Demonetisation is Modi’s Napoleon moment, says Nobel laureate Amartya Sen
World-renowned Economist and Nobel laureate Amartya Sen has stamped the demonetisation drive as a gigantic mistake.
While taking to India Today’s Karan Thapar about the aims, achievements and consequences of the note ban policy, Sen remarked: “It is a gigantic mistake, both in terms of its objective of dealing with corruption as well as the objective of one rapid jump of getting into a cashless economy.”
India Today quoted Amartya Sen as saying “these statistics were known to everyone and it must have been known to the Prime Minister as well. So if there is only 6 to 7 percent of the black money in cash, how do you expect to have a major victory? It is puzzling to me,” when he asked if it was fair to demonetise 86 percent of all currency to tackle black money.
“It was indeed not even the whole of the Central government, it was a very small group around Modi. So the biggest question here, with the State Assembly elections approaching, is there an issue of federalism that needs to be addressed?,” Sen asked.
“Modi is a very good political leader, there is no doubt about it. He can certainly convince people so the Modi magic is there. But this is Modi’s Napoleon moment,” he answered why the support towards Modi still continues.