Demonetisation proved a curse for the common man and the country’s economy

PM Modi at India's Business Reforms

Prime Minister Narendra Modi and BJP has celebrated the first anniversary of demonetisation by terming note ban decision an overwhelmingly success and out-rightly refused to accept any criticism from any quarters. Eliminating corruption is a part of governance and government cannot enforce its diktat on the honest and poor people who suffered the trauma and miseries for obtaining their own hard earned money which they had deposited in the banks on trust that they will be allowed to use the money in their hour of need.

Narendra Modi, who has been spending much of the revenue in marketing himself as the best Prime Minister, celebrated by giving advertisements to leading national newspapers terming Demonetisation: A historic and multi-dimensional success,” thus remaining unconcerned of the multitude of problems faced by the common man during that period.

Prime Minister Narendra Modi’s 8 November 2016 address to the nation announcing the ban on high-value currency notes stressed that the move is against ‘corruption’ than he kept changing his narratives from ‘black money’, then fake currency, then digital India and ‘terrorism’ funding for justifying his abrupt act.

Modi, actually was in search of an issue to win the Uttar Pradesh elections and he played with the emotions of the public by saying that demonetisation will eliminate corruption and effect the corrupt people and not the honest ones.

Modi again changed the goal post of his irrelevant decision by blackmailing the emotions of the Indians , saying  “the benefits of demonetisation,” also stating that “125 crore Indians fought a decisive battle and WON.”

Black Money cannot be eliminated by Demonetisation since analysts view that less than 6% of illicit wealth in India was held in cash.

The rationale of a crackdown on counterfeit notes was also misleading since the country’s central bank’s estimated that only than 0.02% of all currency notes in circulation were fake.

For curbing terror funding, there are other laws to stop terror financing and not the demonetisation. Therefore, all the excuses that Modi uttered were governance issues and the purpose behind the executive order of banning the 86 percent of its currency as illegal was to enforce digital money transactions to give a boost to his agenda of Digital India. But Modi did not care for the consequences as 80% of the India’s economy is cash driven mainly the rural and unorganised sector.

Knowing that the economy has been badly damaged, Today, Arun Jaitley shifted from his earlier Economic argument to Cultural argument, saying the demonetisation decision was an “ethical drive and a moral step”.

Modi government remained insensitive about the number of deaths (more than 100), joblessness and collapse of the informal sector of the economy. Farmers were unable to even purchase seeds for the next crop.

According to data released on Tuesday by the Centre for Monitoring Indian Economy (CMIE), the estimated total employment during the January-April 2017 period was 405 million compared with 406.5 million during the preceding four months.

The CMIE data also estimated that while the number of persons employed fell by 1.5 million from January to April 2017, the number of people who declared themselves unemployed fell much more, by 9.6 million.

During 2014 Lok Sabha campaign, Modi sought votes on the promise that he will eliminate corrption, provide jobs, take economy to the path of progress, deposit 15 lakhs in every account and will end Congress dynastic rule. But three years have passed, Modi and his Saffron party is seen engaged in single point agenda of carrying out political vendetta against the Congress and advertising his fake jumlas repeatedly. Infact, Modi government knew that demonetisation was just a gimmick to lure the voters in Uttar Pradesh assembly elections but were unaware of the economic consequences.


By: Arti Bali

Senior Journalist

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