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If you read this, tell Jaitley about it: Note ban hit FDI flow, savings level

NEW DELHI: An impressive 7 per cent GDP growth in the demonetisation-hit December quarter had taken economists and Dalal Street by surprise.

While some experts applauded the strength in the domestic economy that braved the cash ban, a few others were still cautious as they believe the numbers were inadequate to gauge cash ban’s true impact as the unorganised sector does not have a major say in the initial rounds of the GDP estimates.

the current account deficit (CAD) data for the quarter is out. The numbers suggest the only major ‘victim’ of the cash ban was probably capital flows. Savings also took a hit as they hit the lows of 2005.

The weakness in capital flows was largely led by a sharp reversal in portfolio flows because of demonetisation in early November, brokerage Edelweiss Securities said, adding that outflow of some $19 billion NRI deposits under the FCNR B scheme during the quarter was on expected lin ..