With the Government’s sweeping and decisive announcement on demonetization, money supply will reduce in the short term, but only until the new currency notes get widely circulated. Facing the bigger and more long-term headwinds of a fall in consumer demand, could be the real estate, gold and luxury goods, which are historically driven by availability of surplus liquidity and a significant amount of cash transactions. Automobiles are also expected to feel the heat, though to a lesser degree…
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