India paid a hefty price for note ban: Ex-WB Chief Economist
The downturn in India's GDP growth is "very worrying", World Bank's former Chief Economist Kaushik Basu said, adding that this is the "hefty price" India had to pay for demonetisation. "[O]ver 99% of the notes demonetised have come back. This suggests that the rich...have virtually all managed to redeem their money. It is the...poor who suffered most," Basu added.