India: Experts warn note ban will slow down Indian economy

Truth Troubles: Why people hate the truths' of the real world

(THIS ARTICLE IS COURTESY OF THE HINDUSTAN TIMES NEWSPAPER)

Demonetisation fallout: Experts warn note ban will slow down Indian economy

  • Sunny Sen, Hindustan Times, New Delhi

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  • Updated: Nov 23, 2016 00:51 IST
Volunteers of Delhi ‘s ruling Aam Aadmi Party shout slogans during a protest march against the demonetisation of Rs 500 and Rs 1000 notes, in New Delhi on Tuesday. (PTI)

For all its good intentions, the government’s decision to scrap high-value banknotes threatens to hobble the economy. Some experts see a contraction of economic activity in the next two months, and consensus says the GDP growth could slow by a whole percentage point in the next 12 months.

“The footfall at our dealerships is half of what it was in October,” said Pawan Kant Munjal, who runs Hero MotoCorp, the world’s largest motorcycle maker. Varun Berry, managing director of Britannia, the country’s largest biscuit maker, sees a…

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