New Delhi: India’s economy expanded by 7% in the third quarter of this financial year, belying fears that note ban would have severely impacted economic activity.
The Central Statistics Office (CSO) has retained the growth projection for the current fiscal at 7.1%, as projected in the first advance estimate in January.
Meanwhile, the CSO has also marginally revised upwards the GDP estimates for the first and the second quarters to 7.2% and 7.4%.
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It was feared that demonetisation effected in the middle of the third quarter (November 9, 2016) would have adverse bearing on various segments of the economy.
The Reserve Bank of India and other agencies like IMF and OECD had lowered GDP projections arguing that the note ban would have short-term impact on the Indian economy