India's economy bounces back from slowdown
India's economy has bounced back from a year-long slowdown, but not enough to regain the global growth crown from China.
Gross domestic product grew by 6.3% in the three months through Sept. 30, up from 5.7% in the previous quarter. That compares with China's growth rate of 6.8% in the same period.
Still, the numbers will be music to the ears of Indian Prime Minister Narendra Modi, whose two biggest policy decisions of the past year have been widely blamed for a slump that cut growth to its slowest pace in three years.
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India was the world's fastest growing major economy at the end of 2016, with GDP expanding by 7%.
But the sudden ban last November of India's two most valuable rupee notes at the time -- accounting for 86% of the country's cash -- stunned industry and brought activity in some sectors of the economy to a screeching halt.
An overhaul of the country's tax system in July, replacing myriad state levies with a single set of national rates, dealt business another blow, even if it should help the economy in the long run.
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