Wednesday, 25 January 2017

Modi`s note ban a failure, says Chinese daily

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.

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