Demonetization is Nothing but Deliberate, Calculated, Regulated, Destruction of the Productive Forces

Rajesh Tyagi/ 15.12.2016

Economists both on the right and the left have attempted to decode and explain demonetization. Those on the right have conceived and explained it in terms of its avowed objectives that are almost farcical, while those on the left have failed to look beyond the conspiracy theories, which in no way explain demonetization.

Suddenly, but with great fanfare the right-wing government under Narendra Modi announced that the currency notes of Rs.1000 and 500 denomination would cease to be legal tender with immediate effect. In a live telecast, in the evening of November 8, the Prime Minister himself announced that the purpose of demonetization was to push out the ‘black’ money from circulation, as well to pull it out from hidden stacks.