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THREE YEARS ON STILL HAUNTS

THREE YEARS ON STILL HAUNTS

THREE YEARS ON STILL HAUNTS
November 11
16:14 2019
“A Government audacious enough not to give you Achche Din is strong enough to drag all your honest savings into Banks that have become Non-Performing Assets”
The day( 08 November 2019) marks third anniversary of demonetization  which was announced with much hype, and like a nightmare continues to haunt the public. The word “Mitron” that was uttered as a greeting before unleashing the nightmare of demonetization, continues to scare the poor people. It became ridicule and the note ban continues haunt the public because its implementation almost went on similar lines of note ban implemented by Muhammad bin Thuglaq, the 14th Century Sultan of Delhi.
From slowing down the economic growth in various sectors to giving people nightmares of the long queues and the inability to spend liquid cash freely, the hullabaloo created by demonetization is remembered by one and all on its Third anniversary.
With the economy in a long slowdown mode if not in a comatose state, the nation is yet to recover from the demonetization announcement made three years ago.
The Demonetization, three years down the line, still remains the most disruptive economic move any country has ever attempted in modern history.
What has demonetization achieved in the three years since it was launched?
Nothing, in terms of its main goals-  Curbing black money in the economy in the form of cash,  terminating cash-based corruption and  killing fake currency. There were also goals added later such as curbing terrorist activities where cash exchange is dominant, pushing digital transactions, widening the tax base and so on. 
None of these goals were achieved and the core issues the move sought to eliminate still remained on the ground.
 While demonetization may have led to emergence of new taxpayers, it also led to a historic rise in the number of people who stopped filing taxes, perhaps because of loss of jobs or income that year.
Terrorist activities in the last three years in India have significantly increased from the pre-demonetization level of 2015.
While fake notes are available in open, the elimination of Black money remained a mirage.
Three years later, the pain persists but the government only continues to justify its error. It has refused to admit to the long-term damage to the economy, especially to marginalized Indians in the unorganized sectors.
The government, having sensed failure, has turned more authoritarian.
It was the time the government needs to explain why it pursued a shock and awe strategy when it already had a wide variety of other policy instruments to achieve same objectives?
pic courtesy by google

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