A critical piece on Indian PM Modi from The Japan Times.
Modi borrowed the language on Nov. 8 to order a “surgical strike” on black money, removing from legal tender the two highest denomination 500- and 1,000-rupee notes that accounted for 86 percent of India’s currency stock. Demonetization showed Modi confuses impetuous and headstrong for bold and decisive leadership.
In summary, it caused considerable damage and disruption to the economy and adversely impacted the material conditions and rights of the people, without discernible success in meeting the declared goals. However, although dubious as an economic decision, it paid off as a political gamble, proving Modi is a party politician, not a national leader. Modi has been determined to consolidate, expand and centralize state power more than unleash the creative business potential of the Indian innovator, entrepreneur and trader.
Ramesh Thakur — The Japan Times