The sharp fall in sentiment seen in the first week after the end of the 50-day ‘pain’ period is almost a public verdict on demonetisation. Except to the few who live on blind faith, it is now evident to all that the 50-day demonetisation venture was a failure. While the government refuses to provide details, it is apparent that not much black money was found through this exercise. A lot was spent -- in terms of economic activity and political capital -- to gain very little.
CMIE had estimated that the transaction cost of demonetisation would be Rs 1.28
CMIE had estimated that the transaction cost of demonetisation would be Rs 1.28
Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of www.business-standard.com or the Business Standard newspaper
