March 1, 2017 / 7:49 AM / a year ago

BRIEF-Moody's says India's economy picks up after demonetization

March 1 (Reuters) - Moody‘s:

* Moody‘s: India’s economy picks up after demonetization; reform agenda on track; measures to leverage revealed incomes and wealth yet to be detailed

* Moody‘s- Sales in India’s real-estate and auto sectors gradually recovering, expects the trend to continue over the second half of this year

* Moody’s on India- Demonetization has had little impact on India’s rated oil and gas refining and marketing companies

* Moody’s - Expects India’s GDP growth to moderate to about 6.4% in the january to march 2017 quarter

* Moody’s on India - Slowdown in economic activity has weighed on demand for credit among retail borrowers. Expect this to continue over next few months

* Moody’s on India - Government’s reform agenda remains on track, supported by a prudent budget

* Moody’s on India - Believe that in medium term, demonetization will strengthen institutional framework by reducing tax avoidance and corruption, which is credit positive

* Moody’s on India - Bank deposits will rise only about 1% to 2%, compared to before demonetization, with cash being main means of retail transactions

* Moody’s on India - Government’s revenues may benefit if old notes that are deposited into banking system provide information about economic activity that can be used to enhance tax collection

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