Amartya Sen is back in news for calling Demonetization Modi’s “Napolean” moment. Denial of second term at Nalanda University has made Sen intolerant. He returns to India as a migratory bird with the sole intention of defaming the policies of the government. “Dole-economics” of UPA plagued economy and resulted in fiscal deficit. It was Sen who lauded the UPA government on faring well on social development indices. Dole-economics gave way to unbridled corruption. NPAs skyrocketed. When loans were restructured and given out to the likes of Jindals and Mallya, the poster boy of Reserve Bank, Raghuram Rajan did not get hawkish. He came after NPAs post 2014. Likes of Raghuram Rajan and Amartya Sen are part of the beneficiaries of ecosystem fuelled by the Dynasty. For decades, Sens and Rajans have been put on pedestal by the stooges of dynasty. Post 2014, this ecosystem has been turned on its head. No wonder terms like Napolean and Hitler are being used for Modi.
In his twilight years, Sen has reduced himself to a caricature. Demonetization, as a policy, has its own share of pros and cons. A set of economists have favored it while others opposed it. For example, Keynesian model of economics will have its own share of critics and followers. Demonetization drive has led to increased emphasis on development of cashless economy and digital banking. Cash economy has its own costs. What’s the fuss if the government is driving people towards cashless economy? Bill Gates and Philip Kotler are all praise for demonetization drive. Are they less intelligent than Sen? Indian economy survived Rexit (Rajan exit). It’s time for another exit. Sexit (Sen exit). His occasional outbursts are borne out of lack of preferential treatment. We would be better off without misplaced sensibility of Amartya Sen.
Rootless wonders like Sen will make themselves irrelevant over a period of time. Anti-Modi rant might just get those media interviews and airtime. Kaushik Basu, Dr Manmohan Singh and P Chidamabaram – all enlightened souls who knew economics inside out, threw Indian economy in a deep morass. They do not have any moral locus standi on policies like Demonetization.