, Columnist
India's Cash Woes Are Just Beginning
Signs of a manufacturing downturn herald more pain to come.
Almost all banned notes have been returned.
Photographer: Prabhat Kumar Verma/Pacific Press/LightRocket/Getty ImagesThis article is for subscribers only.
“Give me 50 days, friends,” Indian Prime Minister Narendra Modi asked citizens after he canceled 86 percent of the country’s currency notes. After Dec. 30, if Indians saw his decision as flawed, he promised to “suffer any punishment.” But, he said confidently, if they could bear 50 days of disruption, they would have the “India of their dreams.”