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India's strong GDP data leaves economists scratching their heads

It is also higher than China's 6.8% growth for the last three months of 2016

Reuters  |  New Delhi 

India defied expectations on Tuesday to retain the title of the world's fastest growing major economy, despite the pain caused by Prime Minister Narendra Modi's shock crackdown on cash. Annual gross domestic product (GDP) growth for the October-December period came in at 7.0 per cent, a tad slower than 7.4 per cent in the previous quarter but much faster than the 6.4 per cent expansion forecast by economists in a Reuters poll. It was also higher than China's 6.8 per cent growth for the last three months of 2016. Modi's decision last November to outlaw old 500 ...

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First Published: Tue, February 28 2017. 22:11 IST