Demonetisation a clear mistake, but Narendra Modi will get benefit of doubt, says Amartya Sen

By: | Updated: January 10, 2017 10:53 PM

"People think Prime Minister is doing something to eliminate black momey... Modi will continue to get benefit of doubt... The idea that rich is suffering is appealing to poor people," Sen told India Today TV in an interview.

amartya sen, amartya sen interview, amartya sen on demonetisation“People think Prime Minister is doing something to eliminate black money… Modi will continue to get benefit of doubt… The idea that rich is suffering is appealing to poor people,” Sen told India Today TV in an interview. (PTI)

Nobel Laureate economist Amartya Sen on Tuesday described Prime Minister Narendra Modi’s move to demonetise Rs 1000, and Rs 500 notes as ‘clear mistake’. He said that the move was clear blunder both in terms of curbing corruption and jump to cashless economy. Sen, speaking to Indian Today TV on the issue of demonetisation, said: “It certainly is a 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.”

Criticising the move, Sen said that it was a well known fact that only 6-7 per cent of the black money was present in terms of hard cash, and Prim Minister Modi must also be aware of it. He questioned the logic behind targeting such a low chunk of black money.

Sen added that though demonetisation has drastically failed, Modi would continue to get the ‘benefit of doubt’. “People think Prime Minister is doing something to eliminate black momey… Modi will continue to get benefit of doubt… The idea that rich is suffering is appealing to poor people,” Sen told India Today TV in an interview.

Also Watch: Mulayam Blames Ramgopal Yadav For SP Feud, Says All Is Well With Akhilesh

Sen even doubted RBI’s autonomy in making demonetisation move, he said: “I don’t think this is RBI’s decision. This must be Prime Minister’s …I don’t think RBI decides anything at this time.” In a surprise move, the government on November 8 demonetised Rs 500 and Rs 1,000 notes, which constituted 86 per cent of the currency.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition