A bad decision is a better decision than no decision! The Modi government in India has taken a bold decision in cancelling currency notes of Rs 500 and Rs 1,000. This seems to be a major surgical strike to cure the chronic serious disease which is eating away at the wealth of the country.
During the last 69 years any government never thought of total economic and social reforms - except the Janta government when Morarji Desai, the then Prime Minister cancelled Rs 1,000 notes from the currency. This action of the Modi government has serious side effects on business community on overall economic condition and particularly on the people of poor class. This would also have bad effect on party funds of politicians. But despite these side effects it is appreciated and supported by the people of the country.
As a direct result billions of rupees are flooding out which is unaccounted, and now going to the banks - coming in normal circulation. The black money and hoarded money keeps on coming out. This would not only strengthen the economy but it would also boost up the morale of the people.
The Congress party has not yet earned the right to criticise the government because in the past they too have failed to bring out black money. They don’t have a true and bold leader and any ‘yes men’ can never become a real leader. They don’t have the vision. Demonetisation is a very ambitious experiment but unfortunately it is mismanaged. How can new currancy notes go in smugglers’ hands instead of going into the banks?
At present the idea of cashless economy comes in conflict with main objective of taking out black money. The programme should have been very well planned, with timings and with readyness to handle any unexpected situation. Performance evolution review technique should have been used for such vast and serious projects.
Ballubhai Patel
Bradford
