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Economy

India pays the price of demonetization

Modi's war on black money has hit India's economy. Is the price worth paying?

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A man holds placards and shouts slogans during a rally organized by India's main opposition Congress party against the government's decision to withdraw 500 and 1000 Indian rupee banknotes from circulation in Mumbai on Nov. 28.   © Reuters

One month after Indian Prime Minister Narendra Modi announced the demonetization of 500- and 1,000-rupee banknotes in his battle against black money, policymakers in New Delhi are finally starting to acknowledge that the shock move has caused immense upheavals, loss of incomes, disruption to businesses and inconvenience to millions of hapless citizens caught in the cross-hairs.

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