https://www.rediff.com/news/column/aakar-patel-demonetisation-why-did-rbi-protect-modi/20231117.htm
Anil Bokil runs an institution called ArthaKranti (economic revolution), and describes himself as an economic theorist.
On the ArthaKranti Web site, the benefits of demonetisation which were conveyed to Modi at that meeting are listed, including: 'Terrorist and anti-national activities would be controlled', 'the motive for tax avoidance would be reduced', 'corruption would be minimised' and there would be a 'significant growth in employment'. What's not to like?
Modi had been specifically warned by the RBI -- the body that actually had to demonetise the notes of currency its governor had guaranteed with his signature and was arm-twisted into doing so -- that demonetisation was a mistake.
Raghuram Rajan resigned as governor after having discussed and disapproved of this move.
The new governor Urjit Patel was forced to accept it by Modi within weeks of taking office.
Of course, events proved that on every count the RBI had accurately predicted both the damage and the lack of benefit.
by Aakar Patel
17/11/2023