President Pranab Mukherjee broke his silence last week and aired his views for the first time on the fallout of the Modi government’s unprecedented decision to invalidate 86% of India’s currency. The president’s intervention was somewhat nuanced and parts of it could be read as a warning that the economic slowdown caused in the short-to-medium-term would impact vulnerable sections of the population that are very poor and may not be able to wait for the long-term gains that will percolate as a result of “cleaner growth” or from special programmes that will empower the people.
In a way the president

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