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Demonetisation of High Indian Currency Note – Was it really a masterstroke? – Part 4

I am sure the ghost named ‘Demonetisation’ is one of the reasons behind sleepless nights of the present Indian government. Whether the Pradhan Sevak and the RBI Governor publicly accept it or not, but deep down in their heart, they know that this ghost is going to chase them for long. Oh wait, before you get any other thought, let me make it very clear that I am not here to open up the old wounds or rub salt in anyone’s wound. However, a recent news article published in the newspaper prompted me to write this blog.

Centre for Monitoring Indian Economy (CMIE) has published a survey report on dated 11th July 2017. This survey was conducted for the period January 2017 to April 2017. As per the CMIE’s Consumer Pyramids Household Surveys (CPHS) report, approximately 1.5 Million jobs were lost, while more than 6 Million people were financially impacted by Demonetisation. Kindly note, these are all-India household surveys, over a sample size of 161,167 households that included 519,285 adults. [Reference: 1) Website of CMIE – & 2) News article published on dated 20th July 2017, in Rajasthan Patrika (Hindi Daily Newspaper)]

Herewith, I would like to quote the following lines extracted from the third part of this Blog Demonetisation of High Indian Currency Note – Was it really a masterstroke? – Part 3 – “Although, the ego and political ambition of the politicians won’t allow them to accept it in open that this step of Demonetisation was not effective in curbing corruption, black money, and terrorism, in comparison to the cost, hardship and economic impact associated with it, but still it is the hard-core reality which can’t be changed”.

In all the earlier three parts of this blog, I have raised my concerns and highlighted the impact of Demonetisation step on our economy. Now, the above-mentioned survey report from CMIE has certified my words, by way of the figures published from their end. If we take the sample size of this survey as a measure, we can just imagine the actual impact of demonetisation on our economy, as a whole. Demonetisation has brutally hit the poor, the unemployed, the businessman and the consumer, etcetera. While in return, nothing significant has actually been achieved.

Although the surveys are reflecting the negative impact of Demonetisation on our economy, but still, none of the leaders from the ruling government is ready to accept the same. Today itself, the Party President of Bhartiya Janta Party (BJP) is claiming that Demonetisation was a huge success. I am pretty sure even after reading the survey report of CMIE, the responsible person would not come out in open and reveal the truth in front of the citizens. Rather, they will come up with yet another excuse to rule out this survey altogether.

Hence, I very strongly urge the Comptroller and Auditor General (CAG) of India to probe into this matter and notify the citizens of India about the impact of Demonetisation on our economy and the country, as a whole. Until this happens, the politicians, with their buttery speeches will continue to misguide the innocent citizens of India. Do note that in a democratic nation, the ruling government is answerable to the citizens for each and every action of theirs. The truth has to come out in open and those responsible needs to take onus of their actions. Mind it no one can get away with any of their actions just because they are in power.

I do hope that one day the truth will come out in open. Future will surely point finger towards all those who are trying to hide the facts in the shield of their buttery speeches. I know that the brutal truth will always win over the soothing lie. I wish that may the Almighty give good sense to each one of us.

God Bless.

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Peyush Jain