Over the past month, it has become increasingly clear that there is a divide in how demonetisation is discussed inside India and outside. In India, by and large, it is seen as a fait accompli; a political masterstroke; a painful and extreme, even unnecessary step, but one that is essentially comprehensible and understandable. Outside, no such excuses are being made. Not only has it underlined India’s inability to execute policy and left Narendra Modi’s reputation for competence in tatters, but it has been met with complete bewilderment. It looks eccentric, even absurd, causing people to question whether India’s decision-makers have

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