GDP will expand 6.8% in the year through March—the slowest pace since 2014—according to the median of 29 estimates in a Bloomberg survey

India’s economy is forecast to slow less than estimated as banks work to replace cash sucked out by Prime Minister Narendra Modi’s shock clampdown in November.

Analysts including those at Moody’s local unit predict a slower turnaround after growth estimates showed India shrugged off demonetisation impact with only a brief slowdown

Indian economic growth is tipped to slow down to a near three-year low in the October-December period

Economists see GDP growth in three months to December to be in range of 5.5% to 6.5%, against 7.2% growth recorded in the year-ago quarter

The demonetisation drive may have slowed India’s economic growth to about 6% or lower during October-December from 7.3% in September quarter.