Showing posts with label Chinese daily says demonetization a big failure. Show all posts
Showing posts with label Chinese daily says demonetization a big failure. Show all posts

Wednesday, January 25, 2017

Chinese daily says demonetization a big failure

India’s demonetization drive is “a big failure” and has put the Indian economy back by at least a decade, an influential Chinese daily said on Wednesday. 

Prime Minister Narendra Modi’s November 8 announcement to scrap Rs 1,000 and Rs 500 notes was akin to “promising homeless people houses on Mars in one month’s time”, an op-ed in the Global Times said.

“The demonetization … has turned out to be a big failure,” it said. “This fa├žade of demonetization is like promising homeless people houses on Mars in one month’s time.

“Unfortunately, the reality is that demonetization has put the Indian economy back by at least a decade, leading to job losses,” the newspaper said.