UBI good, but likely to be too costly to implement, says Martin Wolf

Remember, only the US Fed is raising the rates. The Europeans, Japanese, and the Chinese are not doing that.

While there are several critics of the farm debt waiver, it has found a supporter in Martin Wolf, chief economics commentator at the Financial Times. In India, to deliver the C D Deshmukh Memorial Lecture, organised by NCAER, he tells Indivjal Dhasmana that any such waiver has to be circumstance-specific. Edited excerpts:
 
At the time of demonetisation, you wrote that its net effect could be gauged only later. Two years down the line, what is your assessment?
 
I am not persuaded at the moment that it has done any good. It does not seem to me that the