Tax (GST), taken up by the government would strengthen India's credit powers, boost growth prospects and global competitiveness.

PayPal has been offering cross border payments in India for close to a decade and claims to control a third of India's B2C export payments. The company will take on established players like Paytm and Amazon Pay in the Indian market.

Despite India's economic hiccups, tycoons on the 2017 Forbes India rich list saw their wealth soar with their combined fortunes rising 26 per cent to USD 479 billion.