India's
Demonetization turned out to be a massive failure
There is no denying
that Demonetization is a massive failure in the history of Indian economy. The
objective to curb the black money seems to be falling apart. Almost 70% of the
population is opposing the decision of Demonetization. Apart from black money
holders each and every citizen is suffering from this unplanned decision of
demonetization. People are unable to fulfill their day to day needs.
Following are the issues people have been
facing since the Demonetization began:
* More than 80 people
died while standing in bank queue.
* Even after a month
people are not able to withdraw their money from the ATMs
as most of the ATMs
are either out of order or out of cash.
* People have
cancelled their marriages and other important ceremonies due to
the unavailability
of cash.
* Cash mafias have
emerged to exchange old currency in return with new currency
and they are
charging commission for that.
* People are unable to
spend the new Rs 2000 as nobody is ready to accept it.
* Local traders, small
shopkeepers and labors are not able to keep up their jobs as
they don't have
enough cash to deal with their business.
* The government is emphasizing
on digital money but not everyone is aware of
using the digital payment
methods.
Apart from the problems
faced by common people of India, the government is failed to achieve their
objectives as some politicians from their own party were found with lakhs and
crores rupees and that too in new currency notes. And also the government
offered a proposal of 50-50 deal with the black money holders that seems like
the government is ready to negotiate with them while the common man is
suffering for their own hard earned money. Not a single positive result is
shown in the last four weeks.
Even the financial
experts consider denomination as the biggest blunder in the history of Indian economy.
Finance gurus like Amartya sen and Manmohan Singh have made it quite clear that
this certainly going to effect the Indian economy. Amidst the rising
unemployment and high inflation rate common people are the ones who are being
punished by the system for nothing. And this is somewhat a matter of shame for
the Indian government.
On asking about the
impacts of Demonetization Indian government says that people are supporting which
is half baked information. And also at this situation government is expecting
people to go cashless which is another bad thing for the people as not everyone
is a card or smartphone user so how could they expect all the people to
go cashless.