Note ban effect over?

Government's narrative of V-shaped recovery is misguided and could lead to policy complacency and mistakes

As the fiscal year 2017-18 has ended, we will soon be talking about full-year gross domestic product (GDP) growth and how India’s economy has put demonetisation and goods and services tax (GST) troubles behind it. The Economic Survey 2016-17 appeared to take that line and many commentators have done the same. With currency in circulation now back at pre-demonetisation levels and growth in the third quarter of 2017-18 at 7.2 per cent, the narrative of “all is well” is taking shape. The message seems to be that economic growth slowed after demonetisation and that the economy is now growing again