There may be chaos on the streets and anger at ATMs but hearing Prime Minister Narendra Modi speak at a political rally in Ghazipur in Uttar Pradesh brought home the power of the demonetisation move and its potential to win elections for the BJP.
At least some of the messy consequences of the week-old snuffing out of Rs 500 and Rs 1,000 notes had clearly not been anticipated, and to that extent the government ran the risk of running afoul of public opinion.
That result could have been brought about by a more skillful opposition dealing with a less adroit politician than Modi. Needless to say, barring some black swan, there is only one way that this debate is going to end: increased adulation for a popular PM and its spin-off benefits at the hustings in Uttar Pradesh and Punjab, and possibly the whole country in 2019.
Politically it is almost immaterial whether the move actually leads to a huge reduction in black money or lower interest rates or a big boost to growth, even if it may do all these. A strong PM has been seen to act, an election pledge has been seen to be redeemed. Even legitimate protests against the move can easily be painted as rantings of corrupt politicians.
To read the rest of the article go to: Modi's Ghazipur speech showcases electoral value of cash ban
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