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Sunday 19 November 2017

AMONG ALL THE PM'S MISTAKES, DEMONETIZATION WAS THE WORST ONE...

#PmModi #Economists #Demonetization #ArunJaitley #NobelLaureate #ManmohanSingh #IndianParliament

DEMONETIZATION WITH INTRODUCTION OF 2000 RUPEE NOTE...



If you throw a glance in the past, the strongest voice against PM Narendra Modi's worst step of demonetization was Indian economist, former PM, Manmohan Singh's who along with his strong criticism of it, had termed it as organized loot and legal plunder. I remember his speech given in the parliament verbatim, he also had asserted in how badly it would hurt the GDP of the nation. 


In defense, Arun Jaitley had appreciated Modi's step strongly though with lame & poor justification that eventually turned out to be untrue. How prudent Manmohan Singh had been in his prophesy because that is what exactly happened later showing how badly it had undermined India's GDP to a great extent. 

I am sure, 8th November, 2016 would be regarded as the blackest day in the history of Indian economy in the times to come.  Now, since we all know the results, lots of voices have come together against DEMONETIZATION as the most regretful day. Besides, the launch of Rs. 2000 denomination note was the final nail in the coffin as it was against the so called purpose given by PM for demonetization. How could it serve any purpose I am still at a nonplus. 



The Nobel laureate, American economist, Richard Thaler's today's remark that India's demonetization was a good concept but it was deeply flawed in term of its execution along with introduction of 2K note, endorses Manmohan's sound sense of judgment. 

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