Raghuram Rajan’s revelations on demonetisation: Narendra Modi shouldn’t have ignored his caution

First, if Raghuram Rajan did not approve the demonetization “at any time during his term,” how did the government claim the Indian Reserve Bank (RBI) on board six months before launch to begin preparations for the massive disruption exercise in the economy? Rajan left the RBI on September 4, 2016 and the demonization was announced … [Read more…]