Last month in an interview I asked Congress president Sonia Gandhi if she would concede that Prime Minister Narendra Modi had a similar personality to Indira Gandhi, tough and authoritarian. “No, no, absolutely not,” she responded emphatically. A month later, I am tempted to pose the question again. More specifically, would it be right to suggest that the politics behind Modi’s demonetisation programme is similar to Indira Gandhi’s 1969 bank nationalisation drive?

For those still surprised by prime minister Narendra Modi’s audacious demonetisation gamble, the past maybe a useful guide. In 2007, just ahead of the Gujarat assembly elections, Mr Modi kickstarted power reforms in the state as chief minister, including a hike in rates and police action against farmers involved in power theft. When an angry RSS-backed farmers delegation met the chief minister, Mr Modi’s response was reportedly defiant: “I will step down as chief minister but not back down.

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