To their surprise, delegates and speakers flying into Mumbai last month for Platts Steel Markets Asia conference were witnesses to history in the making. Ten days earlier, on November 8, the Modi government had launched a “demonetization” drive, the core of which was the gradual removal of Rupees 500 and Rupees 1,000 notes from circulation.

The surprise announcement led to long snaking queues in front of ATMs as Indians waited (mostly patiently) to change their bundles of old notes. Yet the public’s response was generally calm.

“Fear turned to acceptance,” quipped a Chinese delegate.  She might have added the word “quickly” as people seemed to recognize and support Modi’s aim of transforming the country’s economy into a cashless one where payments made via credit cards, mobile phones and Paytm (online payments) are the new norm.

It was a shock to the system but one the population seemed to embrace with minimal rancor, as our China delegate observed. Other attendees were impressed with the efficiency they witnessed as Mumbai raised its standards of ease of doing business, despite the cash crunch.

The economy should be able to move to cashless transactions within a month, forecast Dr. Aruna Sharma, secretary at India’s Ministry of Steel. She expects the demonetization drive to bring about more transparency to India’s steel markets, she told Platts.

Exhibiting similar zeal, though not about currency but about consumption, were leading Indian steelmakers Steel Authority of India Limited and JSW Steel whose presenters promised their audience the Indian government’s Make in India campaign will drive up steel demand as manufacturers step up. The campaign aims to raise the percentage of the manufacturing sector in the country’s GD...