India's economic growth held back due to demonetisation, GST: Rajan

Addressing an audience at University of California, Raghuram Rajan said for four years -- 2012 to 2016 -- India was growing at a faster pace before it was hit by two major headwinds. A growth rate of 7% per year for 25 years is "very very strong" growth, but in some sense this has become the new Hindu rate of growth, which earlier used to be 3.5 %, he said.

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