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Around 2 year ago, on Nov. 08 2016, Prime Minister
Narendra Modi’s announcement that INR 500 and INR 1,000 notes were going to be
taken out of circulation overnight predictably led to utter chaos and
mayhem. Not only a flustered public, even the government
and India’s central bank were caught flatfooted. Some 74 notifications were issued in 50 days following the note-ban
announcement, several involving an about-face on the previous
announcements. And in the months that followed, about 1.5 million jobs were lost, business in several cash-intensive industries came to a screeching halt, and economic
growth took a beating. 2 year later, the jury is still out on whether Demonetization
was worth it.
The Reserve Bank of India’s
report revealing that about 99% of the demonetised notes had been returned further muddied the waters. This basically
meant that the amount of black money in the system was far lower than previously
estimated. The government, meanwhile, is out to convince everyone of the
resounding success of this exercise, which was variously aimed at curbing black
money in the system, improving the digital economy, and tamping down on
terrorist funding. Its supporters are
celebrating that day as “anti-black money day,” while opposition parties call it”Dhokha Divas“—a day of treachery. BJP
is doing comedy and showing their cheapness by celebrating that day.
As the
debate rages on, this is how Demonetization
has impacted the Indian economy and the country’s banking system:
For one, the note ban sent the
economy into a tailspin. Even though the government has been trying to
argue otherwise, several institutions, including the Wold Bank, have cut India’s growth forecast for this
year. This slowdown may have to do with
factors other than Demonetization, too, but the withdrawal of high-value notes
did hit hard.
Narendra Modi told that give
him 50 days and if he failed & wrong then burn me alive. This type of statement spread violence in
our society and excited public. So this is wrong and showing his arrogance.
Today we all know that Modi’s statement
was bullshit and Shameful and public are speaking bad words for Narendra Modi.
Even Subhramanium Swami blamed
Modi Government for changing number of GDP by own. This type of behaviour is
not acceptable in democracy. They are trying to dictate people. In which
direction Modi government is going on? If this type of foolish decision
continue, BJP will crush India again as done by Britishers earlier.
The cash ban also took a toll
on industrial production, which measures India’s factory output. Small and
medium enterprises (SME) bore the burnt, as these firms relied heavily on cash. A year on, many
are still struggling to get back
on their feet. Many SME closed so badly like never before. Many people lost their job immediately within month after Demonetization.
Youth of India was very angry with Narendra Modi because of their immature
decision without proper planning.
As the economy slowed down,
jobs disappeared. Some estimates suggest that about 1.5 million jobs were lost in the aftermath of Demonetization
between January and April 2017 and still in 2018 many people are jobless. The labour
participation rate (LPR), which shows the share of the population that is
employed or willing to work and looking for jobs, also crashed in the wake
of Demonetization. And it still hasn’t recovered fully.
Unsurprisingly, a sluggish
economy and vanishing jobs did nothing to help consumer sentiment in India, which has gone on
a bit of a roller-coaster ride since November 2016. Below is the consumer
sentiments index, which is based on a survey of about 42,000 households every month.
The government also claims
that there has been an increase in the number of people that have come into the
tax net, but the final numbers from the Central Board of Direct Taxes are still
awaited. Meanwhile, there has been a crackdown on shell companies—bogus
entities set up to launder money and evade taxes—with the income tax department
taking action against 1,150 of these firms. Every year there is increase in tax
submission by people so that is not benefit of demonetization.
Prime Minister declared from
ramparts of red fort that 3 lakh crores black money has been identified and his
own ministers in successive replies to parliament have said that amount of
undisclosed income and undeclared income is not more than 28,000 crore. What
the rubbish is going on?
Earlier in the day, the RBI, in its annual report, said
that out of Rs.15.41 lakh crore Specified Bank Notes (SBN), Rs.15.31 lakh crore
has been recovered, thus indicating recovery of 99.30 per cent of demonetised
currency.
Even the Bharatiya Mazdoor Sangh (the labour wing of the governing
Bharatiya Janata Party) admitted: "As many as 250,000 units in the
unorganised sector were closed and the real estate sector was badly
affected, with a large number of workers
losing their jobs."
Agriculture, a sector which largely operates on cash, was hard hit too,
with farmers not being paid enough for vegetables and pulses they had grown. Many protested
and several state governments waived payments on farm loans.
Over and above this, the government's policy caused a huge cash
shortage, with people having to spend many days standing in ATM lines trying to
withdraw their own money. 150 People
even died in this process. Details of deaths are mentioned below:
Narendra Modi told in lectures that Rich people are crying due to
demonetization but reality is poor are crying and died due to irregularity in
family. BJP Minister told in public that those who died in demonetization are
thief. This type of mentality of BJP is shameful.
Venezuela Government reverted the decision of demonetization after just
1 death and in India 152 died due to demonetization but Modi government did not
care about it and continue showing his arrogance and insensitivity towards Indians.
Demonetization is big mistake of Modi Government so we
can say it’s a big crime of government they done with Indians. Narendra Modi should come to public and he
must say BIG SORRY to public for Demonetization.
Indians are not fool and they are ready to give answer of Demonetization in 2019 so in future No one can take this type of Bullshit & Cruel Decision.
INDleak: Modi Government done Demonetization to convert Black Money to White Money of BJP leaders and Big Industrialists.
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