According to the Central Statistics Office (CSO), India's economy expanded by 7 percent in the third quarter of last financial year, belying fears that note ban would have severely impacted economic activity.
But, there is one positive and that is economic data which is showing signs of improvement not just back home but across the globe.
Arjun Ram Meghwal, Union Minister of State for Finance, said that the 21st century belongs to Asia and India will lead the race if it excels in social banking.
Cement was the most telling example, with output declining 13.3 percent from a fall of 8.7 percent in December as the construction industry was badly affected by demonetisation.
Finance Minister Arun Jaitley today said the 8 per cent GDP growth can be achieved next fiscal on account of improved rural demand and better monsoon, even as he urged the Opposition parties not to "play games" in Parliament when it comes to passage of bills to initiate key reforms.
The increased use of digital technologies can boost productivity for the world's top 10 economies and add $1.36 trillion to their total economic output in 2020.
The ratings agency S&P raised its India GDP growth forecast to 7.9 percent from 6.2 percent for the year ending March 2016, citing as well rising investment and low oil prices.
Structural reforms like increasing FDI limit for certain sectors, deregulation of petrol and diesel are seen pushing India's growth in medium term, says Morgan Stanley's Manoj Pradhan.
Adrian Mowat of JPMorgan expects the US markets to drift down as they await the presidential election outcome, adding a surprise Mitt Romney win may lead to a rally.
HSBC's business activity index or services PMI, rose to 52.8 in April from 52.3 in March, while yesterday, the bank released manufacturing purchasing managers index which inched up to 54.9 in April, from 54.7 in March.
Rohini Malkani, chief economist from Citigroup tells CNBC-TV18 that FY12 growth is actually being understated in India at 6.9%. Check out her explanation.
CNBC-TV18 asks Dr Kaushik Basu if he should bother at all as he gets set to present his last economic survey tomorrow. After all, none of his fresh ideas have found acceptance in the FM's policies.
Here is a comprehensive list of demands from the world's fastest growing market- India Telecom. Will Budget 2012 connect with their wants?
Shubada Rao of Yes Bank tells CNBC-TV18 that upside risks to inflation still remains for our economy. She sees inflation coming in at 6-7%.
Despite the slowdown in agriculture, the economy of Andhra Pradesh grew at an impressive growth rate of 8.33% on the average, during the 11th Five Year Plan period, surpassing the country's GDP growth of 7.94% for the same period.
Robert Prior-Wandesforde, head of India & South East Asia economics at Credit Suisse spoke to CNBC-TV18 about how he reads the India-GDP estimates and what the scene is, going ahead.
The weekly food inflation eased to 4.35%, lowest in nearly four years. According to Taimur Baig, chief India economist at Deutsche Bank AG, the Reserve Bank of India (RBI) is likely to focus on growth, discounting the inflation risks. He believes India GDP for FY11-12 to be at 7%.
"Slowdown in growth momentum remains a key concern," said Philip Wyatt, economist at UBS. As the Q2 GDP numbers come in today, Wyatt said that the expectation from Q3 is less than that in Q2, adding that it is crucial to see a continued momentum in consumption.
Announcing a record foodgrain production at 241 million tonnes (MT) in 2010-11, Prime Minister Manmohan Singh today said the country still needs to produce more to meet the rising demand, besides controlling high food prices.
Speaking to CNBC-TV18, Neelkanth Mishra, head of Equity Strategy India, Credit Suisse, said that the market may continue to languish and next 3-4 quarters will be sluggish for market. "Expect Sensex to dip to 16,000 level," added Mishra.
"I am positive on the market," PN Vijay, portfolio manager of www.askpnvijay.com said, adding that going forward, only disastrous news like monsoon failure or calamity in Europe can pull the Nifty below 5300 mark.
The government contained its fiscal deficit, the gap between overall expenditure and receipts, at 4.7% of GDP during 2010-11 much lower than the revised estimate of 5.1%, a development which provide much needed comfort to the Centre fighting stubborn inflation.
Jim Walker, managing director of Asianomics Limited, in an interview with CNBC-TV18's Udayan Mukherjee and Mitali Mukherjee, said that a hike of 50 basis points has come like a surprise.
Indian market is hit by global turmoil and adverse impacts of the same have already started showing up. Deepak Shahdadpuri, managing director of Baer Capital Partners said that the GDP growth rate of India will remain 8% and commodities will have a long-term upward trend.