Three months on, Indian economy is still crippled by demonetisation

The policy was flawed in its conception and exacerbated by an equally dismal implementation

On the evening of November 8, 2016, Prime Minister Narendra Modi announced that the high denomination notes of Rs 500 and Rs 1000 would cease to be legal tender from midnight. These old currency notes – about 86% of the printed currency in circulation – could be exchanged for new ones until December 30, 2016.

A lot of data has been accumulated since the note ban was announced by Modi, but most of it is anecdotal and cannot be subjected to a rigorous statistical analysis. However, it does highlight the hit that the Indian economy had taken due to this