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வியாழன், 1 ஜூன், 2017

Failures of Demonetization

Late in the year 2016, one fine night Prime Minister Narendra Modi addressed the nation and said high denomination notes will not be in circulation from the midnight. He also gave deadlines for exchanging the old news with new notes. I don't say this as blunder, but unwanted step.


Below are the major goals of Demonetization, which was proposed by Narendra Modi.
  • To abolish the counterfeit currency
  • To abolish corruption in the country.
  • To abolish the black money market
  • To improve digital transactions and move towards cashless society.
Result:
  • Yes, counterfeit currency got abolished. But the ratio of counterfeit currency was very less. I am not sure why to demonetize all notes for a small ratio of counterfeit currency.
  • People stood in long Q to exchange their old currency notes with new ones. Announcement created a fear among the public, especially among the Women on their savings. Government had indirectly plucked the savings of the citizen.
  • Due to demonetization only common man got affected. The one who had tirelessly worked and saved got affected, than the one who has got the real black money. I couldn't see any politician or big business man in the bank Q. When the people suffered to get new rupee note, I am not sure how they were able to exchange their notes. Black money has not abolished from the country, it still exist. Only poor people got affected.
  • I am not sure, how demonetization will abolish corruption in our country. Corruption still exist in our country, even after demonetization.
  • If Government demonetized higher denominations to promote digital transaction, then why they should re-monetize with the same cash?!. If they are going to re-monetization, whey they had did demonetization?
  • Finally, a big news landed a day back. India's GDP had fall to 6.1 and lost the tag “Fastest growing economy” India’s GDP in Q4 grows 6.1%, loses fastest growing economy tag - Times of India
Basically, I am great fan of Narendra Modi. I strongly believed on him and believe on him. But unfortunately, he also couldn't do anything for the common man. Whatever the measures taken in the country, common is getting affected.
There is no one in the country efficient like Narendra Modi. We have no choice other than him. Along with millions of people, still I believe in Narendra Modi. I hope, he will clear everything and make the country move forward.
Spoilers: I am not an economics student or great scholar. I am a common citizen and wrote this post as common man point of view and as a true fan of Narendra Modi.
Cheers!
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Item Reviewed: Failures of Demonetization Rating: 5 Reviewed By: Praveen Kumar Rajendran