Is the high value Rupee ban in India a failure? | Inside Story

For months now, tens of millions of Indians have been scrambling to exchange their old bank notes.

That's after the government of Narendra Modi, suddenly banned the 1,000 and 500 rupee notes back in November.

It says the decision will help tackle corruption and stop what it calls 'black money', or cash gained through illicit means.

In a new year's message, Prime Minister Modi defended his decision and offered incentives.
But the opposition says the entire campaign has been a failure.

So, what's behind Modi's plan and will it help the economy?

Presenter: Richelle Carey

Guests:
Sanjay Hedge - Senior Advocate of India's Supreme Court

Sreeram Chaulia - Dean of the Jindal School of International Affairs. He is also the author of " Modi Doctrine"

Reetika Khera - Development Economist at the Indian Institute of Technology.

#AlJazeeraEnglish #Modi #InsideStory

[melodicnostalgic]

Lets take a look at 2 of 3 Guests who were Critical of Modi's Policy in this Interview :
(I did a little research on Wikipedia)

Sanjay Hegde - Senior Advocate of India's Supreme Court
(Basically a Lawyer who is friend and has fought cases for Kapil Sibal from Congress Party, The Opposition Party)

Reetika Khera - Development Economist at the Indian Institute of Technology.
(She is an NRI studied at Delhi School of Economics, predecessor of JNU, Founded by Jawaharlal Nehru, One of the Co-Founders of Opposition Party)

It would be surprising if they spoke in support of Modi.. Given their background and affiliations..

[melodicnostalgic]

Modi rules, He is the best Leader, India has had for decades !!!
The vast Majority of Indians support Modi, Anyone who don't like him are free to leave the country and look for another one. Maybe try -Dictatorships- "Democratic" Nations like Qatar or Saudi Arabia, They might be for your liking..

[glokta]

Overly patriotic Indians in 3...2...1...

[asha]

This will be remembered as an opportunity wasted. Instead of jumping ahead, the growth rate has decreased noticeably as he tried to repackage this failure.

[dkking]

The interviewer not allowing Mr.Sreeram to talk. We all agree the note ban benefits a lot to middle class sector which are 40% in our society .Big salute to our PM. Rich people 10% they find there ways to get out of this even they loose they know how to come up with there assets.They never struggle like common people

How about the below average. Workers, farmers, villagers, homeless, and people never used of the bank or electricity or a computer, smartphones.
What benefits they make . They live with there liquid cash of less than 500 they make in there daily life, that has been badly affect with this decision
Factories Construction and large employment sectors are now badly affected and only 30% is working . Our PM could have given warning to all this sectors to make bank transactions to the employees before make the note ban

Our fist step should make cashless economy in all sectors
Second should ban the notes

[kumarsaurav]

Why is standing in queue such a big issue? Obviously the economy is going to be affected initially but let's wait for like 5 years.Do not jump to conclusions, let's wait.

[shivnsingh]

This lady is so biased and ill informed.

[arjunajayakumar]

Narendra Modi is the 1st politcian who have taken a revolutionary step towards black money, corruption, counterfeit currency, terrorism etc. We Indians are ready to bear difficulties for that aim. We are with him.

[ROBINJOE]

Reethika > I'm scared if she really teach at IIT.. For the stature of an IIT teacher, I just have one thing to say. Very poor understanding of basic economics !

Narendra Modi''s crackdown on black money is hailed all over the world as the best action ever taken by any PM, Thanks to the good PM Modi..

[Raw_naq]

Economists who have supported Modi's demonetisation:

Amitabh Bachchan
Aishwarya Rai
Ajay Devgn
Akshay Kumar
Anupam Kher
Sri Sri Ravi Shankar
Baba Ramdev
Virendra Sehwag
Virat Kohli

Economists who have opposed Modi's demonetisation:

Amartya Sen
Jean Drèze
Larry Summers
Paul Krugman
Meera Sanyal
Raghuram Rajan
Arun Kumar
Kaushik Basu
Prabhat Patnaik
Arun Shourie
Steve Forbes

[S-zz]

Modi modi modi only modi we Indian love p.m modi.anti nationalist and some Muslim have problems.

[upinderbedi]

Just to let you know that apart from India only two countries have banned / changed notes TO TACKLE CORRUPTION.... and they are Venezuela and Zimbawe...

[reversemoustachecat]

The guy in the middle is a government mouthpiece

[utubetruthteller]

Poors of India are very wise. They understand the intention behind the demonetization policy. The poors will definitely get behind modi and vote for him.

[naturalkrazy]

Our leaders are not honesty themselves and so is their followers. So how can they will make society moral.

[joelahmed]

In order to clean corruption and black money, keeping track of every corrupt individual and prosecuting them is important. Before initiating demonitization process, proper planning was required but it was quiet the opposite side of the story.

[johnvaray]

I strongly support PM Modiji. He is the most visionary indian leader in our time. Zindabad PM Modiji

[reversemoustachecat]

This is so stupid. Corrupt people can just ask to be paid in dollars, or given property in Dubai

[sunnydougas]

Bad implementation, regardless of the

[zainsisku]

Totally failed, the biggest mistake of Indian people is believed this man now PM