Indian economic growth slows in December quarter of 2016

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Indian economic growth slows in December quarter of 2016
However, Rupa Rege Nitsure, chief economist at L&T Holdings, said the current year’s growth “appears to be overstated
as our National Accounts Statistics does not adequately capture activities from the unorganised sector”.
The figures surprised economists, who had expected the economy to take a bigger hit from Prime Minister Narendra Modi’s decision last November to withdraw old 500-rupee
and 1,000-rupee banknotes, taking 86% of the currency out of circulation virtually overnight.
Saugata Bhattacharya, a chief economist at Axis Bank, said “big rises” in agriculture and manufacturing “show
that the impact from demonetisation on growth has been less than expected”.
Aneesh Srivastava said that Perhaps this data is not capturing the impact of demonetisation,
Economists had expected the economy to suffer from the government’s decision
to withdraw high-denomination banknotes as part of an anti-corruption drive.
India’s economic growth slowed in the December quarter of 2016, but the pace of expansion still beat expectations.

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