By Dr. M Govinda Rao
The ruling party has hailed the Prime Minister’s announcement of ₹500 and ₹1000 notes becoming invalid as an historic and unprecedented attack on black economy. Conversely, the opposition has called the move a ‘monumental blunder’ and an ‘organised loot.’
For the most part, people have been patient and enduring. However the question on everyone’s mind is for how long? The Prime Minister in his broadcast asked for a forbearance of 50 days but whether or not normalcy can return by then remains to be seen.
In this essay, Dr. Rao brings forth some of the most important questions following the demonetisation and the way forward for the Indian economy. The essay is part of a lecture delivered by Dr. Rao at the Centre for Multi-Disciplinary Research, Dharwad, Karnataka on 8 December 2016.