"Moody's Investors Service and its Indian affiliate, ICRA Limited, say India (rated Baa3 positive by Moody's) will remain one of the fastest growing major economies globally in 2017, although GDP growth will moderate in the first half of the year, as the economy adjusts after demonetization," the press release said on Sunday.
The statement added that the growth of the country's GDP in 2017 would decrease from 7 percent in 2016, however it would still be about 6.6 percent.
According to the ICRA officials, India's economic growth would stabilize in the second half of 2017 and would remain "strong," the statement added.
Since November 9, 2016, India's economy has been affected by a currency reform aimed at fighting corruption and shadow economy, under which the banknotes with the nominal value of 500 and 1000 rupees (about $8 and $15) will be withdrawn from circulation. The reform has led to long ATM lines and disrupted the normal cash flow of many businesses and daily activities of individuals.
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