Demonetisation Is A Draconian, Monetary Shock: Ex-Chief Economic Advisor | Read

Demonetisation was a massive, draconian, monetary shock that accelerated economic slide to 6.8 per cent in the seven quarters after it against the 8 per cent recorded prior to the notes ban, says former Chief Economic Advisor or CEA Arvind Subramanian. Breaking his silence on the November 8, 2016 decision of Prime Minister Narendra Modi, he says that he does not have a strongly-backed empirical view apart from the fact that the welfare costs, especially on the informal sector, were substantial.