Ajit Ranade: What’s behind India’s cash upshoot and what does it tell us about the economy?
As if to illustrate the current cash spike, a video went viral of a wedding where the couple was showered with crores of cash. It shows that cash is not just a payment method. It is a social custom, for celebration at best and ostentation at worst. Nobody questions the origin of this stash. In India, weddings, real estate, local contracts and informal labour markets are not just ‘cash-heavy,’ but cash-shaped.
Post Comment