Globally acclaimed French economist Guy Sorman has described demonetisation as a “successful political coup”, although it failed to meet the objective of weeding out corruption for which more steps are needed.
“Demonetisation was a successful political coup which was heavily applauded by a majority of the Indian people. The government showed it was serious about corruption,” Sorman told PTI in an interview.
Prime Minister Narendra Modi on November 8 last year had announced demonetisation of Rs 1,000 and Rs 500 notes in a major assault on black money, fake currency and corruption.
“Simultaneously, it has disrupted commercial transaction and slowed down the economy at large. Did it stop corruptionIJ Of course not.
“Corruption methods have changed in order to adapt to the new rules of the games,” added Sorman, who has authored many books, including ‘Economics Does Not lie: A Defense of the Free Market in a Time of Crisis’.