Interesting Battle of Perspectives on the Failures of Demonetization


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After the failed demonetization, economists and political analysts from all hues are bringing their perspectives. It is now objectively clear that the mindless policy has affected the Indian economy deeply.

Those who are blinded by Modi-mania are giving various reasons in support of the policy and they are now in minority. The spin given by the Modi supporters lies in the past and in the future. They do not talk about the present failure. They have been claiming that the economy was doing badly before the demonetization and therefore it was the past that led to India’s dip in the economic growth rate.

As the economists will tell us, the growth rate is not the real measure, but the development is the real measure. It is beyond doubt that Indian economy is entering into undeveloped stage again with lower employment rates and increasing prices.

One of the factors that the Modi supporters are blaming is India’s lower exports. The response of the RSS/BJP minded analysts lies in the past (blaming) or in the future (speculating). The RSS/BJP swings between the blame and the speculation, both of these qualities are harmful to the country.

Rajan, the 23rd Governor of RBI, has spoken openly about his stand as the monetary economist. Though he is not bitterly critical, it is clear from his interview that he does not approve the overall policy of demonetization from the economics point of view.

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He certainly saw the cost exceeding the benefits of the demonetization. Manmohan Singh speculated rightly when he projected 2 percent dip in the economic growth rate.

So as it appears now, the media is being silenced and the RSS/BJP is back with twitter/facebook war to win at least the war of “perceptions”.

The RSS/BJP is expert in winning the war of perceptions and game of EVM machines. It is an interesting period for the RSS/BJP as it is continuously losing its popular appeal and looks like it is declining fast in the popular perceptions.

It is now up to the oppositions parties to really unite and ride over the big discontent and divisions that RSS/BJP created in this country.

Author – Mangesh Dahiwale, Human Rights Activist

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