ists . ▁The ▁rate ▁for ▁the ▁financial ▁year ▁ 2 0 1 6 – 1 7 ▁was ▁ 7 . 1 %, ▁a ▁reduction ▁from ▁the ▁ 8 % ▁in ▁ 2 0 1 5 – 1 6 . ▁This ▁drop ▁was ▁attributed ▁to ▁demon et isation ▁by ▁econom ists . ▁ ▁The ▁G DP ▁growth ▁rate ▁for ▁Q 1 ' 1 7 – 1 8 ▁dropped ▁to ▁ 5 . 7 %, ▁compared ▁to ▁ 7 . 9 % ▁a ▁year ▁ago , ▁the ▁lowest ▁since ▁March ▁ 2 0 1 4 . ▁This ▁drop ▁was ▁attributed ▁to ▁demon et isation ▁as ▁well ▁as ▁invent ory ▁draw down ▁by ▁companies ▁due ▁to ▁the ▁forth coming ▁implementation ▁of ▁the ▁Good s ▁and ▁Service ▁Tax . ▁ ▁The ▁G DP ▁started ▁to ▁recover ▁from ▁Q 2 ' 1 7 – 1 8 ▁and ▁clock ed ▁ 8 . 2 % ▁in ▁Q 2 ' 1 8 – 1 9 . ▁ ▁Emp loyment ▁ ▁There ▁was ▁a ▁loss ▁of ▁jobs ▁and ▁a ▁decl ine ▁in ▁w ages ▁due ▁to ▁demon et isation , ▁particularly ▁in ▁the ▁un organ ised ▁and ▁inform al ▁sector ▁and ▁as ▁well ▁as ▁in ▁small ▁enter pr ises . ▁M igr ant ▁workers ▁were ▁advers ely ▁affected ▁by ▁demon et isation . ▁ ▁According ▁to ▁the ▁report ▁prepared ▁by ▁the ▁Centre ▁for ▁Mon itor ing ▁Indian ▁Econom y ▁( CM IE ), ▁the ▁number ▁of ▁employed ▁people ▁was ▁ 4 0 1 ▁million ▁in ▁January – A pril ▁ 2