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India’s Economy Grows Less Than Estimated Before RBI Rate Review

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India’s economy grew less than estimated, adding pressure on central bank Governor Urjit Patel to lower interest rates at next week’s review.

Expansion will probably slow to 6.5 percent in October through December as Prime Minister Narendra Modi’s shock Nov. 8 decision to void high-value currency notes damps demand in the cash-based economy. The Reserve Bank of India is analyzing the impact of the decision and will list the implications at its Dec. 7 review, BloombergQuint reported on Monday, citing Patel. He will also have to contend with an expected increase in U.S. interest rates, which is sucking out money from emerging markets and increasing volatility.