GDPt growth for the October-December quarter came in at 7 percent, whereas the estimate for the full year (2016-17) was 7.1 percent. This was not only higher than what most analysts had forecast, it was also higher than China’s 6.8 percent growth for the third quarter. India managed to retain the ‘world’s fastest growing major economy’ title. More surprisingly, the data for private consumption show an increase of 11 percent in the last 3 months of 2016. This is the same period that purchases ground to a halt after Demonetisation due to the cash scarcity.