The chaotic post–demonetisation period has been characterised by two significant realities. One, the central government’s motivation to weed out black money, seems to have dovetailed with a now thunderous sales — pitch for a cashless society. Two, in labelling all critics of demonetisation, particularly the political opposition as “corrupt” or “friends–of–the corrupt,” the government is reaffirming its intolerance of criticism as such.
The PM's dream of a cashless economy is just an expression of his customary haste to rush through reforms without creating the necessary conditions for it first.
Critics claimed the spreadsheet coding errors, now acknowledged by Reinhart and Rogoff, to be a mortal blow against the intellectual argument for austerity.