Then there was the disastrous experiment of demonetization, to which this book devotes an entire chapter. According to the Centre for Monitoring Indian Economy, demonetization cost India 15 lakh jobs between January and April 2017 alone.14 As I point out, it achieved not a single one of its objectives as announced by the prime minister; indeed, 99 per cent of the money that was demonetized has now come back into circulation.15 Worse is the intangible damage done to investor confidence in India’s economy; the fear of similar surprises has intimidated investors and depressed demand.
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