, Columnist
India's Great Rupee Fail
Poor execution has dented the government's reputation for efficiency.
Worthless now.
Photographer: Diptendu Dutta/AFP/Getty ImagesThis article is for subscribers only.
One week after India’s sudden declaration that 500- and 1,000-rupee notes were no longer legal tender, the economy is in chaos. And that’s perhaps because the policy was designed as much to shock and awe observers with the government’s command of the Indian economy as to control India’s “black money” problem. What seemed at first to be a masterstroke by Prime Minister Narendra Modi now looks like a grave miscalculation.