Immediate, severe and sustained was the impact of the bludgeon the Prime Minister wielded on the economy on 8 November last year. The hardships persisted even after the expiry of the grace-period he had sought. It will take some time before the “goodies” he sought to offer on New Year’s Eve will trickle down to the common man, so opinion must remain divided on whether those concessions/incentives suffice to atone for what resulted from the botched-up demonetisation exercise.
For all the contrived hype and expectation, Narendra Modi’s “address to the nation” brought little relief to the situation which saw people in long queues at ATMs by way of welcoming 2017. The previous day’s announcement that the withdrawal limit at an ATM had been raised from Rs 2,500 to Rs 4,500 had generated only little enthusiasm — most ATMs run out of cash rather quickly.
And with the ceiling on weekly withdrawals from a bank account yet to be increased, the Prime Minister’s promise of easier money did not translate into ground reality.
The “statistics” about increased use of non-cash transactions also appeared hollow to those seeking to buy their daily requirements at the grocer’s or vegetable stall. Those claims, in fact, hurt the common folk for they suggest that those in authority — political, bureaucratic or banking — have opted to live in a state of denial: and no remedy is possible until there is an acceptance of things having gone wrong.
A Hitlerian streak was evident in a senior minister’s comment that the people had accepted demonetisation because there was no violence at banks. Is that an invitation to trouble? Recall that even the most severe famine has not eliminated an entire population. The BJP should hang its head in shame over such heartless observations from its stalwarts.
The Prime Minister tried to praise the “people’s response” by reviving memories of the nation standing firm and united during war. Was that not a version of emotional blackmail? The entire cash management apparatus needs overhaul, and if required currency notes should be imported to meet a crisis situation.
The common folk cannot continue to be exploited by economy-managers who keep shifting goalposts. People have toiled for their money — can they legitimately be denied access to it? The Prime Minister will regain credibility only when people are able to utilise their money in accordance with their desires.
A fraud will be perpetrated on the Indian people if the verdict in upcoming polls is to be the meter by which the 8 November effort will be assessed. Alas, for all their shouting, the disunity and in-fighting indicates that Opposition parties are surrendering even before the EVMs are “swiped”.