DeMo dragged economic growth down: Rajan

New Delhi: Demonetisation slowed down India's economic growth at a time when the world economy was growing and it impacted the GDP significantly, former RBI Governor Raghuram Rajan said. Rajan said he has seen studies which reaffirm that banning of high value currency notes in late 2016 impacted India's growth significantly. "I think the net impression is that it (demonetisation) had a significant effect on our growth. And now, I have seen studies which reaffirm that. It has slowed down (our growth). "...the world (economy) was growing faster in 2017, we slowed down," Rajan told NDTV news channel in an interview. The growth was not only impacted due to demonetisation but also because of implementation of Goods and Services Tax (GST), he said. In 2017-18, the Indian economy grew by 6.7%. PTI