Prime Minister Narendra Modi proved that in the name of patriotism he will and can take any decision. And if his decisions raise the problem of 1.5 billion people of his country, then it’s not his concern, if people die then let them- like I care.
Demonetisation was also a fad decision taken by PM Modi. And the country got nothing from this. The whole country stood in lines of ATMs and bank for months. Many people even die standing in those lines. Economy derailed, small business shuts down and many people get unemployed.
Prime Minister with his team not only, tries to prove his decision right but also mock all those who try to point out flaws and fumbles in it. PM Modi said, on one side there are who talk about Howard and on another side, I am- a son of a poor, who with hard work changes the country’s economy. Modi Ji said, friends, we all know that nothing will happen with Howard, but with hard work many things are possible.
But when the report of Reserve Bank on demonetization came, it opens the pallet bar of Prime Minister’s claims. People understood the difference between Howard and hard work.
Just recall Narendra Modi’s speech of 8th November 2016 at 8 pm. A sudden abrupt decision made by PM Modi, where he made 86% of the currency of our economy in the shape of 1000 and 500 rupees note, a piece of paper in just overnight. What was the motive behind this, that the black money would come out, terrorism and Naxalism groups will be over and the fake currency will be stopped?
But does all these things happened? Did the country become free from black money, fake currency, and terrorism? Did the corrupt rich become poor and all their black money has been transferring to the poor? Is everyone carrying an e-wallet in their mobile phones? Is there any progress happening in our economy? Are you getting cheap loans from banks? Is there any hike in employment? Is there any buzz in the market? Are the houses become affordable to buy? Or people getting more business?
Nothing like this happened, then what happened after demonetization. The result of all the government claim’s has been reversed. Out of the Rs.15 lakh 44 thousand crore rupees running in the form of 1000 and 500 rupees note, 99% of the money has been returned to the bank. Due to demonetization, big industries and business has been shut down which leads to the loss of Rs 2 lakh crore.
About 8 thousand crore rupees has been spent on the printing and management of new notes. Whereas, in the last year, this cost was around 3 thousand crore. That means RBI earned around 16 thousand crores but lost around 21 crores in the printing of new notes.
Currency ban or demonetization made a terrible devastation in the economy of our country. Due to which many businesses went down and many people became unemployed. The condition of farmers became worst and the note of 2000 increase the corruption of black money. Digital transaction taught banks how to pick-pocket.
There is no exact statistics of people who became unemployed, but as per Assocham’s report, it is said that there has been a decline of 60-70 percent in the business/industries and due to which about 75% workers have become unemployed. Due to currency ban, many workers got unemployed who works in the unorganized sectors.
According to an estimate, more than three crore labourers were forced to return back to their homes. More than three crore labourers, out of five crores, lost their jobs, who work in the construction sector. India’s gross domestic product has decreased from 8% to 6.1%, that means about ¼ of the country’s economy has become quadrupled.
Despite all this, with all the immodesty Prime Minister Narendra Modi said on the occasion of 15th August, that due to demonetization about 3 lakh crore of black money came out. Now the question is, where are those 3 crore rupees? Now after the RBI report, if some morality value remaining in PM Modi, then he should admit that his decision of demonetization is very hooey.
The decision only makes people unemployed, kills them and destroys thousands of businesses, apart from it nothing has been achieved in the country, after demonetization. Be it rich, poor, young, old, ladies and even children, everyone has to stand in line to get their own earned money.
If we dig the painful 66 days of demonetization then we can only found government’s failure. Changing the rules and regulations in the name of demonetization, giving inappropriate statement proves that PM Modi had taken such a big decision without any prior preparation and had not even thought about the consequences.
At that time of demonetization PM Modi said, to the public of our country that gives me just 50 days and after that, if there will be any shortage occurs, you can give me any punishment. Now there are only drawbacks and drawbacks. Things did not end here. See the dogma of the principal servant Modiji.
All the economists of the world, financial analysts, rating agencies, and organizations said that demonetization would prove to be fatal for the Indian economy. Demonetisation will not be able to stop the black money market or prevent the circulation of fake currency and neither it puts the restriction on the funding of terrorist organisation. But yes, the economy of the country will definitely fall flat.
But our Prime Minister who have full and meaningful knowledge of ‘hard work’ ridiculed the ‘Howard’s Economists’. Now when everything is crystal clear, the government in their defense reverse direct arguments and gives baseless points to prove themselves right. They are giving pointless statements every now and then in the context of demonetization.
When demonetization was announced Nationwide, at that time our Prime Minister claims that all the black money which circulates in our system will come out. The government estimated that about 10-15 thousand crore of black money, in the shape of 1000 and 500 is there in the system. Even Yoga Guru, also Entrepreneur, Baba Ramdev talked about 10 thousand crores of black money which he assured, will come out after the currency ban. Even finance minister Arun Jaitley advocated all the claims of PM, which he made after demonetization.
But the data of RBI opens up all the loopholes of this big decision. We didn’t get back even a single penny from that black money. And we get back 99% of the currency. Regardless, RBI is left to return only 16 thousand crores. So Mr. Modi, a country’s and the world’s economy runs according to Howard, it was, it is and it will continue to runs according to Howard.
As a result of demonetization and operation clean money, the number of filling income-tax returns has increased tremendously. As on August 5, 2017, 2,82,92,955 people filed their income tax returns, while 2,26,97,843 people filed income-tax returns in the last financial year ie 2016-17. That is, the number of filing of returns was recorded at 24.7 percent, compared to 9.9 percent in the previous year i.e 2015-16.
