Demonetisation was a foolish step,” Chidambaram said at an event named Samvad, which was organised by a local Gujarati newspaper. There is a shadow economy (in India) but there is shadow economy in every other country. Even America has around eight per cent shadow economy. What is shadow economy? The former finance minister opined that it was possible to overcome the situation by “taking right steps and not taking wrong steps”.

Source: Indian Express October 29, 2017 00:22 UTC