ps . ▁Farm ers ▁were ▁unable ▁to ▁recover ▁even ▁the ▁costs ▁of ▁transport ation ▁from ▁their ▁fields ▁to ▁the ▁market ▁from ▁the ▁low ▁prices ▁offered . ▁Some ▁far mers ▁dump ed ▁their ▁produce ▁in ▁protest ▁against ▁the ▁government . ▁ ▁Dem on et isation ▁resulted ▁in ▁the ▁relative ▁er os ion ▁of ▁agricult ural ▁w ages ▁and ▁weak ▁b arg aining ▁power ▁of ▁far mers ▁for ▁their ▁produce . ▁ ▁Real ▁G DP ▁growth ▁rate ▁ ▁Global ▁anal yst s ▁cut ▁their ▁forec asts ▁of ▁India ' s ▁real ▁G DP ▁growth ▁rate ▁for ▁the ▁financial ▁year ▁ 2 0 1 6 – 1 7 ▁by ▁ 0 . 5 ▁to ▁ 3 % ▁due ▁to ▁demon et isation . ▁India ' s ▁G DP ▁in ▁ 2 0 1 6 ▁is ▁estimated ▁to ▁be ▁US $ 2 . 2 5 ▁tr ill ion , ▁hence , ▁each ▁ 1 ▁per ▁cent ▁reduction ▁in ▁growth ▁rate ▁represents ▁a ▁short fall ▁of ▁US $ 2 2 . 5 ▁billion ▁( ₹   1 . 5 4 ▁la kh ▁cr ore ) ▁for ▁the ▁Indian ▁economy . ▁According ▁to ▁Soci ete ▁Gener ale , ▁quarter ly ▁G DP ▁growth ▁rates ▁would ▁drop ▁below ▁ 7 % ▁for ▁an ▁entire ▁year ▁at ▁a ▁stretch ▁for ▁the ▁first ▁time ▁since ▁June ▁ 2 0 1 1 . ▁ ▁The ▁Q 4 ' 1 6 – 1 7 ▁rate ▁was ▁ 6 . 1 % ▁as ▁against ▁a ▁forec ast ▁of ▁ 7 . 1 % ▁by ▁econom