While piecemeal anecdotes and surveys have already exposed the devastation that PM Modi’s demonetization plan has had on the Indian economy, tonight we see the first hard evidence as Foxconn has asked 25% of its workforce to leave after the cash ban caused sales to collapse by 50% forcing the company to slash production by half.
Amid social unrest and loss of faith in the nation’s currency, India’s economy has ground to a halt with its Composite PMI crashing by a record in the last month as demonetization strikes.
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