NEW DELHI — Nearly three years ago, Indian Prime Minister Narendra Modi won a sweeping national election victory with promises to develop the economy and root out corruption. But with a series of key state elections beginning Saturday, Modi’s popularity — and his surprise currency decree that sparked months of financial uproar — is about to be tested.India is just emerging from the fallout of the November decision, which withdrew India’s two-largest currency notes from circulation and caused weeks of chaos as people waited to get their money back in new bills.
Modi and his Bharatiya Janata Party hailed the move as a way to curb tax fraud and corruption and push India toward more digital spending. Opponents say it was a self-inflicted blow on the world’s fastest growing economy, causing enormous hardship for the vast majority of Indians, who rely often completely on cash.
0 comments:
Post a Comment