Book: The Big Reverse: How Demonetization Knocked India Out
Author: Meera H Sanyal
Publisher: Harper Business
Pages: 304;
Price: Rs 599
For many years I firmly believed that Number 8 if seen horizontally symbolises infinity (in mathematics and life) and is often associated with wealth and prosperity. Until, November 8, 2016, happened. In a fraction of a second with one announcement by our Prime Minister Narendra Modi, the little wealth that I had in my wallet, turned into worthless piece of papers on the said date. Ironically, the ‘Modivaani’ about demonetization was heard across the nation at 8 pm. Confirming, my fears associated with Number 8.
Noted banker and AAP leader Meera Sanyal, who recently passed away after a two-year battle with cancer, through The Big Reverse has not just lent a voice to those who silently suffered the process of demonetization, but has also presented balanced economic outlook to the entire episode.
Author’s view can be well understood from an experienced and a learned bankers’ perspective and not of as a political leader’s agenda or a party’s line of approach. Having been associated with the banking sector for long and having held top responsible posts, certainly gave Sanyal an edge over other writers or authors in terms of wider reach — be it RBI or other financial bodies.
In mere six chapters, the author has kept in front of readers a complete memory graph right from the demonetization day to several financial tremors felt from time to time thereafter. What really caught my attention was the opening chapter ‘The Surgical Strike’ and the fourth chapter ‘The Human Impact’. All the chapters begin with a quote, but the link between the first and fourth chapter’s quote has a connect, which seems well suited to the interested layman.
The opening chapter begins with a quote attributed variously to Samuel Johnson, John Ray and Saint Bernard of Clair Vaux, which reads, ‘The Road to hell is paved with good intentions…’. While chapter four begins with Mahatma Gandhi’s quote, “Before you do anything, stop, and recall the face of the poorest, most helpless, destitute person you have seen, and ask yourself “Is what I am about to do, going to help him?” Sanyal through her personal observations has penned down several instances showing how even the bank staff was not spared of hardships that demonetization brought in. Bankers simply had no time for customers as they struggled to count the old notes and to disburse the new ones, while complying with the RBI’s frequently changing notifications. The book also throws light upon previous cases of demonetization in India in the year 1946 and 1978 along with demonetization of coins in 1957. If at all, anybody claims the 2016 to be the first one ever.
At some point of time, the book does get little heavy upon numerical jargons and historical narrations. It is still less painful than the exercise to wait in long ques day in and out hoping to either exchange demonetized currency or wait for the new ones to pop out of the ATMs. We all have seen it and done it.
Sanyal through this book has left a ray of hope and vision for all of us. In the end of this book she mentions that one can only hope that as we journey into the future, our political leaders pay heed to the wise words of Milton Friedman who said, “The government solution to a problem is usually as bad as the problem and very often makes the problem worse.”
