ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

A+| A| A-

‘DeMon,’ Nationalism, and Democracy

Demonetisation was an abysmal fiasco; the nation must be rescued from its ruling classes.

As we go to press, the Narendra Modi-led government and the Bharatiya Janata Party (BJP) have just celebrated 8 November as anti-black money day. It was on this day last year when Prime Minister Modi announced that in order to break the grip of corruption and black money, within four hours five hundred and thousand rupee notes will no longer be legal tender. This, without the Reserve Bank of India and the banking system being ready to replace all the 86% of the countrys total currency that was going to be withdrawn. What ensued was total disruption of economic life. Of course, Modi knew he was about to subject hundreds of millions of people to misery, inconvenience, suffering, and indignity; yet, astoundingly, his manner was one of utter calm and composure.

He was doing something that defied reason, but yet he appeared confident that the demonetisationlet us call it DeMon for short, given that Modi has a definite proclivity to unleash demonswould render the notes hoarded by all the seasoned dealers in black money just worthless pieces of paper. Those seasoned dealers, Modi surely knew, clever in the ways of business and politics, would soon resort to jugaad (unauthorised workarounds) to get most of their black money back into the legal banking system.

Dear Reader,

To continue reading, become a subscriber.

Explore our attractive subscription offers.

Click here


To gain instant access to this article (download).

INR 59

(Readers in India)

$ 6

(Readers outside India)

Published On : 20th Jan, 2024

Support Us

Your Support will ensure EPW’s financial viability and sustainability.

The EPW produces independent and public-spirited scholarship and analyses of contemporary affairs every week. EPW is one of the few publications that keep alive the spirit of intellectual inquiry in the Indian media.

Often described as a publication with a “social conscience,” EPW has never shied away from taking strong editorial positions. Our publication is free from political pressure, or commercial interests. Our editorial independence is our pride.

We rely on your support to continue the endeavour of highlighting the challenges faced by the disadvantaged, writings from the margins, and scholarship on the most pertinent issues that concern contemporary Indian society.

Every contribution is valuable for our future.