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Modi's demonetisation stunner to cost Rs 1.28 lakh cr: CMIE

The study says the entire supply chain of goods and services will suffer a massive liquidity shock

Indivjal Dhasmana & Rajesh Bhayani  |  New Delhi 

The Centre for Monitoring Indian Economy (CMIE) has estimated Rs 1.28 lakh crore as the cost to the economy during the 50-day period till December 30 by when people may deposit old Rs 500 and 1,000 currency notes with banks. This does not include many indirect costs, such as those from disturbing the supply chain, says the study by its managing director, Mahesh Vyas. These 50 days are a little more than half of the third quarter of the current financial year. Gross Domestic Product (GDP) was Rs 34.8 lakh crore in the same quarter of 2015-16. Nominal GDP grew by Rs 2.9 lakh crore ...

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First Published: Thu, November 24 2016. 23:30 IST