People hoarded less cash during second Covid wave
Nevertheless, cash remains the king. As of November 12, the CIC made up for 13.4% of the budgetted FY22 nominal GDP, way above the pre-demonetisation level (November 4, 2016) level of 11.7%. Of course, the ratio this fiscal is lower than 14.5% at the end of FY21. This reinforces the fear that five years after …
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