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When we talk of the economic history of India, crucial events such as the first budget post-independence, nationalisation of banks, the balance of payments crisis, India's embrace of liberalisation and globalisation come to mind. But now, Prime Minister Narendra Modi's demonetisation drive, which has been criticised and praised alike, takes centre stage. Perhaps, this is because how politicised the issue has become.
Whatever be the case, November 8, 2016, remains fresh in the minds of many Indians who had to tirelessly stand in long queues outside banks and ATMs for cash after Rs 1,000 and Rs 500 notes were declared invalid.
If PM Modi's surprise decision shook India's financial and economic health, another global development on the same day meant there were more prominent changes up ahead.
A shift in power in the US, after Donald Trump was elected president, meant the world would witness policies that would center around the idea of economic nationalism.
Here's Varghese K George, Associate Editor and former US correspondent of The Hindu, discussing economic nationalism, demonetisation, Donald Trump and the trade war that world economies have found themselves in, with Moneycontrol's Deputy Executive Editor Gaurav Choudhury.
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