On the sixth anniversary of demonetisation, Minister Kalvakuntla Taraka Rama Rao (KTR) recounted its horrors on Monday. Minister urged that the Prime Minister should apologise to the nation's citizens for this enormous policy failure.
Minister KTR claimed that Demonetisation, launched by Prime Minister Narendra Modi's government on November 8, 2016, was a massive disaster that damaged the rising Indian economy.
He believes that this half-baked notion has thrown the economy into disarray, caused 8 straight quarters of downturn, resulting in Lockdown in 2020, and has dealt a severe blow to our country's robust economy.
The fact that six years after the hurried decision to abolish all high-value money in circulation, the quantity of cash in circulation has reached an all-time high of Rs 30.88 lakh crore - is proof of how spectacularly demonetization has failed, according to Minister KTR.
Minister KTR stated that when demonetisation was declared, Prime Minister Narendra Modi and the ruling BJP party government mentioned various "benefits" that would result from this action. Six years later, it is evident that all of those allegations have been debunked.
There have been wild promises that demonetization will lower the amount of cash in circulation, stop terrorism, reduce dark money, reduce counterfeit currency, and usher in a cashless economy. The recent six years' experience has shown that, tragically, all of PM Narendra Modi's claims have been proven false, added KTR.
Minister KTR claimed that the amount of currency in circulation has grown by 72%, or Rs 12.91 lakh crore, since November 4, 2016. Our country continues to suffer terrorist operations on a daily basis, there is little possibility of substantial amounts of black money returning to the legal economy, and, more worryingly, counterfeit cash is on the rise.
Hundreds of lives were lost in the serpentine lines at ATMs during the first weeks of demonetization, the Minister recalled.
The Prime Minister has claimed that if the desired benefits are not seen within 50 days, he could be burned alive. Demonetization has destroyed the lives and livelihoods of crores of poor and middle-income Indians after six years, according to Minister KTR.
Instead of bringing in the promised advantages, demonetisation has had a number of terrible consequences for the Indian economy, he noted.
According to Minister KTR, demonetisation resulted in the loss of 50 lakh employment between 2016 and 2019. Due to job or income loss, 88 lakh taxpayers did not submit returns in the year of the note ban. The MSME sector suffered the most since these small and medium-sized businesses relied heavily on cash, and the abrupt demonetization forced the closure of lakhs of MSMEs throughout the country.
This ill-conceived and badly managed legislation has inflicted a major hit to our country's thriving economy. Several investigations conducted by both government and private organisations over the last six years have proven beyond question that demonetization failed on all counts, according to the Minister.
Demonetisation, according to KTR, is merely one of the Narendra Modi government's significant policy failures. Such policy failures have resulted in unprecedented unemployment, uncontrollable inflation, and an economy in shambles.
All of this demonstrates how Narendra Modi's government is one of the worst-performing union governments in independent India's history, according to KTR.
Minister KTR urged that Prime Minister Narendra Modi apologise to the people of our country for this enormous economic failure and take immediate steps to get the economy back on track.