Opinion

Demonetization after effects: Tasks before PM Modi

By Bikram Upadhyay

Posted on December 31, 2016

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The self-imposed embargo of 50 days of demonetization is over now. This is the time for Prime Minister Narendra Modi to take further action.

Modi must have chalked out his programme because nobody other than him can understand the real pain and agony of people of India better.

The idea of making India a cashless nation is not bad, but only concern is that where the adequate opportunity for regular earnings is.

The cashless economy will only survive and sustain when a majority of the workforce get the regular job. The biggest question before the government is to how to create a new job opportunity.

Almost all political and economic critics are predicting downfall in the economy and suggesting all time high public funding for the stability of the system.

Even RBI governor Urjit Patel has cast some doubt in the growth momentum of Indian economy.

Can the Prime Minister take up this challenge to develop the economy without proper support of private sector?

In the current situation, the morale of private sector is down and it seems that they are losing confidence also.

Almost every day they are getting new sets of threat from the government officers, be it income tax department, enforcement directorate or CBI or local police.

There will be a challenge for the PM to boost the confidence of private sector, especially small and medium entrepreneur, to work without fear.

At present, they are clueless and not taking any initiative.

The pronounced aim of demonetization was to sanitise the economy from money hoarders, black marketers, and fake currencies.

It was also aimed to stop terror funding and corrupt practices. Can the PM claim that the goals were achieved?

Not only his political opponents but some internationally recognised economists were also of the view that the Modi government is changing its goalpost frequently and trying to present some flimsy ground to cover the claim.

Now it is up to PM Modi, whether he chooses the other way or tells the truth to the nation.

The claims of finance minister Arun Jaitley about the 14% extra tax collection, itself is posing a very serious question about the purpose of the whole exercise of demonetization.

It was never told by the government at any point of time that the government is aiming for greater tax collection through banning the Rs.1000 and Rs.500 notes.

The cost of demonetization is more than Rs.1 lakh crore and only taxpayers are bearing the cost.

How can a government prove its pragmatism by spending billions for getting millions? I suppose the PM will clarify it.

In his assertion in the public meetings, Modi has been maintaining that this is Dharm Yudha between honest India and dishonest people, where he is determined to clean the system by sending corrupts to jails and rewarding the poor and the honest.

Now the time has come for giving rewards to the honest.

The PM is supposedly going to address the nation again on December 31.

On November 8, Modi’s surprise brought in anxiety and pain; this time we are hoping for some reward and award for all our anxiety and pain. All the best Mr. PM.