Michael Walton

Modi believes that demonetisation will confiscate ill-gotten wealth and distribute it to the poor

He channelled the cry for change into an electoral platform. But the government has neither the mental model nor the political courage to effect real change

Orderly rupee depreciation, a lower fiscal deficit and credible stress tests for banks are essential to stave off crisis

A strong rupee policy will deepen the very vulnerabilities it is trying to ward off