Home >Politics >Policy >Kerala finance minister Thomas Issac unveils book on demonetisation

Bengaluru: Kerala finance minister Thomas Isaac on Tuesday released a 100-page book, a critique on demonetization. Questions about the government’s 8 November move have been put together and answered in this book, Issac told Mint over the phone ahead of the book’s release.

The book is titled Kallappana Vetta: Midhyayum Yadharthyavum, which translates to “Hunt for Black Money: Fantasy and Reality". Isaac says in the book that India’s loss over demonetisation would come around Rs3 lakh crore, considering at least a 2% reduction in the country’s GDP. This could rise if the crisis persists for long, he adds.

Kerala and West Bengal have objected to the Centre’s decision to declare the Rs500 and Rs1,000 banknotes illegal tender from 9 November citing the negative fallout on the common man and on state finances. Both states have argued that given the adverse impact of demonetization on state finances, goods and services tax or GST’s implementation should be delayed to prevent a double whammy.

The book has 10 chapters, each in the form of a question-answer format with around 50 questions. Questions are divided into themes, starting with queries such as what is black money, can black money be abolished due to demonetization, what is its macro economic impact in India, what has been impact in various sectors, impact on Kerala, fallout on the newsy cooperative sector, moves to cashless economy, what needs to be done etc.

Isaac, a development economist-turned-politician, in his dozens of articles in various journals and some Facebook posts, has been a consistent critic of demonetization.

“It’s very simple reading written in a colloquial style. Not only are they in a question-and-answer form, but the questions are being put together under a common theme in chapters, so that even if you don’t read from cover to cover, you can select and read the themes that interest you," said Isaac.

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