Policy Notes No. 4
August 23, 2023
Effects of Forced Formalization (Demonetization) in the Indian Economy
Nischal Dhungel examines the impact of India’s demonetization experiment—an effort at “forced formalization” of the economy. He urges a more organic approach to formalization, pairing efforts to bring the unbanked population into the banking system with greater funding and accessibility for India’s signature employment guarantee program.
Policy Note 2023/4(388.60 KB)