Demonetization: Anniversary

08 Nov 2016 was the day PM Modi announced demonetization. This economically stupid step made India poorer by approximately Rs 5 lac crore. The aim of PM Modi, as assessed by me, was to get rid of the tag of “suit-boot ki Sarkar” and give an impression that he was getting after the rich and pro poor. The move was a political success for Modi (UP election was won by Modi) but an economic disaster for India. Indians must never forget this date because of the following reasons:

  • It was the first step taken by Modi to break the back of our economy. It never recovered thereafter.
  • To remember well that our PM is a liar and he has created a vast eco system to continue the promotion of his falsehood.
  • It caused death of over hundred people people and terminated several small businesses and pushed a large number into poverty.

 

 

 

  • The act was supposed to make India a cashless economy. The cash in circulation on 04 Nov 2016 was Rs 17.97 lac crore. Today it is Rs 26.19 lac crore as per a report in Indian Express.
  • Despite this blunder PM Modi was reelected to power.
  • His core supporters also know that demonetization was a disaster but they continue to support this act by giving false or fictitious reasons. The reason for their support is their affection for the divisive politics. If sane Indians hope to restore democracy then these “Hindutva” forces have to be kept in check because they are not going to go away.

I request you once again, never forget 08 Nov 2016. 100 years from now children will remember this day as comparable to Tughlaq shifting India’s capital.

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