Noted: Rikhil R. Bhavnani and Mark Copelovitch, associate professors of political science at the University of Wisconsin–Madison, say:
- The economic impact was felt most acutely in relatively “unbanked” and cash-dependent areas.
- Still in elections held soon after, Modi’s Bharatiya Janata Party was penalized the least in relatively unbanked districts. This shows that a substantial share of voters supported demonetization despite its negative economic effects.
- If Modi hadn’t framed demonetization as a fight against corruption, there might have been a loss of support to the BJP.