Tuesday, 7 February 2017

Prime Minister Narendra Modi says cash crackdown is a fight for the poor

Ripples Advisory Private Limited, Indore @9303093093

Prime Minister Narendra Modi on Tuesday defended his decision to abolish high denomination banknotes that has left the economy reeling, calling it a "fight" for the poor. Modi's comments came days before the start of a regional assembly election in Uttar Pradesh, a battleground state that is home to one in six Indians and will help determining his chances of winning a second term in 2019. 

While the decision to outlaw 500- and 1,000-rupee banknotes late last year was part of a broader crackdown on corruption, the sudden withdrawal of 86 percent of currency in circulation had left businesses, farmers and households all suffering.

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