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Policy Note 2023/4
| August 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.
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Nischal Dhungel
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