The backlash to Indian Prime Minister Narendra Modi’s decision to eliminate 500- and 1,000-rupee notes — part of a crackdown on corruption — is growing.

India’s opposition parties have seized on the decision to lash out at Modi’s Bharatiya Janata Party, briefly stalling proceedings in the country’s parliament last week while organizing protests in several major cities. Protests held on Monday were part of a so-called day of rage, according to a BBC report.

The protests, and the attendant media coverage, belie public support for the measure, despite the inconvenience, according to a note from a team of economists at Capital Economics. And, so far at least, the impact on the country’s fast-growing economy appears minimal, according to the Capital Economics team.

Still, with hundreds of millions of poor Indians effectively shut out of the country’s financial sector, Indians are more heavily dependent on cash transactions than the populations of China, Brazil, Mexico and other emerging-market peers, said Neil Shearing, chief emerging-markets economist at Capital Economics.

The now-obsolete notes account for more than 85% of the value of currency in circulation, which may seem to be a massive inconvenience for an economy where about 90% of transactions are conducted in cash, according to Capital Economics data.

Capital Economics

But, so far at least, it appears that fears that the move could be a drag on growth and possibly lead to deflation have been overstated, according Capital Economics. Consumer inflation data for November are due on Dec. 12. Incidentally, India on Wednesday is set to report third-quarter gross-domestic-product figures. Annualized growth is expected to reach 7.5%, compared with 7.1% in the second quarter, according to a research note published by Brown Brothers Harriman.

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While most of the country’s key data on economic activity and consumer prices is published with a considerable lag, food prices, some of which are reported daily by the Department of Consumer Affairs, have been steady, according to a research note published by Shilan Shah, India economist at Capital Economics.

Moreover, a massive influx of capital into the country’s banking system following the announcement has substantially lowered borrowing costs, creating an unexpected silver lining for Indian businesses. The three-month Mumbai interbank offered rate — the rate at which Indian banks lend money to one another — has fallen sharply, from 6.7% on Nov. 7 to 6.3% as of Friday, according to FactSet data. Indian bond yields have also fallen since the decision, bucking the global trend of rising yields.

Three-month Mibor FactSet

And while the Indian rupee did weaken against the dollar after the decision, market strategists attribute the bulk of that move to Donald Trump’s victory over Hillary Clinton in the U.S. presidential election on Nov. 8. Since then, the dollar has strengthened sharply against both emerging-market and developed-market rivals. One dollar USDINR, +0.30% bought 68.58 rupees on Monday, up 2.9% since Nov. 1.

Still, investors should tread carefully, Shearing said. Equity investors, for their part, remain fearful. The iShares MSCI India ETF INDA, -1.58% , which tracks a basket of India’s largest companies, has fallen 8.5% so far this month to a Monday level of $26.57, outpacing a drop in the broader iShares MSCI Emerging-markets ETF EEM, -1.55% by about four percentage points.

“The risk is that the decision to withdraw these notes leads to a sharp, negative impact on spending. The evidence so far suggests that this hasn’t happened, but it is still early days.”

Modi announced the ban on Nov. 8, saying the notes would become obsolete beginning the following day.