Buoyed by higher-than-expected GDP growth, Finance Minister Arun Jaitley said a 7 percent expansion in third quarter belies exaggerated claims of note ban impact on rural economy. Jaitley, who returned from his UK visit this morning, seemed to agree with RBI Governor Urjit Patel's assertion of a sharp V-shaped recovery as remonetisation picks up.
The October-December quarter of 2016 was "substantially impacted by demonetisation (of higher denomination currency)," the finance minister said. "Demonetisation, admittedly, had led to the squeeze of currency because this was the period during which the replacement of high denomination currencies was taking place and many people were apprehensive to what its impact on overall growth would be.
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Buoyed by higher-than-expected GDP growth, Finance Minister Arun Jaitley said a 7 percent expansion in third quarter belies exaggerated claims of note ban impact on rural economy. Jaitley, who returned from his UK visit this morning, seemed to agree with RBI Governor Urjit Patel's assertion of a sharp V-shaped recovery as remonetisation picks up. 
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