Deconstructing the semantics of demonetisation in India - a multivariate analysis of millennial generation perceptions

Abstract

On 8 November 2016, the Indian Government announced the demonetisation of higher denomination currencies of INR500 and INR1,000 removing 86% of the currency from the monetary system. From the initial objectives of eliminating black money, reducing corruption and preventing terrorism funding, the Indian demonetisation narrative had spanned several interpretations during the course of exercise. This paper attempts to understand the various perspectives that go into creating an understanding of the meaning of demonetisation. Apart from providing a detailed literature review of these perspectives, the paper also presents the results of a research study which attempts to deconstruct the semantics of demonetisation using the perception of the millennial generation. The study shows that while demonetisation narrative uses various viewpoints like purpose, management, national development and political perspectives to create a meaning of demonetisation, the millennial generation based on their philosophy of 'pragmatic idealism', prefer to use the national development and management perspectives to deconstruct the semantics of demonetisation. The paper finally discusses the philosophy of 'pragmatic idealism' from the Indian culture context.