Congress Launches Fresh Attack on Modi Government on the 7th Anniversary of DemonetizationOn this day in 2016, Prime Minister Narendra Modi announced the demonetization initiative, withdrawing Rs. 1,000 and Rs. 500 banknotes from circulation. The unexpected move was intended to curb money laundering and tackle corruption and black money in the system. However, it caused widespread disruption and inconvenience in the country, with opposition parties criticizing the government for the long queues and financial hardship faced by citizens.
"Seven years ago today, on 8th November 2016 at 8 pm, Prime Minister Narendra Modi inflicted demonetisation on an unsuspecting nation. A decision that broke the back of the Indian economy and epitomised the unique combination of hubris, inhumanity and economic illiteracy that is… pic.twitter.com/wK0vTjNrWN
— Congress (@INCIndia) November 8, 2023
On the 7th anniversary of demonetization, the Congress party has launched a fresh attack on the Narendra Modi government. A statement issued by Jairam Ramesh, Congress General Secretary, describes the decision as “a backbreaker for the Indian economy” and exemplifies the Modi government’s “arrogance, inhumanity, and lack of economic literacy.”
Jairam Ramesh further elaborates on the negative consequences of demonetization, including economic disruption and the failure to achieve its stated objectives. He also criticizes the decision as ill-planned and lacking in expert consultation.