With a lot being said about Narendra Modi-led government\u2019s note-ban in 2016, demonetisation is again in the news as global rating agency Fitch has pegged India\u2019s economic growth to 7.3% in next fiscal saying that the influence of the one-off policy related factor seems to have subsided. Interestingly, the common thread in India notes of these global rating agencies seem to suggest that the effects of demonetisation are now behind us. We take a closer look at what these rating agencies have to say about demonetisation and its effects. Fitch In its Global Economic Outlook report released yesterday, Fitch noted with regard to demonetisation that the note-ban reform\u2019s influence of which was dragging growth so far has now waned, and the economy is in a path of recovery. Interestingly, Fitch had retained India\u2019s credit rating at \u2018BBB-\u2019 in December-17 saying that growth had "repeatedly disappointed" in recent quarters, partly because of one-off factors including the demonetisation programme of November 2016 and introduction of GST. S&P While the global firm retained its India rating in November-17, citing low fiscal deficit and higher debt, S&P too noted that one-off factors such as demonetisation and the launch of the goods and services tax have led to some quarterly cooling in India\u2019s high growth figures, and growth is slated to improve. \u201cNevertheless, the medium-term outlook for growth remains favourable, based on private consumption, an ambitious public infrastructure investment programme, and a bank restructuring plan that should help revive investment,\u201d S&P had said. Moody\u2019s When the firm upgraded India\u2019s sovereign rating in November-17, Moody\u2019s said that the reforms will advance the government\u2019s objective of improving the business climate, enhancing productivity, stimulating foreign and domestic investment, and ultimately fostering strong and sustainable growth. Taking specific note of demonetisation Moody\u2019s said that the reform will take time for their impact to be seen it has undermined growth in the near term. The firm too noted that reforms being pushed through by Modi\u2019s government will help stabilize rising levels of debt.