Much has been said and written about currency swap undergoing in India. The decision been labelled, correctly, as a 'Despotic' one (i.e. oppressive tyrannical), by Nobel Laureate and Bharat Ratna recipient Dr. Amartya Sen.

Government of India is busy defending a decision which has put tremendous stress on India’s banking system and forced chaos onto millions of ordinary citizens. The elite had almost no negative impact from the decision, however common citizens and economy as a whole is struggling to return to normalcy. Economists are predicting a 2% loss in GDP growth, which is ~$40bn loss. The currency swap itself would cost ~$2 to 3bn in implementation.

Former Prime Minister wrote a wonderful editorial piece in a national daily, highlighting the consequences of such a decision, while also explaining his governments stance on such policy matters. It’s a good read - Making of a mammoth tragedy.

I couldn’t agree more with Dr. Manmohan Singh. India is a sweltering pot of tragedies. Several of them inflicted by his 10 year government, including Right to Education, non-sense ordinances, 2G, CWG, Coal, VIP Chopper and Adarsh scams being major ones. Current government is in the process of creating it’s own missteps, Demonetization being one among many to come.

As I have written earlier Elect, Elect, Zero, Ordinance, General, and I will continue to write on the topic in future. The real tragedy is electing poor representatives, including few Harvard/Cambridge educated ones, who instead of doing real work, are merely stalling proceedings in Parliament.

Best, Umang

note - I had posted the same post on, trying their platform.