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Note ban and the allure of authoritarian populism

Modi believes that demonetisation will confiscate ill-gotten wealth and distribute it to the poor

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JUST PIECES OF PAPER- A man looks at old Rs 500 notes withdrawn from an ATM in Bhopal. Prime Minister Narendra Modi announced the demonetisation of Rs 500 and Rs 1,000 notes on November 8. (PHOTO: PTI file)

Ashoka Mody Michael Walton

Last Updated : Jan 10 2017 | 10:39 PM IST

India’s demonetisation has the surreal quality of the post-truth world. The worry is that it may be working just as intended, damaging India’s democracy and supporting institutions in fundamental ways that will prove hard to reverse.

Amid the hardship of long, daily queues outside banks for often desperately needed cash and reports of more than 100 deaths due to suicides or sheer exhaustion from waiting, there has been no popular revolt in the country. Nearly 86 per cent of cash held by businesses and households was abruptly pulled out of circulation on November 8 and, despite the endless missteps, Prime

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

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