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Prime Minister Narendra Modi’s decision to abruptly withdraw legal tender status for Rs.1,000 and Rs.500 notes to save the country from “the grip of corruption and black money” has had one predictable side effect.

In the above paragraph why 'had' is used followed by 'has'??

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have functions both as a "lexical" verb and a "helper" aka "auxiliary" verb. When used as an auxiliary, have combines with the lexical verb to form a perfect tense, here, the present perfect.

The dog hashelper eatenlexical its dinner.

He hashelper hadlexical surgery on his elbow.

"to have surgery", to undergo a surgical operation.

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The verb "have" is being used in two unrelated ways in this sentence.

  1. As a lexical verb, to have an effect means to cause it: Lowering the price of our product had the effect of boosting sales.
  2. As a helper verb, the present tense of have combines with a past participle to form the present perfect tense: My brother has traveled to China.

So has had [an effect] is the present perfect of to have [an effect]: an action happened in the past that caused the effect, and the action is now complete.

The present perfect can be used for a few different reasons, but in context, I think the author is saying that the effect is still ongoing. Modi's decision is in the past, but people are experiencing the effect in the present.

Compare to:

  • Simple past: Modi's decision had one predictable side effect. This suggests the decision and the effect are both in the past.
  • Past perfect: Modi's decision had had one predictable side effect. This might be used to tell a story about the people of today, from the perspective of the future. For example: Although Modi knew his decision had had this one effect, he didn't yet know about the other effects it would have.

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