Fourth quarter GDP growth fell to 5.6% as the impact of demonetization continued to feed through. Private investment remains a weak contributor. The central fiscal deficit for the year met the government’s target of 3.5% of GDP. India’s per capita income grew by 9.7% in FY17, to $1,600. Purchasing managers’ index figures for May give conflicting signals, though both sub-indices continue to indicate growth. The manufacturing PMI slipped from 52.5 in April to 51.6 while the Services PMI advanced strongly from 50.2 to 52.2.