BENGALURU: On Thursday the experts and academicians after its been two years since the Prime Minister Narendra Modi had announced demonetisation, they said that the ban of 500- and 1,000-rupee notes have failed in its objective.
Experts say demonetisation has failed in its objective
Ramakumar said that the government was not capable of dealing with a stagnating economy and, hence, it employed a "shock-and-awe" policy that still has the people giving Modi the benefit of doubt. "Even today, you find people saying, 'Demonetisation may have not worked, but Modi tried, he had the courage’," Ramakumar said.
Professor Madhura Swaminathan of the Indian Statistical Institute said demonetisation has no roots in an economic theory and it cannot be constructed into a policy, and adding it adversely has impacted the economy.