Nobel laureate economist Amartya Sen called demonetisation a gigantic mistake and Narendra Modi’s Napoleon moment in an interview to India Today. Amartya Sen opined in the interview that this move will help neither in curbing corruption nor will it push India towards cashless. A number of other prominent economists have already criticised this move.
Amartya Sen said, “It is a gigantic mistake, both in terms of its objective of dealing with corruption as well as the objective of one rapid jump of getting into a cashless economy.” He also raised the question if this move was taken with the upcoming elections in mind, “It was indeed not even the whole of the Central government, it was a very small group around Modi. So the biggest question here, with the State Assembly elections approaching, is there an issue of federalism that needs to be addressed?”
He called demonetisation Modi’s Napoleon moment as the French king had managed to create an infallible image back in the 19th century. There were texts and lores created that exaggerated his achievements and manage to gain him tremendous public support. Mr. Sen said, “Modi is a very good political leader, there is no doubt about it. He can certainly convince people so the Modi magic is there. But this is Modi’s Napoleon moment. Napoleon after his attempt to raid on Russia, on his way back, said that actually he did not wanted to do anything , just wanted to do an excursion into the snowy mountains of Russia.”