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India growth rate slips to seven per cent in Q3 after big note ban hits home

INDIA’S economic growth rate fell to seven per cent in the third quarter of the financial year after the controversial ban on high-value banks notes in November, the government said on Tuesday (28).

Gross domestic product in one of the world’s fastest-growing economies expanded seven per cent year-on-year in the three months to the end of December, down from 7.3 per cent in the previous quarter, official figures showed.

While growth came in lower than the previous quarter, it exceeded most analyst predictions in the wake of the government’s shock move to remove all 500 (around £6.04) and `1,000 notes from circulation immediately.

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