The new India being forged through the pain of demonetisation makes a clear distinction between the ‘us’ and the ‘other’
Latest News: The year 2016 was one of surgical strikes. Just when we were recovering from the patriotic adrenaline rush of being in a state of semi-battle with Pakistan, we witnessed ‘a surgical strike ‘on black money, terror funding and drug money’. Two years on, we continue to reel under the effects of demonetisation. With the benefit of hindsight, this is a good time to ask: what on earth was it about?
Demonetisation as neoliberal yet participatory development An obvious reading aligns with the Narendra Modi government’s agenda of neo-liberal development. The current regime, like its predecessor UPA, has embraced globalised, business-friendly development. Here, the market is expected to deliver economic growth. However, the market is not a level playing field. The government tends to ally with specific businesses interests. In this partisan state-business alliance, the population at large needs to be brought on board. It has to be somewhat enthused about the unfolding economic story, and participate in this as labour, aspirational consumers, or even investors.
Viewed from this perspective, demonetisation was a vast exercise in increasing cash flow to banks, to strengthen their position as lenders to business. How do the rest of us come on board? We come aboard as ‘active participants in the benefits of economic progress’. We are feted as ‘honest citizens… fight(ing) against corruption, black money, benami property, terrorism and counterfeiting…’ in the words of the PM during his ‘Demonetisation Day’ speech. We become fighters standing in queue to exchange our old money for a newer version of the cash, as also ourselves.
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