India’s economy expanded at a slower pace in the three months to December, but remained the fastest growing among major economies, despite the damping effect of the government’s shock move of currency demonetization implemented in November.
Gross domestic product rose an annual 7 percent in the three months to December following 7.4 percent growth in the September quarter, preliminary data from the Central Statistics Office showed Tuesday. Economists had expected a sharp slowing to 6 percent due to the hardships that Indians faced due to demonetization.
India thus retained its lead over China, which grew 6.8 percent during the three months to December.
The CSO also estimated 7.1 percent growth for the financial year ending March 31, thus retaining the earlier estimate provided in January. In the fiscal 2015-16, growth was 7.9 percent.
The drastic move to remove high value currency…