This paper examines Narendra Modi’s populism by focussing on a specific governmental policy – the Demonetisation exercise of 2016, a drastic policy measure which suddenly derecognised over 86% of the currency in circulation at the time. While economists have largely been unable to make sense of the stated goals of demonetisation, this paper argues that it can be understood through the lens of populism as a performative political act. By analysing Modi’s “speech acts” on demonetisation, the paper claims that firstly, the demonetisation exercise is a paradigmatic case of populism in its performative avatar as it highlights how Modi constructed the people versus the enemy and a narrative of “crisis” to justify his authoritarian-style populism. Secondly, the demonetisation exercise shows how Modi predominantly uses the language of development and social justice, and dignity of the poor to build electoral support for the BJP’s illiberal politics of Hindutva