The Congress led opposition is beaming over the failure of Prime Minister Narendra Modi that has led to Economic disaster with growth slowed to 5.7 per cent in the first quarter of 2017-18 against 6.1 per cent in the preceding quarter.
The fears of the congress have been proven right by Modi’s reckless demonetisation decision coupled with implementation of Goods and Services tax that crippled the economy on a long term basis. The dual impact on organised and formal economy was so hard that the manufacturing sector resorted to destocking and closing of industrial units including textile units.while the unorganised sector consisting of small businesses, petty traders, agriculture who directly depend upon cash transactions were destroyed and compelled to commit suicide.
PM Narendra Modi and his government has been continuously engaged in publicity and propaganda to hide its failures of wrong policy decisions which meant ultimately betraying the people.
Modi and Finance minister Arun Jaitley should now own the responsibility for creating this mess and resign immediately as their reckless decisions have generated large -scale joblessness, petty traders have been reduced paupers.
Jaitley’s and Modi’s idea was to include every Indian in the tax net as Modi during campaigning for 2014 Lok Sabha elections stated “every Indian household has one kg gold and they must invest that in the bank for their prosperity.”
Modi’s understanding of economics is based on naïve conceptions that if every Indian whosoever (beggars, farmers, masons, low paid workers who constitute the bulk of Indian population) is compelled to pay the income tax (because Aadhar card is there to scrutinise every financial transaction) then the government can build castles in the air.
India has never seen such an incapable Prime Minister under whom the GDP figures registered the lowest growth rate. since Prime Minister Narendra Modi was elected.
Even former prime minister Manmohan Singh, who has been credited for initiating economic reforms in 1991has warned PM Modi in Parliament that demonetisation is “monumental mismanagement” “organised loot and legalised plunder” and that could shave 2 percentage points off GDP growth.
Thus Prime Minister and Finance Minister excel each other in entertaining foolish conceptions. The reasoning behind demonetisation of curbing terror funding, clamping down on corruption and unearthing black money have been proven wrong as the Reserve Bank of India (RBI) has now disclosed that almost 99 per cent of Rs 500 and Rs 1,000 currency notes which were withdrawn from circulation on November 8, 2016 has returned to the central bank, thus raising questions about the Modi’s Independence Day speech, where he mentioned that Rs 3 lakh crore black money had been unearthed. Modi must come out with a list of black money holders who have accumulated money in foreign accounts as he and his government have lost all credibility and the moral right to stay in office.