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 façade 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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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. 
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