Arvind Subramanian Terms Demonetisation As Massive, Draconian, And Monetary Shock

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Highlights

  • His book titled as the "Of Counsel: The Challenges of the Modi-Jaitley Economy" published by the Penguin will be released on December 5, 2018.

  • In his book,  he provides an inside account of his rollercoaster journey as the chief economic advisor to the Government of India from 2014-18, succeeding Raghuram Rajan as captain of the ship. 

Arvind Subramanian

 

Arvind Subramanian, the former Chief Economic Adviser to the Government of India, has termed the Demonetisation as the massive, draconian, and monetary shock to the economy in his upcoming book 'Of Counsel.' Earlier this year, he quit the post after a four-year tenure. 

Highlights 

  • His book titled as the "Of Counsel: The Challenges of the Modi-Jaitley Economy" published by the Penguin will be released on December 5, 2018.
  • In his book,  he provides an inside account of his rollercoaster journey as the chief economic advisor to the Government of India from 2014-18, succeeding Raghuram Rajan as captain of the ship. 
  • In his book, he has claimed that the demonetization accelerated the economic slide to 6.8 percent in the seven quarters against the 8 percent recorded before the note ban. 
  • However, he has kept a studied silence on whether he was consulted before the decision to ban notes worth Rs 500 and Rs 1,000 was taken.
  • On November 8, 2018, Prime Minister Narendra Modi announced the decision to ban notes worth Rs. 500 and Rs. 1,000 to reduce corruption in the system in a televised speech.
     

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