Why did India wipe 86% of its cash overnight?

[Inactive]

http://www.bbc.com/news/world-asia-india-37974423

 

[Lord Flacko]

Because they needed toilet paper

 

[Adheer Warsame]

He did it because only 1% of the population paid income tax. Smart move, if everyone paid tax then India might just have enough toilets

 

[Apollo]

China is the real super power in Asia.

India is a joke. It will remain dirt poor for our lifetime. China might actually become a developed country soon.

 

[Adheer Warsame]

India is a clusterfuck country, no organisation, no order, just 1.2 billion people who did nothing good for the planet. There trying to get serious with their neighbor and they're involving the whole world in their squabble , f*ck that. Nuke it

 

[Apollo]

1.2 billion people who did nothing good for the planet.

Well, they are good at ripping off patented pharmaceuticals and then selling them to third world for pennies.

 

[Nin xun]

China is the real super power in Asia.

India is a joke. It will remain dirt poor for our lifetime. China might actually become a developed country soon.

Say whatever you want about Narendra Modi and his hindu nationalism but he's a strongman who's willing to pull his country out from the gutter by harshly clamping down on corruption and improving conditions for foreign investment, he may have a murky past but he's a determined ideologue who's pragmatic enough to se beyond his own bigotry to build his country which is something we unfortunately can't say for our own leaders.

China might be the superpower to replace the US in the future depending how well it can turn it's economy from a industrial economy into service based economy, it traded communism for authoriatarian capitalism and the only reason the chinese people have accepted it is not because of confucianism but the promise of greater economic development and now with Europe and America being in a recession the chinese have had huge impact on their export because now they have a lot goods that they can't export at the moment and that goes for the developing world as well and that's not even speaking about the rising cost for production in China. So Modi is seizing this moment to try cannabilize the foreign investment in China gains by undercutting their development costs and thereby greatly improving India's own economy.