On the two year anniversary of #Demonetization, there is nothing new to say, except that it continues to be the disaster on a mammoth scale we all predicted, with long-term effects and a major slowdown of economic growth. #DemonetisationDisaster 1/n
My first column from Nov 2016 on the faulty assumptions made by the government, fundamentally equating cash with black money - a terrible mistake in a country like India that runs on cash and has a huge informal sector mostly affecting the poor. 2/n realclearmarkets.com/articles/2016/…
My second piece from Nov 2016, co-written with @lawrencehwhite1 on some of the seigniorage effects of demonetization and the one-time wealth transfer to the government, and also the lesser known and discussed Cantillon effects from the non-uniform injection of the new notes. 3/n
My third piece from Jan 2017, co-written with @lawrencehwhite1 critiquing the defense of demonetization as a revenue windfall (by economists Bhagwati, Dehejia, and Krishna). We argue that one must count BOTH costs and benefits of demonetization. 4/n livemint.com/Opinion/0RUMX1…
My fourth piece on from Sept 2018 on the RBI data showing that almost all (99.3%) of the old notes was returned. Indians, quite adaptive to a very harsh and unpredictable state, used their jugaad to circumvent the intended effect of demonetization. 5/n livemint.com/Opinion/lV1Bpu…
My discussion on demonetization on the Seen and the Unseen podcast hosted by @amitvarma where we discussed the economic disaster as well as the gross immorality of the demonetization policy. Must listen to Amit's monologue in the beginning. 6/n thinkpragati.com/podcast/the-se…
Even though the government kept changing the goalposts, not a single one of these goals have been met. If there was ever a case of a policy measure that was a complete and utter failure, imposing enormous costs with no benefits, this tops the list. #DemonetisationDisaster 7/n
On the 2nd anniversary of demonetization, there is little new left to say. An unconscionable and unconstitutional act, and the greatest single act of theft committed upon the Indian people. As always the poor were burdened the most, and the political class escaped unscathed. n/n

• • •

Missing some Tweet in this thread? You can try to force a refresh

Keep Current with Shruti Rajagopalan

Shruti Rajagopalan Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!


Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @srajagopalan

Jul 22
I've been thinking about a subgenre of Hindi film music from '50-70 that's disappeared. The cabaret/club/dance song where the female singer raised philosophical questions.A departure from the usual cabaret/club/dance songs meant to titilate/objectify/sexualize/pine. 10-Song 🧵 👇
1. Tadbeer Se Bigdi Hui
Taqdeer Banale Taqdeer Banale
Apne Pe Bharosa Hai
Toh Yeh Daav Lagale

From Baazi (1951): composition by SD Burman with lyrics by Sahir Ludhianvi.

Geeta Bali on screen to Geeta Dutt's voice.

2. Ai Meri Zindagi,
Aaj Raat Jhum Le

From Taxi Driver (1955): composition by SD Burman with lyrics by Sahir Ludhianvi (same as Baazi).

Shiela Ramani on screen to Lata Mangeshkar's voice.

Read 13 tweets
Jul 1
On 5th #GSTDay, I argue that in trying to make GST more equitable through multiple rates, GST has become more complex and less equitable because of regressive nature of compliance costs.

My paper (forthcoming in Social Philosophy & Policy). shrutiraj.com/wp-content/upl…

Here's why 👇
GST was marketed as a tax system that:
✅ Is easy to comply with as it subsumes multiple taxes into one tax
✅ Will unify the state tax system and convert India into a single free trade zone
✅ Has the potential to reduce corruption and tax evasion 2/n
But getting all states and political parties to agree on this reform meant building consensus on the actual rate/rates. Various experts came up with different rates for a single GST. 3/n
Read 16 tweets
Dec 31, 2021
2021 has been an incredible year for the @IdeasofIndia podcast @mercatus with transcripts @Discourse_Mag. Thanks to all the guests and listeners for their support and generosity. A list of the fantastic scholars and conversations below. 👇
We released 17 regular episodes and 14 short episodes with young scholars in our job market series, all made possible by the amazing team @mercatus. Our production team @Jeff_Holmes @FloerIt and Morgan Hamilton and @Discourse_Mag team David Masci and Christina Behe.
1. 2021 started with a continuation of the job market candidates in the 2020-2021 cycle. With Dr. Vaidehi Tandel @VaidehiTandel, now a lecturer at Henley Business School at University of Reading ,about her research in urban economics. discoursemagazine.com/economics/2021…
Read 34 tweets
Jul 24, 2021
On the 30th anniversary of the budget speech that liberalized India from socialism, I am thrilled to announce The 1991 Project @mercatus.

A year long project to revive the discourse on growth-centered economic ideas to unleash the next stage of reforms.

My lead essay describing life under socialism in India, the 1991 reforms, why they matter, and the way forward in the quest for economic freedom and growth in India.

To learn more about what happened in 1991, read our interactive timeline of events explaining how India went from crisis to consensus.

Read 10 tweets
Apr 23, 2021
Dear American Media, I understand that poverty porn and pandemic porn are very exciting and good for ratings. But there are a lot of issues to cover in re the horror in India, especially topics that can save lives. 1/n
Most urgent: (1) Biden administration's DPA embargo on vaccine ingredients. (2) Or sending 20 million AZ and couple of million J&J vaccine stockpile to India. (3) Or helping supply ventilators to India, which is facing an acute shortage. 2/n
Or understanding how limiting the outbreak in India and vaccinating Indians reduces variants and protects Americans. Or how to look beyond India and increase funding support for COVAX. 3/n
Read 4 tweets
Apr 23, 2021
This is a @BDUTT appreciation tweet. Throughout the pandemic @BDUTT has been our most reliable set of eyes on the ground. Even now, when her father is in the hospital, she is telling everybody’s stories. 1/4
When we spoke earlier this week on her show, she was recording from the footpath. Literally outside a crematorium where she had just reported a story. She still managed to read our research papers and have all the details on her fingertips. And ask all the relevant questions. 2/4
She even caught a spelling error in the display for @kaapi_croissant. What impressed me most was her concern for the poor. In our lockdown episode, she was the conscience keeper, reminding everyone of what happened to the poor and the migrants during the last lockdown. 3/4
Read 4 tweets

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Don't want to be a Premium member but still want to support us?

Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Or Donate anonymously using crypto!


0xfe58350B80634f60Fa6Dc149a72b4DFbc17D341E copy


3ATGMxNzCUFzxpMCHL5sWSt4DVtS8UqXpi copy

Thank you for your support!

Follow Us on Twitter!