India inflation likely cooled further in November after cash clampdown: Reuters poll
Despite the turmoil following the cash clampdown, India`s central bank surprised markets by eschewing a rate cut and leaving its key policy rate unchanged at 6.25 % this week, choosing to wait for more information before judging the full effects of the demonetization.
Consumer spending makes up 55 % of India`s economy and most people buy and get paid in cash. Image Source: Reuters