Five takes on 100 days of Demonetisation

Wednesday, February 15 marked 100 days after the Demonetisation decision. Union Finance Minister Arun Jaitley and Reserve Bank Governor Urjit Patel on Friday expressed confidence that the effects of Demonetisation would be positive in the long run. They were addressing the media in New Delhi and Jaitley claimed that 100 days after Demonetisation, there was no shortage of cash in the market.

Here are five quotable quotes to mark 100 days of Demonetisation:

• Almost everyone agrees that the impact (of demonetisation) is going to be a sharp ‘V’, that we would have a downgrade of growth for a short period of time. However, remonetisation has happened at a fast pace…”: Urjit Patel, RBI Governor

• A ‘sharp V’ may only be seen so far as remonetisation may have an immediate impact with people starting to spend; however, the larger damage on the livelihood ecosystem due to demonetisation will persist for a long time.”: Pronab Sen, former Chief Statistician of India

• “It’s fairly reliable that about the time Dr Raghuram Rajan demitted office, on behalf of the RBI, a five-page note was sent to the PMO on demonetisation… I don’t know what the note contains but the conclusion I believe was that demonetisation was not a wise step.”: P Chidambaram, former Finance Minister

• “If the solution or the idea is right, it will go like a hot knife through butter... if the idea is not working, for example demonetisation, don’t blame execution. I think your idea itself is wrong.”: Rajiv Bajaj, Managing Director of Bajaj Auto

• Many of the ATMs are running dry and the cash crunch gets worse as one goes deeper into the hinterland. With none of the goals of demonetisation achieved even after 100 days, it’s clear that the Modi government scored a self-goal in a losing match.”: Mohammad Salim, CPI(M) MP