Demonetisation, GST Held Back India's Economic Growth: Raghuram Rajan

'Demonetisation and the Goods and Services Tax (GST) are the two major headwinds that held back India’s economic growth last year, former RBI governor Raghuram Rajan has said, asserting that the current 7% growth rate is not enough to meet the country’s needs. Addressing an audience at the University of California in Berkley on Friday, Rajan said for four years – 2012 to 2016 – India was growing at a faster pace before it was hit by two major headwinds... “What happened in 2017 is that even as the world picked up, India went down. That reflects the fact that these blows (demonetisation and GST) have really really been hard blows…Because of these headwinds, we have been held back, he said...'