Demonetisation: Devastation Perpetrated On Indians- For The Personal Glory Of One Man- Modi
The country has paid a huge economic price thanks to Modinomics.
Narendra Modi supporters were all up in arms, when in a column, I had called him the modern day Mohammed Bin Tughlaq for his disastrous decision of demonetisation. The result of this disastrous step and the havoc that it created in the lives of many Indians across the country because of his midnight brainwave is for all to see.
The stalling of Parliamentary Panel Report on Demonetisation by scared BJP MPs and the RBI Annual Report 2017-18 is a proof that demonetisation was a ‘Modi-Made Disaster’ of epic proportions. Now, will PM Modi accept the punishment, he was so willingly ready to accept, if his demonetisation decision proved wrong? Will PM Modi in his Mann Ki Baat apologise to the nation for his ill-conceived decision which shaved off 1.5 per cent of India’s GDP and resulted in losses of crores of jobs, affecting thousands of small and medium businesses? Around 150 people lost their lives and his decision pulled our economy down several notches.
Every single economist worth his salt had predicted the consequences of Modi’s sudden move to ban old Rs 500 and Rs 1,000 notes. This was barring a few darbari economists singing paeans of the PM, who put their integrity at stake and will now have zero credibility left after this RBI report. The trustworthiness of the government helmed by PM Modi has eventually reached a nadir.
According to the latest RBI report, of the notes that were demonetised, currency worth Rs 15.31 lakh crore had been received as of June 30, 2017. This out of a total Rs 15.42 lakh crore, which was rendered invalid by demonetisation. This means a mere Rs 10,720 crore has not returned to the banks. And this when the case of unreturned demonetised currency in cooperative banks is subjudiced, and citizens in our neighbouring countries, Nepal and Bhutan were not allowed to return their notes.
PM Modi in his 2017 Independence Day speech, from the Red Fort (which is now leased to a private entity.. because Modinomics) made tall claims about Rs 3 lakh crore not coming back to the system. This claim has now been emphatically proved to nothing but a big fat lie! The idea of demonetisation has proved to be akin to PM Modi’s suggestion of getting the gas from a drain theory.
Moreover, as per CMIE there was an estimated 15 Lakh job losses. The growth rate has declined from 8.2 per cent in 2015-16 to 6.7 per cent in 2017-18 —exactly 1.5 per cent as predicted by Dr Manmohan Singh. In Tamil Nadu alone, 50,000 SME units were shut down in 2017-18; 5,00,000 jobs were lost; and capital investment in the SME sector declined by Rs 11,000 crore. Exports from Tiruppur declined from Rs 50,000 crore to Rs 36,000 crore in 2017-18. Multiply that several times for the whole country, and you will get an idea of the devastation wrought by demonetisation.
The country has paid a huge economic price thanks to Modinomics. If this is not a cruel joke on the nation and the people who trusted Modi then what is?
Let us also wrap up PM Modi’s other lies on the outcomes of demonetisation
Promise: Fake currency will be wiped out.
Delivery: Detection of Fake Currency Notes was 31.4 per cent lower than the previous year.
Promise: Cashless Economy
Delivery: The value of banknotes in circulation increased by 37.7% over the year. In value terms, the share of Rs 500 and Rs 2,000 banknotes, which had together accounted for 72.7 % of the total value of banknotes in circulation at end-March 2017, increased to 80.2% as at end-March 2018.
Promise: End of terrorism
Delivery: Facts belie this claim also. Post-demonetisation, there have been 80 major terror incidents in J&K alone, in which 130 Jawans have been martyred
The devastation it reeked in every segment and in every Indian’s life needs to be repeatedly reminded so that the country doesn’t forget this grand betrayal from the one-man government. It is time PM Modi went on TV and apologised to this nation for crushing the nation’s hope, its dreams and aspirations for his personal glory. It is high time he picked a chauraha of his choice for the nation to decide his punishment. In any case, the ballot will decide the punishment he truly deserves.
Let it be said clearly and loudly. Demonetisation is India’s biggest scam — an organised loot and legalised plunder — and only one man is responsible for it: Modi.
Priyanka Chaturvedi is the National Convenor-Communication and National Spokesperson of the Indian National Congress. She tweets at @priyankac19.