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Demonetisation PM's collosal failure, says KTR
- Says instead of bringing in claimed benefits, demonetisation resulted in several disastrous effects on economy
- Claims between 2016 and 2019, note ban resulted in 50 lakh people losing jobs, as 88 lakh taxpayers didn’t file returns in the year due to loss in jobs or incomes
Hyderabad: Recalling the horrors of demonetisation on the eve of its sixth anniversary and stating that it was a colossal failure of the Prime Minister, IT Minister KT Rama Rao on Monday demanded an apology from Narendra Modi to people for the massive policy failure.
Rao said the demonetisation by the government on November 8, 2016, was a colossal failure and crippled the growing economy. He opined that this half-baked idea threw the economy into chaos, led to eight consecutive quarters of slowdown, subsequently landing in lockdown in 2020 and served a body blow to the vibrant economy. The fact that six years after that hasty decision to scrap all high-value currency in circulation, the amount of currency with the public has hit an all-time high of Rs 30.88 lakh crore was a proof of how spectacularly demonetisation had failed, he stated.
KTR said wild claims were made that demonetisation will reduce cash in circulation, end terrorism, reduce black money, reduce counterfeit currency and bring in cashless economy."Last six years experience proves that sadly, all those claims of the PM have been proved wrong", he added. He said the cash in circulation had increased by 72 per cent, or Rs 12.91 lakh crore, from Rs 17.97 lakh crore on November 4, 2016.
"Our country continues to witness terrorist activities on a regular basis; there is no hope of any large amount of black money coming back into the formal economy, and more alarmingly there is an increase in counterfeit currency. Hundreds of lives were lost in the serpentine queues at ATMs during the initial weeks of demonetisation," he recalled.
"Instead of bringing in the claimed benefits, demonetisation resulted in several disastrous effects on the economy"", he added.
The Minister claimed that between 2016 and 2019, demonetisation resulted in 50 lakh people losing jobs, as 88 lakh taxpayers didn't file returns in the year of note ban due to loss in jobs or incomes. The MSME sector suffered the most as these small and medium enterprises depended a lot on cash. The sudden demonetization resulted in closure of lakhs of MSMEs across the country.
Rao said all these are proofs of how the Modi government was one of the worst performing governments in the history of independent India. He demanded Modi to apologise to people for this massive policy failure and introduce urgent measures to bring the economy back on track.
