Opposition parties have slammed the Narendra Modi government over the demonetisation policy, which marks its fifth anniversary today (November 8). Calling it a ‘disaster’ and claiming that the move pushed India’s economy into a tailspin, several leaders of Congress, Trinamool Congress, and the Left parties strongly hit out at the Modi government.
On this day in 2016, Prime Minister Narendra Modi announced the decision to ban currency notes of Rs 500 and Rs 1,000, claiming that the move wipe out black money and corruption.
Congress claimed that the move has decimated India’s economy and said it was time to hold PM Modi responsible. “5 years past, Demonetisation has not only failed at achieving each & every one of its objectives, but has also decimated our economy, our livelihoods, our futures. It is time we hold PM Modi responsible,” the grand-old party wrote in a tweet.
General secretary of INC, Priyanka Gandhi Vadra, criticised the demonetisation and called it a ‘disaster’. “If demonetisation was successful then Why hasn’t corruption ended? Why didn’t the black money come back? Why hasn’t the economy gone cashless? Why didn’t terrorism hurt? Why is inflation not controlled?”
Apart from Priyanka other members of the INC including MP Shashi Tharoor and former Union minister Jairam Ramesh also attacked the government.
“With every passing year, it’s becoming even more clear that 8.11.2016 will be marked in the world’s economic history among the worst policy blunders anywhere. Demonetisation along with rushed GST destroyed the backbone of the Indian economy—the MSME & informal sectors especially,” said Jairam in a tweet, slamming the Center’s move.
Shashi Tharoor termed the move “foolish” and said that it was the most “poorly-implemented” policy ever devised by an Indian government since the days of Mohammad bin Tughlaq.
The Left parties also hit out at the government over the state of the economy and blamed the Centre’s demonetisation policy for it.
Questioning the move, CPI(M) general secretary Sitaram Yechury alleged that it “decimated the informal sector”.
“Economy into a tailspin, the poorest hurt. Informal sector decimated. No black money recovered, but rich got richer. Cash in the economy is the highest ever now! This govt must bear responsibility for pushing India downhill, just for one man’s whim,” he said in a tweet.
CPI MP Binoy Viswam too criticised the government over demonetisation.
“Currency in circulation: 2016 Nov. 17.97 lakh cr. 20 21 Oct. 28.30 lakh cr. 57% increase in 5 years! Black money in the country:300 lakh cr. Demonetisation was a total disaster. PM Modi should tender appologies to the nation. Modinomics was ‘much ado about nothing’!”, he said in a tweet.
Meanwhile, Rajya Sabha MP of Trinamool Congress, Derek O’Brien, shared a screenshot of Mamata Banerjee’s criticism of demonetisation and said that only she got it spot on. “On the night of 8 November 2016, barely hours after #Demonetisation was announced, only @MamataOfficial got it spot on. Five tweets calling out the draconian decision. (Take a look),” he tweeted.