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India Demonetization Decision - Reality Of Government And Opposition Claim

Indian Government on 8th Nov 2016 stunned whole world by discontinuing 500 and 1000 currency notes. Government effectively removed 86% of the currency citing high corruption, terror funding, stacking of currency notes, price rise etc.

The whole country scrambled to bank to change their old currency with new one but government put number of restrictions in order to identify black money hoarders attempt to make their black money into white. We also know that Indian banking system were struggling to raise funds as non performing assets were on the rise.

Opposition led by TMC, AAP and Congress took the decision  to protest the move citing inconvenience to citizen.

The in lined is the claim and counter claims -
1. Congress party Vice president openly accused that government move on Demonetisation took country 15 years back. Unfortunately non of the data released by government indicates that.
2. Congress Vice president claimed that Demonetisation is the biggest scam in Indian History but again it was not substantiated.
3. Congress Vice President also claimed that Indian Prime Minister Honourable Narendra Modi is personally involved in scam and he has the proof  but again no substantiated proofs.
4. Congress and TMC both claimed that Indian Industrial sector came to an halt but number released few days ago indicate other way around.
5. Opposition claimed that citizens were suffering in queue but it's ironic that queue disappeared in Jan 2017.
6. Opposition claimed that it was one man decision then how come new notes came on the same day in bank as the process was under way for the last six month.
7. Opposition claimed that it will not stop terrorism and cited evidence that government forces found new currency notes from terrorist but opposition who ruled this country for years failed to understand that terrorist handlers must have given those notes. They failed to recognised that terrorism activity literally came to an halt.

On a contrary, government showed that direct and indirect taxes went up.It will reduce fiscal deficit. Indian banks received most of the currency and it will help bank to initiate more lending and kick-start the economy. Ironically, Opposition failed to appreciate that bank in fact reduced the lending rate and it will ultimately help our citizen. Government through technology successfully identifies the medium through which black money hoarders tried to convert black into white and now government is looking into such account. Indian municipal corporation collected most of the pending dues and citizens paid nearly 80k crore of debt in cash. As per the report, Indian bank needed one lakh crore to reignite financial services. Government also showed that industrial actives in Dec 2016 improved whereas consumer price index indicated that inflation is slowing down. The price of essential goods came down drastically. Government initiative on cashless society attracted criticism from opposition but failed to understand that during that process many crore of citizen will start paying direct and indirect taxes.

It's really surprising that opposition parties did not allowed government to run winter session on the ground of demonetisation without analysing the real fact of the same. It is really getting harder for citizen to believe that opposition is fighting for them.whats reader opinion.
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About Devendra Prasad

20 years plus industry veteran of domestic and international ICT domain with the expertise in Business, Technology, Strategy and Analysis. Specializes in forecasting impact analysis, trends and recommendations for Investments, Technology and Regulations.
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