presents one of India’s most respected bankers on the what, why and how of demonetization
The Big Reverse: How Demonetization Knocked India Out
Meera H. Sanyal
With unprecedented insights backed by data, history and research, one of India’s most respected bankers provides the most comprehensive analysis of the policy, its execution and pitfalls.
This is the book we have been waiting for. Ever since November 2016, people have been struggling to understand what exactly happened during demonetization, and why. Finally, Meera Sanyal has provided a comprehensive account, one that has a point of view, to be sure, but which bases its conclusions on a careful review of the facts, rather than ideological assertions. Beautifully written, admirably clear, this book is a must-read.
JOSHUA FELMAN, PRINCIPAL, JH CONSULTING, AND FORMER CHIEF OF MISSION, IMF, INDIA
This book opens up windows and doors to how politics and politicians, civil servants and economists can fool themselves and impose purportedly purposeful measures which devastate everyone except themselves. As a case study, as a history, as an analytical essay, The Big Reverse needs to be read by all those interested in a just society and responsible politics.
DEVAKI JAIN, PADMA BHUSHAN, GANDHIAN ECONOMIST AND FOUNDER, INSTITUTE OF SOCIAL STUDIES TRUST
8 November 2016 was a black swan event in Indian history. At one stroke, 86 per cent of the currency in circulation was demonetized, causing confusion, chaos and endless misery to the common Indian. While the Modi government claimed that it was the silver bullet that India needed to eliminate many of its longstanding problems such as black money, corruption, tax evasion and terror funding, the months that followed proved it otherwise. The return of 99.7 per cent of the banned 500 rupee and 1,000-rupee notes showed that the RBI’s idea of Demonetization Dividend was nothing but a mirage. In the process, livelihoods of millions in the informal sector were destroyed, causing enormous distress to farmers and, traders and forcing many micro, small and medium businesses into bankruptcy.
The Big Reverse answers the questions that still continue to haunt Indians, on the what, why and how of demonetization.
MEERA H. SANYAL is one of India’s most respected bankers. She stepped down from her role as CEO and Chairperson of RBS India in December 2013 to enter public service. She thereafter joined the Aam Aadmi Party and is a member of the National Executive Committee of the party.
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Demy/HB / INR 599/ Non Fiction