India sees impact of cashless economy

Prof Dilip Memon, director at the Centre for Indian Studies in Africa at the University of Witwatersrand says demonetisation in India has had a significant impact on the economy.

Speaking to CapeTalk's Kieno Kammies, he said that it was a surprise move when the Indian Prime Minister announced last year that the high value INR 1000 and INR 500 notes were to be withdrawn.

Reasons provided for going this route included rooting out black money, preventing the funding of terrorism, and bringing down the real estate bubble The impact has been significant, especially in the informal sector, which is 93% of work force in India.

Listen to Kieno Kammies hear from Prof Dilip Menon, Director at the Centre for Indian Studies in Africa: Wits

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