The hoax of demonetization in Indian economy: a mathematical analysis

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Noam Chomsky in his seminal work “Requiem for the American Dream (2017)” has highlighted 10 major principles of concentrating wealth and power in American society. Out of those ten principles, three principles, namely “Shaping of ideology”, “Redesigning of the economy”, and “Shifting the (economic) burden on poor” should be given prime importance to transform the nation into a dictatorial state or a ‘Banana Republic’. Although written in the perspective of American economy, it is equally, if not more, applicable for Indian economy as well. Like any other political rhetoric (seemingly impossible to materialize in the real world scenario) regardless of its timing and strength, has its own expiry date. When the expiry date draws closer, people start realizing the difference between absurd claims and ground reality. In a report published by Oxfam India dated January 24, 2018; a shocking picture of Indian economy emerged as quoted: “73 percent of the wealth generated last year (2017) went to the richest one percent, while 67 crore Indians who comprise the poorest half of the population saw one percent increase in their wealth”. The current ruling coalition government run by National Democratic Alliance (NDA) and led by Bharatiya Janata Party (BJP) has successfully imbibed the doctrines among Indian population which are uncannily familiar to the ten principles laid out by Chomsky contemplating an intimidating future with respect to Indian socio – economic and political – legal scenarios in tandem.

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