NYTimes, like most media inside and outside of India, are looking at this from the wrong angle. The actual intent of Demonetization was not the removal of Black Money. It was just a cover. Anything else like digital transactions were side effects.
The real reason for this was political chest thumping. The previous government was seen as incapable of taking decisions and getting work done. This was mostly a signal from Modi that he was willing to get work done, take hard decisions and see them through. That he and his government had the willpower to work and act, unlike his political opponents.
The results of the UP elections that happened after this validate it. UP is a state with a lot of farmers and low income people, who were supposedly the worst hit segments of the population. Yet they voted for him.
The real reason for this was political chest thumping. The previous government was seen as incapable of taking decisions and getting work done. This was mostly a signal from Modi that he was willing to get work done, take hard decisions and see them through. That he and his government had the willpower to work and act, unlike his political opponents.
The results of the UP elections that happened after this validate it. UP is a state with a lot of farmers and low income people, who were supposedly the worst hit segments of the population. Yet they voted for him.
Just some food for thought.