An Indian man filled a form to deposit old rupee notes at a bank in Jammu, Kashmir, India, Dec. 30, 2016. PHOTO: JAIPAL SINGH/EUROPEAN PRESSPHOTO AGENCY

SAN FRANCISCO (Diya TV) — Friday, India will get its first official indication of the impact of Prime Minister Narendra Modi’s demonetization on the country’s economy.

The nation’s statistics ministry will release its estimate of growth in gross domestic product for its current fiscal year, analysts will be watching closely to see if it can maintain a rate of 7.6 percent despite the severe cash shortage sparked by demonetization, which canceled about 86 percent of the country’s cash in circulation.

Critics of Modi’s decision say the program has caused mass hardship around the nation, particularly in villages and small towns where the new notes haven’t been made readily available. The forecast will reveal whether or not India can keep its coveted title as the world’s most rapidly developing economy, a status some say they might lose to neighboring China, where growth estimates are expected to be between 6.5 and 7 percent.

Siddhartha Sanyal, chief India economist at Barclays, said that the decision could result in a reduction in the growth rate of of between 0.5 and one percentage point for this fiscal year. Before demonetization, the bank predicted that India’s economy would grow 7.5% in the same period.

India’s real estate sector is expected to be among the worst hit areas, as a large portion of the nation’s transactions in the sector are made in cash. Other areas such as construction, steel and cement are also expected to be hurt.

Still, it remains unclear just how deep the slowdown has impacted matters.

“While there are downside risks to a lot of numbers like construction and manufacturing, some other numbers like banking and financial services might spring an upside surprise,” Sanyal told the Wall Street Journal.

Deposits have skyrocketed as residents rushed to put old currency in their accounts, providing banks with more money to lend.