Analysts doubted that India’s GDP could grow 7% in the last quarter of 2016. Yet it apparently did despite Prime Minister Narendra Modi’s unpopular decision to withdraw all 500 and 1,000 rupees bank notes from circulation since November 2016. Although such a sudden move impacted many SMEs and individuals’ business very negatively, official statistics surprisingly showed an Indian economy that remained largely unaffected overall. Consequently, Cyceon advises that one should rather wait for the figures produced by the first quarter of 2017 to get a more accurate assessment of how healthy India’s economy really is.
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