Growth in India has slowed due to the effects of its structural economic reforms. India’s demonetisation of large-denomination notes in November 2016 invalidated 86 percent of the cash in circulation in an economy where more than 90 per cent of transactions were cash-based,” it said.
“The introduction in July 2017 of a single, country-wide sales tax replaced a vast number of different state and local tax rates, and has created short-term uncertainty,” the report noted. The Trump administration also blamed India for not implementing the WTO ruling on poultry.
“India has failed to revise its requirements for poultry in a manner that would allow for US imports, and the case continues to be litigated in the WTO,” it said.
“Since 2007, India has restricted various US agricultural products, including poultry meat, eggs, and live pigs, supposedly to prevent the entry of avian influenza into India,” the report said.
