How demonetisation affected the Indian economy, in 10 charts
The potential benefits of demonetisation are not clear yet, but the costs are clear
New Delhi: A year ago, Prime Minister Narendra Modi announced the scrapping of high-value banknotes which amounted to 86% of currency in circulation. The demonetisation of currency notes was supposed to be an attack on black money, on counterfeit notes, and projected as part of a broader push to promote digitization and non-cash payments. A year later, progress on all these counts appears to be very modest, and should make us question whether this exercise was needed at all to fulfil its stated aims.