Demonetization Disaster: November 8 Will be Black Day in India
Now it is being observed that India has become a kakistocracy where the government is under the control of the worst, least qualified, and most unscrupulous people. ~ Rakesh Raman
The Opposition Coordination Committee – a group of 18 opposition parties in India – met Monday to discuss the adverse effects of demonetization imposed last year by Prime Minister Narendra Modi.
Legislators, along with civil society leaders, have resolved to observe November 8, 2017, the first anniversary of the Demonetization Disaster, as Black Day.
The decision was communicated Tuesday in a Joint Pan-Opposition Press Conference conducted by Rajya Sabha Opposition Leader Ghulam Nabi Azad, Trinamool Congress Rajya Sabha MP Derek O’Brien, and Janata Dal (United) MP Sharad Yadav at the Constitution Club of India.
Modi had demonetized currency notes of Rs. 500 and Rs. 1000 on November 8 last year with the belief that his decision will help check corruption in the country.
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But Modi’s decision has caused a total chaos in India. Nobel laureate and world’s top economist Professor Amartya Sen says Modi’s demonetization decision has showed the authoritarian nature of the Indian government.
Similarly, former Prime Minister of India and leading economist Dr. Manmohan Singh said in India’s Parliament that Modi’s demonetization scheme is a case of organized loot and legalized plunder.
The opposition group urged every party and civil society organization to demonstrate in their own way against Modi’s unilateral, undeclared financial emergency.
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“We express our dissent and unanimous desire to hold the BJP Government to account. This we do in the hope that such devastation shall never be unleashed on the people of India for one man’s poorly defined notion of the greater good,” according to a statement released by the group of opposition parties.
The statement added that Modi’s reckless demonetization decision resulted in a loss of over 15 lakh (1.5 million) livelihoods as a direct result of the note ban, and nearly 400 people died in long-winding bank queues to get their currency exchanged.
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“The Opposition, having failed to elicit any answers from the Government in Parliament, will hold the government to account from amongst the people, who are still reeling from the shock of the government-created disaster which will go down as the biggest scam in Indian modern history,” said Mr. Azad.
Former Prime Minister Manmohan Singh’s warning that demonetization would cost India 2% in GDP has proved to be sadly prophetic. The opposition parties state that the RBI’s belatedly published report failed to vindicate the government’s black money purge as 99% of the notes had been returned.
Photo courtesy: Congress
