But it may still be too early to judge whether demonetization has hurt or helped the BJP.
"A lot will yet depend on the agility of the federal government to adequately and quickly respond to the pain felt by large sections of the population," Jan Zalewski, a senior analyst focused on South Asia at Verisk Maplecroft, said.
The lack of major anti-government protests so far suggested the BJP was in the clear for now but that could change, he noted.
"If people's livelihoods continue to suffer over the next few weeks, that could be a major rallying point for the opposition to revive their fortunes, and hurt the BJP pretty badly in upcoming state polls in Uttar Pradesh and other states."
So far, the process for rural residents to exchange cancelled notes before the December 30 deadline has been chaotic but many are optimistic for improvement.
"After lagging initially, implementation is now turning a corner and officials are likely to roll out creative new means of reaching rural populations in the coming weeks," Sasha Riser-Kositsky, Eurasia's Asia analyst, said in a Tuesday note. "The central government recently constituted small teams of senior bureaucrats tasked with assessing the local-level impact of the note cancellation."
Officials were also racing to re-calibrate ATMs, allow cashback-style withdrawals on some debit card transactions, most notably at gas stations, she added.
Such responsive measures would mitigate the short-term pain and boost public perception of the currency ban, thus boosting the BJP's popularity in the longer term, she concluded.
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