The UP elections are a referendum on demonetisation of Rs 500 and Rs1000 notes announced by the Modi government on November 8.
The Narendra Modi Government had absolute clarity from day one that it would move against the shadow economy and black money.
The political implications of the Assembly poll results would cast a shadow on the functioning of the Modi government during the remaining period of his term.
In politics, there are ample examples when a party patriarch is reduced to “Margdarshak” as it was the case with LK Advani. Is Mulayam heading that way?
It is clear that the institution and its leadership was fully involved in the decision making process for four months prior to November 8.
A win in Uttar Pradesh will be seen as public approval of demonetisation and political acumen of Modi.
Demonetisation drama shows trial and error method is being experimented on 1.3 billion people in the name of fighting invisible demons.
By now it is amply clear that the process of remonetising India is going to be long drawn out and may not bring back the entire Rs 15.44 lakh crore of junked currency.
Modi still has many aces up his sleeves before the next general elections are called in 2019.