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Indians queue in line to exchange invalidated banknotes

India gambles with its currency

  • The surprise withdrawal of most Indian banknotes caused economic chaos
  • The move hurt India’s oversized informal economy and crimped illegal financing of political parties
  • Tax revenue and bank deposits shot up, but the impact on jobs is a concern

The Indian government’s sudden decision to declare 86 percent of the country’s currency null and void made news worldwide. The result was snaking lines in front of ATM machines, harassed bank personnel and a desperate shortage of legal tender. The move has had its merits, but its implementation was so poor as to tarnish Prime Minister Narendra Modi’s aura of invulnerability.

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 Pramit Pal Chaudhuri
The prime minister’s greatest strength has been his overriding control of the policy space, now dented by the currency drama
read more about it in the report
What's inside
  • The surprise withdrawal of most Indian banknotes caused economic chaos
  • The move hurt India’s oversized informal economy and crimped illegal financing of political parties
  • Tax revenue and bank deposits shot up, but the impact on jobs is a concern
Who will benefit?
  • Report is targeted to the decision makers in cross country manufacturing – suppliers, manufacturers, logistics.
  • Also considered useful for the administrative university facilities, to better understand the possibe effects of current decisions.
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