Demonetisation, the great experiment undertaken by the Modi government, has run its course of 50 days. They say it has been a failure. They say its failure can been judged through multiple fallouts: the fact that possibly not more than six per cent of the black money was stored as cash to begin with; the fact that nearly 97 per cent of the demonetised currency of Rs 15.4 lakh crore is reportedly now back with the banks; the fact that poorly-paid and woefully-inadequate tax inspectors would now have to screen millions of bank accounts to determine what is black and what white; the fact that it has irrevocably eroded the reputation of the Reserve Bank of India and encouraged mutiny within; the fact that most external agencies have slashed India’s GDP growth estimates for the coming year and beyond; the fact that it has led to severe cash crunch in the unorganised sector that employs four-fifths of all labour force; the fact that migrant labour has returned in large numbers to villages; the fact that those without bank accounts, like the tribal population, have been hit hard, the fact that enrolment for rural employment under NREGA has peaked; the fact that automobile sales have dived; the fact that the Reserve Bank of India (RBI) governor buckled under political pressure to relinquish his famed proficiency; the fact that switching the discourse from black money to less-cash was in itself an admission of failure; the fact that unearthing fake currency turned out to be a red herring; the fact that bank credit growth has hit a 60-year low; the fact that lakhs have been rendered jobless.