DEMONETIZATION AND THE BLACK ECONOMY
We’re glad this article found its way to you. If you’re not a subscriber, we’d love for you to consider subscribing—your support helps make this journalism possible. Either way, we hope you enjoy the read. Click to subscribe: subscribing
Arun Kumar
In November 2016, the central government announced the demonetisation of all R500 and R1,000 notes, which made up 86 percent of the circulated currency in India, with the expressed intent of curbing the flow of black money. A year later, economist Arun Kumar, an expert on India’s black economy, assesses the effects of this move. His new book argues that demonetisation has had little effect on the overall scale of the black economy, and that it has slowed growth and created more inequality.
Penguin, 240 pages, Rs 499
Thanks for reading till the end. If you valued this piece, and you're already a subscriber, consider contributing to keep us afloat—so more readers can access work like this. Click to make a contribution: Contribute