Economics

Modi Is Still Fighting the Damage of India’s Cash Ban Two Years Later

  • Negative after-effects of cash ban still haunt businesses
  • Government says move increased transparency, hurt corruption
Photographer: Dhiraj Singh/Bloomberg
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Two years after India’s Prime Minister Narendra Modi shocked the nation by banning high-value cash notes, the opposition is still trying to score political points from the damage done to the economy.

With elections looming early next year, the Congress Party is planning to hold a nationwide protest on Friday to mark the second anniversary of demonetization, a policy that caused chaos to businesses, widespread job losses and slowed economic growth. Modi’s predecessor, Manmohan Singh, said on Thursday the government should remember how “economic misadventures can roil the nation.”