On 8th November 2016, India was caught unaware and shaken to its very roots, when the majority of the currency in circulation became stripped of its value. People were grappling with an entirely unfamiliar situation - 'demonetisation'. The move unleashed a huge debate on television, in newspapers, and on social media, the likes of which had never been seen. Several months later, we are still questioning: Was this a disastrous blunder or a leap forward?
To answer these questions, a renowned economist takes an incisive look at the events that led to demonetisation, the aftermath, and its implications. He sifts through many irrelevant rants, a lot of politically motivated mud-slinging, and asks the most important question: What now, what next?
Dr Ramgopal Agarwala is Chairman of Pahle India Foundation, New Delhi. Dr Agarwala graduated from Presidency College, University of Calcutta, and was a gold medalist in MA Economics. He did his PhD in Econometrics from Manchester University. His thesis was later published in the form of a book An Econometric Model of India that became a staple read in Indian universities. He joined the World Bank in 1971 and worked at various senior positions across several countries in Asia and Africa, including Bangladesh, Kenya, Botswana, the Philippines, Thailand, South Korea and China. He retired from the World Bank after serving as the Chief of the Economic Unit of the World Bank Resident Mission in Beijing. On his return to India, he began working as a consultant for Asian Development Bank, the World Bank and the UN. He was a Distinguished Fellow at the Research and Information System for Developing Countries, New Delhi, a think tank under the Ministry of External Affairs, Government of India. The most noteworthy among Dr Agarwala's recent publications are India 2050: A Roadmap for Sustainable Prosperity (2014) and The Resurgent India: Ideas and Priorities, a book co-written with Rajiv Kumar and Rajesh Shah and published in 2015.
Foreword by Shyam Saran Preface Acknowledgements Public Revulsion against Corruption in India Black Money: A Key Facilitator of Corruption The Argumentative Indian Overreaches Himself Shortfalls in Achieving the Main Objectives Gains from Unexpected Directions A Seven-point Programme to Achieve a Corruption-mukt Bharat Making India Number One Again Annexure 1. Q&A on Demonetisation Annexure 2. The Speech of Prime Minister Modi on 8 November 2016 on Demonetisation Annexure 3. Demonetisation Episode Shows Why Reserve Bank of India Cannot Be Independent Bibliography Index