Economist on 2016 Indian banknote demonetisation

“Unemployment is high and the informal sector is in shambles, a crisis precipitated by the ill considered demonetisation decision taken in 2016.”

“Demonetization was ostensibly implemented to combat corruption, terrorism financing and inflation. But it was poorly designed, with scant attention paid to the laws of the market, and it is likely to fail. So far its effects have been disastrous for the middle- and lower-middle classes, as well as the poor. And the worst may be yet to come.”