New
Delhi, Nov 8: Terming demonetisation an 'arbitrary' and 'unilateral '
decision by the NDA government, Congress vice-president Rahul Gandhi said on
Wednesday that in the past one year, 'it has wiped out confidence in our once
booming economy'.
'One year ago, Narendra Modi bypassed the Reserve Bank of India, locked his cabinet in a room and gave the country just four hours notice before announcing his arbitrary and unilateral demonetisation scheme. Overnight 86 per cent of the value of India’s currency was withdrawn from circulation. The Prime Minister claimed his decision was aimed at wiping out corruption. Twelve months on, the only thing he has wiped out is confidence in our once booming economy,' Mr Gandhi said in an Op ed in the Financial times on the first anniversary of demonetisation.
Describing the GST implemented by the government as 'hastily imposed' and 'poorly conceptualised' , Mr Gandhi said the 'complex' regime put in place by the government
has devastated livelihoods, creating a modern day “Licence Raj” that imposes rigid controls and gives vast powers to government officials. Mr Gandhi said the demonetisation decision had shattered the economy. 'Demonetisation has wiped out 2 per cent of India’s gross domestic product, destroyed the informal labour sector and has wiped out many small and medium businesses. It has ruined the lives of millions of hard-working Indians. The Centre for Monitoring Indian Economy has calculated that over 1.5m people lost their jobs in the first four months of 2017 due to demonetisation,'he said. Describing India's huge network of micro, small and medium businesses as the real force capable of meeting China’s dominance of the global job market, Mr Gandhi said instead of helping them grow, the Modi government had fatally wounded them with demonetisation and a flawed new tax. ' For India, the real force capable of meeting the Chinese job challenge is our huge network of micro, small and medium businesses. They represent India’s innovative capabilities and have the skills, knowledge and understanding to take on China’s manufacturing machine. We urgently need to empower these networks and connect them to capital and technology. But instead of helping them grow, the Modi government has fatally wounded them with demonetisation and a flawed new tax,' Mr Gandhi said.
Noting that the challenge for liberal democracies across the world was to compete with Chinese organisation in a world with 21st-century levels of connectivity, while 'maintaining our liberal values', Mr Gandhi said Mr Modi had damaged India by converting anger created by joblessness and lack of economic opportunity into communal hatred. 'He has chosen to hide behind a shallow, hate-filled political narrative. Anger might have brought Mr Modi to power but it will never create jobs or fix India’s institutions,' he said. In a tweet, Mr Gandhi described demonetisation as a 'thoughtless act' that destroyed lives and livelihoods.
'Demonetisation is a tragedy. We stand with millions of honest Indians, whose lives & livelihoods were destroyed by PM’s thoughtless act,' he tweeted The Congress is observing the first anniversary of demonetisation as a 'Black day'. UNI
'One year ago, Narendra Modi bypassed the Reserve Bank of India, locked his cabinet in a room and gave the country just four hours notice before announcing his arbitrary and unilateral demonetisation scheme. Overnight 86 per cent of the value of India’s currency was withdrawn from circulation. The Prime Minister claimed his decision was aimed at wiping out corruption. Twelve months on, the only thing he has wiped out is confidence in our once booming economy,' Mr Gandhi said in an Op ed in the Financial times on the first anniversary of demonetisation.
Describing the GST implemented by the government as 'hastily imposed' and 'poorly conceptualised' , Mr Gandhi said the 'complex' regime put in place by the government
has devastated livelihoods, creating a modern day “Licence Raj” that imposes rigid controls and gives vast powers to government officials. Mr Gandhi said the demonetisation decision had shattered the economy. 'Demonetisation has wiped out 2 per cent of India’s gross domestic product, destroyed the informal labour sector and has wiped out many small and medium businesses. It has ruined the lives of millions of hard-working Indians. The Centre for Monitoring Indian Economy has calculated that over 1.5m people lost their jobs in the first four months of 2017 due to demonetisation,'he said. Describing India's huge network of micro, small and medium businesses as the real force capable of meeting China’s dominance of the global job market, Mr Gandhi said instead of helping them grow, the Modi government had fatally wounded them with demonetisation and a flawed new tax. ' For India, the real force capable of meeting the Chinese job challenge is our huge network of micro, small and medium businesses. They represent India’s innovative capabilities and have the skills, knowledge and understanding to take on China’s manufacturing machine. We urgently need to empower these networks and connect them to capital and technology. But instead of helping them grow, the Modi government has fatally wounded them with demonetisation and a flawed new tax,' Mr Gandhi said.
Noting that the challenge for liberal democracies across the world was to compete with Chinese organisation in a world with 21st-century levels of connectivity, while 'maintaining our liberal values', Mr Gandhi said Mr Modi had damaged India by converting anger created by joblessness and lack of economic opportunity into communal hatred. 'He has chosen to hide behind a shallow, hate-filled political narrative. Anger might have brought Mr Modi to power but it will never create jobs or fix India’s institutions,' he said. In a tweet, Mr Gandhi described demonetisation as a 'thoughtless act' that destroyed lives and livelihoods.
'Demonetisation is a tragedy. We stand with millions of honest Indians, whose lives & livelihoods were destroyed by PM’s thoughtless act,' he tweeted The Congress is observing the first anniversary of demonetisation as a 'Black day'. UNI
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