Tags: APFN | AS | India | Economy

India Lauds Last Year's Rupee Swap, Even as Economy Slows

India Lauds Last Year's Rupee Swap, Even as Economy Slows

Wednesday, 08 November 2017 05:20 AM

NEW DELHI (AP) — One year after India overhauled its currency, yanking 86 percent of its notes out of circulation without warning, many Indians still aren't sure if it was worth it.

Economic growth has slowed. Unemployment has risen. And corruption remains a scourge nationwide.

Prime Minister Narendra Modi's government insists the move to replace most of the country's currency has been a success, and declared Wednesday as "Anti-black money day" to celebrate the country's fight against money laundering and tax evasion.

But former Prime Minister Manmohan Singh of the opposition Congress party called the move "reckless" and said that, while India needed to tackle tax evasion and fraud, "demonetization was clearly not the solution."

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Asia
One year after India overhauled its currency, yanking 86 percent of its notes out of circulation without warning, many Indians still aren't sure if it was worth it.Economic growth has slowed. Unemployment has risen. And corruption remains a scourge nationwide.Prime Minister...
APFN,AS,India,Economy
114
2017-20-08
Wednesday, 08 November 2017 05:20 AM
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