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Why Atal Bihari Vajpayee Could Never Have Gone for Demonetisation

Modi’s true tribute to Vajpayee on his 92nd birthday would be to adopt his fine qualities.

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(India’s former prime minister Atal Bihari Vajpayee passed away on 16 August. This article has been republished from the archives.)

I support Prime Minister Narendra Modi’s decision to demonetise old, high-denomination currencies. The decision is bold, historic and, in the long run, highly beneficial to the Indian economy. Even though it has caused temporary hardships to every section of Indian society and disruptions to every sector of the economy, it will eventually benefit the country in many ways.

First, it will make transactions easy, fast, and efficient, by removing unproductive intermediations and saving the most productive resource every human being has – time. It will thus accelerate economic activities, which means growth in both prosperity and employment.

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