Reflecting on India's Pivotal Demonetization Moment
On the evening of November 8th, 2016, while enjoying a meal at a restaurant in the heart of Chennai, I found my attention drawn to the TV screen. Our Prime Minister was addressing the nation, his words muted by the public setting. However, the scrolling text at the bottom of the screen conveyed a seismic announcement: "₹500 and ₹1000 notes are illegal from midnight." The news was as unexpected as it was astonishing. I urged the hotel manager to amplify the volume, sensing the gravity of what had just been revealed. Soon, the entire vicinity was abuzz with discussions about this unprecedented development. I spent hours engrossed in televised debates that followed the announcement, conversations that seemed to be taking place in every corner of the country. In those initial moments, many of the people I spoke to, friends and everyday citizens alike, found themselves in agreement with what was being hailed as a bold and strategic move. It appeared, on the surface, to be a master...