While several economists and politicians have criticised Prime Minister Narendra Modi's demonetization move, World Bank CEO Kristalina Georgieva has expressed that it would have a positive impact on the Indian economy. “While demonetization has, in the short term, created some impact on businesses dependent on cash, in the long term the impact will be positive… The reforms India is targeting are profound," Georgieva told Hindustan Times. She also said that the move would help foster a clean and digitised economy and that its impact would be studied by other countries. The newly appointed CEO of World Bank then met children with special needs. On November 8, Prime Minister Narendra Modi announced demonetization in a bid to rein in black money from the system.

Source: dna March 03, 2017 04:17 UTC