While naysayers say the economy is on a downward spiral, optimists point out that India has experienced a shift of gears in the realm of policies, thanks to several initiatives of the Narendra Modi government, says Ashok K Lahiri.

Declaring demonetisation a complete failure may turn out to be hasty, argues economist Ashok K Lahiri.

In UP, the BJP focused carefully on the sub-caste divisions within the Dalits and also gave a large number of tickets to SC candidates from sub-castes.

Demonetisation should be judged to have delivered some immediate gain if at least around Rs 2 trillion gets immobilised.

Many countries advised the return the high-denomination notes to the central bank for destruction, but these continued to be legal tender. This and the introduction of a new Rs 2,000 note in India are the two major differences between Indian demonetisation and those of other countries.

There is a clamour for changing land-use from agriculture to commercial, residential or industrial.

The Indian economy can grow if it is delinked from the slow growth in the West and the deceleration in China, says Ashok K Lahiri.

The UK has had a complex relationship and checkered history with the EU.