Demonetisation affect minimal, GDP set to grow at 7.1%

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India's GDP growth for the fiscal 2016-17 has been estimated to be 7.1 percent, dispelling the perception of a sharp negative impact of the demonetisation on economic growth, said reports.

The nation's growth during the quarter ending December-2016 was 7 percent, government data showed on Tuesday. The growth during the preceding quarter was 7.4 percent.

Economic affairs secretary Shaktikanta Das said that demonetisation has not had a significant 'negative impact' on growth.

This means that India would remain fastest growing major economy in the world as China's growth in the quarter ending December was 6.8 percent.

The government had on November 8, 2016, banned the old Rs 500 and 1,000 notes and issued fresh Rs 500 and Rs 2,000 notes. The opposition parties had attacked the Centre's move saying that it would significantly impact the GDP growth.

The growth during fiscal 2015-16 was 7.9 percent.

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