What demonetisation says about and does for ModiClose to two weeks into the demonetisation exercise, how does one assess it? Frankly, there are several aspects to the episode: the execution, the aspiration, and the medium to long term political impact. It is important to see all of these separately, and not let perceptions of one aspect cloud assessments of another. After all, despite the noise in social media, the alarmism in sections of the media, and the rhetoric of the judiciary — which has used this as one more battleground for its entirely unrelated turf war with the government — demonetisation is being seen very differently by different stakeholder groups.Let us start then with the execution. No doubt many questions can be asked of the government. For a start, why weren’t ATM machines recalibrated to dispense Rs. 2,000 notes well in advance, without those new notes being issued or the existing Rs. 1,000 and Rs. 500 notes being demonetised or even a hint being offered of that happening? Why did the government have a sub-par communication plan and fail to anticipate everyday situations — weddings, medical emergencies — that have subsequently led to partial exemptions?
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