Anoop Verma

The High Economic Costs of India’s Demonetization Most economists might  hazard ( जोखिम / संकट )  a guess that voiding the bulk of a country’s currency overnight would dent its immediate growth prospects. On November 8th India took this  abstruse ( जटिल / कठिन / दुर्बोधीय )  thought experiment into the real world, scrapping two banknotes which made up 86% of all rupees in circulation. Predictably, the economy appears indeed to have been  hobbled   ( लड़खड़ाना )  by the sudden “demonetisation”. Evidence of the measure’s costs is mounting, while the benefits look ever more uncertain.  At least the new year has brought a  semblance   ( आकार / झलक / दिखावा )  of monetary normality. For seven weeks queues had snaked around banks, the main way for Indians to exchange their old notes for new ones or deposit them in their accounts. That is over, largely because the window to exchange money closed on December 30th. The number of fresh ...