SINGAPORE (Dec 18): There is a spring in the Indian economy’s step, after a year in which few things seemed to go right. Prime Minister Narendra Modi’s bold attack on the black economy through demonetisation in November last year did not quite achieve its objectives, but did hurt a large part of the economy. The lacklustre implementation of the goods and services tax (GST) earlier this year had also depressed economic confidence. Now, however, we are finally seeing light at the end of the tunnel. The economy rebounded in 3Q2017, with growth accelerating to 6.3% from a cyclical low of 5.7% in the previous quarter, ending a streak of declines. The action by Moody’s to upgrade India’s sovereign rating for the first time since 2004 also helped raise hopes.

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