, Columnist
India Shoots the Wrong General in Lost War on Cash
It’s absurd to blame former RBI Governor Rajan for the consequences of demonetization.
Rajan: Not the villain of the piece.
Photographer: Tomohiro Ohsumi/Bloomberg.
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When there’s no trick left to defend a spectacularly failed experiment, blame Raghuram Rajan.
If India’s top policy think tank is to be believed, the reason economic growth faltered last year, reaching 5.6 percent in the June quarter after 7.6 percent nine months earlier, had nothing to do with the November 2016 ban on 86 percent of the country’s cash.