According to reports, India retained its position as the world’s fastest growing major economy on Tuesday. However, the GDP growth dropped down to 7 per cent from the previous 7.4 per cent, with Prime Minister Narendra Modi's surprise decision on November 8 to scrap 500 and 1,000-rupee notes. Meanwhile, China retained its number 2 spot with its economy growing at 6.8 per cent in the December quarter.