Irrespective to what you opine about the latest ‘demonetisation drive’ of PM Modi, you cannot rebut two facts. First, it needs an audacious and radical decision in case things are to be upgraded by notches quickly. Second, every decision has both negative and positive aspects. So it is kind of trade-off. Decision is good if positives outweigh negatives by a margin.
Such radical decisions immediately stir ecosystem and bring turbulence, which give a great sense of discomfort to all concerned. Again it is a trade-off between short term pain and long term gain. In professional world, managers normally buy short term peace and don’t challenge status quo. Politicians are even a step further. For them, short term appeasement of voters is the only priority and because of this they have become completely devoid of conviction in their actions.
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But remember those who have guts to challenge the status quo for overall betterment, are rarest of rare breed, and PM Modi is the glaring example.
Demonetisation is most explicit step to bring financial discipline in the country and it was overdue for a while. It brought people on level playing field instantly. While making frivolous accusation, Modi-baiters are cleverly ignoring the fact that apart from taming black money, it will break the backbone the wicked Hawala network, which has been the backbone of terror funding in this country. The problem of fake currency of 500 and 1000 (supplied from POK/Pakistan and by ISI) was so rife that it was impossible to weed this out.
It is major step in the pursuit to bring financial inclusion in the country by Modi. If you look back at the Modi’s actions ever since he took over in May 2014, it is apparent that everything has been so very well planned by him. The vision is clear. Economy needs to be less cash dependent, in order to curb black money and corruption. JANDHAN YOJNA was the first steps, which led to opening of millions of bank accounts. Direct benefit transfer was the next steps.
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Next step was Income Declaration Scheme 2016, through which Modi gave a last chance to regularise black money. At multiple occasions, he gave clear indications that he would deal strongly after 30th Sep 2016 (deadline of Income Declaration Scheme 2016) on the issue of black money.
His timing of declaration made on 9th November 2016 is perfect. Any such declaration before for GST amendment bill would have sent the all-important GST bill in cold bag. Modi is at the midway of his five year terms and the next general election is 30 months away. Modi, being an astute politician, knows very well that there would be huge backlash and he would need time to build bridges with voters again and 30 months is a considerable time for it. With truncated black money, he changed the game for forthcoming UP and Punjab elections.
Most of the counter arguments by beleaguered opposition are hilarious to say the least. Comments made by Arvind Kejriwal are so insanely ridiculous that they are not even worth discussing.
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Critical success factor of this scheme was the surprize element. So those who make accusation of lack of preparation are either completely ignorant or pretending like one for political reasons. Any palpable preparation by government would have betrayed that secrecy factor and would have destroyed the very purpose of this step. Moreover government cannot increase number of ATM/Banks overnight, so people need to be little patient for the new currency.
Another rant of opposition is that why government has introduced Rs.2000 note is meaningless as well. It is well understood that with devalued rupee, it is not possible to completely get away with high denomination notes. The main reason with scrapping Rs.500 and 1000 is not scarping high value currency. It is actually to get rid of the menace of fake currency and to convert the accumulated black money in these denominations worthless overnight.
Why SP, BSP leadership is so perturbed is anybody’s guess. What they accumulated for years has been wiped out in a single stroke.
Modi has shown courage which no Prime Minister could show over the past four decades. Indira Gandhi was bold with her decisions but her decision can’t entirely be tipped virtuous. If she displayed courage to stop privy purses and bulldozing Pakistan in 1971, she also gave country black days of emergency.
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As a sincere citizen it is our truthful duty to withstand with government to make this step a success. Forget oppositions and baiters. After all those who can do it they do it, those who can’t, they criticise it.