Modi losing friends as anger grows over Indian cash crackdown


A leading political ally of Narendra Modi has abruptly distanced himself from the Indian prime minister’s move to scrap high-value banknotes, as broad initial support for the radical monetary reform showed signs of crumbling. The shift by N. Chandrababu Naidu, chief minister of the southern state Andhra Pradesh, came six weeks after Modi announced to a stunned nation that he would scrap 86 per cent of the cash in circulation. While Modi remains by far India’s most popular politician, any crack in his authority could have negative implications in state elections next year that will set the tone for his…

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