- India's Manufacturing Purchasing Managers' Index dropped to 49.6 in December from November's 52.3, showing the first business activity contraction in 12 months.
- "Shortages of money in the economy steered output and new orders in the wrong direction, thereby interrupting a continuous sequence of growth that had been seen throughout 2016," said Pollyanna De Lima, an economist at IHS Markit.
- Previously: Modi defends high denomination cash ban (Jan. 01 2017)
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