The former governor of the Reserve Bank of India (RBI), Raghuram Rajan has revealed that he had warned the Modi government about their decision to implement demonetisation. For the very first time, Rajan has spoken about the so-called demonetization drive in an interview to The Times Of India.
“Certainly at this point, one cannot in any way say it has been an economic success.”
I Do What I Do: On Reforms Rhetoric and Resolve
Rajan’s new book titled, “I Do What I Do: On Reforms Rhetoric and Resolve” is all set release next week. In the book, he has clarified his stand on demonetisation which he conveyed to the government in February 2016. The first conversation was verbally but then he himself wrote to the central government stating the time to prepare for such a move.
Demonetisation’s Aim Has Not Been Met
99 percent of the currency has been deposited back into the banks, clearly, the aim has not been met.
“It would be fair to say the intent was good. But certainly at this point, one still cannot in any way say it has been an economic success.”
NDA Or UPA? Which Government Is More Decisive Than The Other?
Rajan, in a smart way, skipped this question as he said it would be inappropriate and a betrayal of trust.
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