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Cash crunch led to 'material impact on spending', says Fitch
Demonetisation of old Rs500 and 1,000 notes had a material impact on spending as reflected in significant slowing of GDP growth in January-March, Fitch Ratings said today, warning that the ongoing steep decline in investment could spell risks to growth potential. In its latest Global Economic Outlook (GEO), Fitch said Indian GDP growth slowed significantly to 6.1 per cent in first quarter of 2017 from 7 per cent in October-December.
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