India Fastest Growing Economy Despite Notes Ban, China Second | Read
India defied expectations today to remain the world's fastest growing major economy, despite the notes ban and its aftershock. GDP or gross domestic product growth however fell to 7 per cent in the October-December quarter, from 7.4 in the previous quarter, with Prime Minister Narendra Modi's surprise decision on November 8 to scrap 500 and 1,000-rupee notes or around 86 per cent of the currency then in circulation, putting economic activity on the skids in a predominantly cash-reliant economy. China was number 2 with its economy growing at 6.8 per cent in the December quarter.
