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If you're posting on HN, you and your friends are probably not the audience for whom there's pain. Reading the NYT piece, it appears to be hitting contractual l
by signal11 10y ago
If you're posting on HN, you and your friends are probably not the audience for whom there's pain. Reading the NYT piece, it appears to be hitting contractual labor the hardest - people who earn $220/month or less.
From the article: "The worst affected by the cash crunch are the country’s hundreds of millions of farmers, produce vendors, small shop owners and daily-wage laborers who are usually paid in cash at the end of a day’s work." This makes sense as daily-wage laborers would form the backbone of any informal ecnonomy, and the lack of ready cash is killing the informal economy.
- seshagiric 10y agoWhat the article is missing or did not say is that cash is now coming back. It's not like they took cash out permanently without any alternatives. In reality, the 500 and 1000 rupee notes were removed, being replaced with notes of lower denomination. The time period in between the two is where commerce took a hit, no doubt. But it is also true that with cash back, things will return to normal.
- mavelikara 10y ago> The time period in between the two is where commerce took a hit, no doubt. But it is also true that with cash back, things will return to normal. For you, it looks like, it will - no longer standing in the lines for 2-3 hours. But for many others in the country the effects are probably not as easily reversible.
- thwertyu 10y agoYou can also be sure the cognac sipping bureau chiefs aren't well apprised of the problems of such people. I spent over a week in a rural area and it didn't appear like the agricultural workers were facing problems that would impact their livelihoods significantly. Part of this has to do with the widespread availability of ₹100 notes.