Anant sought to downplay the impact of the note ban, saying he "would caution against reading a single number that comes out after an event as being reflective of consequences of the event". The report cited "lingering impact" of demonetisation and the goods and services tax ( GST ) for the expected slowdown during the current and the next year. "On the short-term costs of such a measure, monetary economists would say that you'd see an immediate impact on activity. It undermines notes, it undermines bank accounts, it undermines the entire economy of trust. "Demonetisation, after one year, does not look as rosy as it was painted out to be by the image spinners in the government.

Source: Economic Times October 23, 2017 06:33 UTC