After three years, of the present government, the economy is back to where it was, in the last days of Manmohan Singh government and for the same reason it was rejected by the people of India in 2014. Our present PM rode to power on the twin planks -- growth in jobs and eradication of corruption. If you see the today's report there is no sign of 10 million jobs promised over five years, and now even the growth also crippled. The latest RBI figures, suggesting that 99 percent of the banned notes 1000 & 500 denominations have come back to banks, have raised the questions over the rationale and efficacy of demonetisation. Critics argue that the economic objectives of Demonetization have not been achieved. If the quantum of banned currency notes, returning to the banks is taken as measure, of black money in the system, the the figures reflected by RBI show it is a total failure. The Oxfam international's global inequality report, last year stated that the richest one percent in India owns 58% of country 's wealth. The disruptive move should have hit this one percent hard. But we have noticed, is that the other 99% went through torturous time lining up in serpentine queues before banks to take out their own money. Instead of taking up demonetization they should have gone for healthcare improvement and revamping of Education systems which is the need of the hour.
Through series of tweets former Finance Minister Chidambaram has criticised demonetization in strong words. His sarcastic comments have drawn the attention of the nation,.people have supported the government of its bold move with the hope that black money will be unearthed and economic offenders will be brought to book. But lack of followup measures and negligence in implementation of this move made even neutral analysts to suspect the motive and its catastrophic effects on every sector significantly outweigh any obscure benefits it may have in the long run. The objective of reducing the counterfeit currency seems unachieved and neither has the government tackled terror funding nor corruption. Ofcourse government takes credit for promoting cashless economy, but was that the main objective? If it was , then lives of more than 100 people and loss of thousands of jobs must be huge price to pay. Infact, this move was clever strategy before the Assembly Elections in five states, in which it succeeded.
Here I must say that Mr Krishna Sagar BJP spokesman wrote an article defending the action of the government, which I too read it fully .He was only struggling to justify the shock of demonetisation administered on the common man. While defending the action he showed three objectives::weeding out fake currency. Unearthing black money, and closing the funding channels to terrorist outfits. These motives were not achieved and what Manmohan Singh and Chidambaram said had come true. The fact is that the circulation of fake currency has not stopped, while fake currency of 2000 rupee notes still in circulation, .the second objective of unearthing of black money and bringing back the 80 lakh crores of black money stashed away abroad, and depositing 15 lakh rupees in every account, must be only a dream as poor people are eagerly waiting for that day. The third objective of destroying terror funding channels .If this is achieved, then why do we see so many terror attacks,and why hundreds of innocent people are loosing their lives?
The fact of the matter reported by RBI is that it had gained 16000 crores, but lost 200000 crores, in printing new notes. Itis also reported that there is slowdown in Industrialisation and Agriculture, Forestry, and Fishing, while the Construction sector had slumped. Of course, both Krisnasagar and FM Arun Jaitley are supporting it still, as the government is coming out with new reasons for Demonetisation and making the honest common man to live in fools paradise.
Through series of tweets former Finance Minister Chidambaram has criticised demonetization in strong words. His sarcastic comments have drawn the attention of the nation,.people have supported the government of its bold move with the hope that black money will be unearthed and economic offenders will be brought to book. But lack of followup measures and negligence in implementation of this move made even neutral analysts to suspect the motive and its catastrophic effects on every sector significantly outweigh any obscure benefits it may have in the long run. The objective of reducing the counterfeit currency seems unachieved and neither has the government tackled terror funding nor corruption. Ofcourse government takes credit for promoting cashless economy, but was that the main objective? If it was , then lives of more than 100 people and loss of thousands of jobs must be huge price to pay. Infact, this move was clever strategy before the Assembly Elections in five states, in which it succeeded.
Here I must say that Mr Krishna Sagar BJP spokesman wrote an article defending the action of the government, which I too read it fully .He was only struggling to justify the shock of demonetisation administered on the common man. While defending the action he showed three objectives::weeding out fake currency. Unearthing black money, and closing the funding channels to terrorist outfits. These motives were not achieved and what Manmohan Singh and Chidambaram said had come true. The fact is that the circulation of fake currency has not stopped, while fake currency of 2000 rupee notes still in circulation, .the second objective of unearthing of black money and bringing back the 80 lakh crores of black money stashed away abroad, and depositing 15 lakh rupees in every account, must be only a dream as poor people are eagerly waiting for that day. The third objective of destroying terror funding channels .If this is achieved, then why do we see so many terror attacks,and why hundreds of innocent people are loosing their lives?
The fact of the matter reported by RBI is that it had gained 16000 crores, but lost 200000 crores, in printing new notes. Itis also reported that there is slowdown in Industrialisation and Agriculture, Forestry, and Fishing, while the Construction sector had slumped. Of course, both Krisnasagar and FM Arun Jaitley are supporting it still, as the government is coming out with new reasons for Demonetisation and making the honest common man to live in fools paradise.
