Thoughtless demonetization has created economic anarchy
Jammu: After coming to power, Modi led government has paid no heed to the grievances of the people. This government has lost its credibility in the eyes of the general public and if credentials are lost then everything is lost. This government has courtesy this move brought in a feudal landlord system whereby the earnings of the poor are being snatched,” said former Minister and senior Congress leader while addressing a deputation from Rani Bagh, Jammu here on Saturday. “We are raising our voice for the poor people as they are the one suffering most after the government’s move. Everyone is suffering due to the Prime Minister’s move but he is not at all concerned for the poor,” he said, adding the Prime Minister must put forth his views regarding this issue and its outcome so far. Saddled with worthless pieces of paper, household women are struggling to purchase essential goods. In India’s large informal economy where salaries are often paid out in cash, many are also facing delays in drawing their incomes. For others at the bottom of the economic ladder who survive on daily wages, the Modi government’s move has resulted in the loss of hours of precious work, as they spend their time waiting in long bank queues.He further said Prime Minister must be aware of the difficulties faced by the people, adding this decision has nothing to do with bringing back black money and alleged that this economic emergency is causing hardship to lakhs of people across the nation.Modi’s dramatic announcement was accompanied by assurances from his government that banking would get regularised in a matter of three days. Not only did that not happen, the government itself repeatedly complicated reinstatement of normalcy by coming up with different and contradictory directives during the week following the announcement. As many as 10 modifications were made to the scheme’s procedures in a matter of seven days. They also reflected the widespread disenchantment triggered by the government machinery’s obvious unpreparedness in dealing with the situation, Bhalla added.
Due to demonetization hardships of common men aggravated with ever changing promulgation by the Government on every day. The queues for exchanging notes mainly consist of senior citizens, rural workers, daily wage-earners, farmers, petty service providers, office-goers right up to house-wives. These people have been struggling for last more than 10 days to exchange their hard-earned monetary notes.Not a single higher-middle income group person, eminent doctor or lawyer, administrative service officer, political leader, major trader, industrialist or police officer is found in the queue, Bhalla observed.
If there is no improvement in the present situation then the anarchy may become even more serious. Hence appropriate steps must be taken to immediately control the situation. People are fuming with anger. In fact, an atmosphere has been created as if economic anarchy has now spread all throughout.Both, rulers and the RBI were unprepared to handle this suddenly emerged responsibility. Due to economic anarchy spread throughout India about 70 persons have lost their lives. Entire economy of the country has been at stand still. If preparations were going on for replacement of notes since six months then why the people are subjected to hardships now? There was no concrete planning at all on the part of either the rulers or the RBI, Bhalla remarked.
Upon careful observation of the entire situation it can be concluded that the Finance Ministry and RBI have thoroughly failed and they were not up to the mark in the advance planning. Government’s abrupt decision without adequate advance preparation has hard hit the masses.At the same time in this entire process the farmers are very much unhappy because while they have reached to the market along with their crops but there is no payment. What will they do by receiving cheque from the Market Yard or the APMC? In the villages there are no nationalized banks and ban has been placed over the Co-Operative banks.The Prime Minister is adding fuel to the fire. In public speeches he states that “poor are sleeping soundly while the rich have sleepless nights. We have made highly placed persons to stand in the queue.” As a matter of fact, affluent and powerful rich are enjoying quiet sleep after having systematically and smoothly managed their black money whereas the poor have been rendered wakeful, facing the starvation like situation, Bhalla regretted
.Government should not lose sight that it is its duty to see to it that the common men, remotely placed and the poor people should not face any difficulty in getting the money earned from the sweat of their brow. Government should now seriously think over and bring a solution out of their turmoil. It should also keep in the mind that inflation and other price rise cannot be tackled merely by demonetization. There is no need at all to mislead the people by tall talks on patriotism, nationalism and national interest. Government and the RBI, both have thoroughly and miserably failed in this entire episode, Bhalla maintained.