Baru, who was the media advisor to former PM Manmohan Singh was speaking at a session at the ongoing Jaipur Literature Festival here.
"The decision of demonetisation was a political decision not an economic one through which the PM Modi established himself as a powerful anti-corruption crusader.
"The mistake Modi made was to seek a time of ten years from people. Half of his tenure is over. He wasted the initial time and the government has nothing but the decision of demonetisation to highlight," he said.
He was in conversation with writer Vinay Sitapati, who authored the biography of former Prime Minister P V Narasimha Rao.
Talking about the reforms made by Rao, Sitapati said the former PM would not have taken the step of demonetisation and instead would have worked in phases to improve the economy.
Both the writers highlighted Rao's role in the economic transformation of the country during his regime.
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