Not all experts are going gaga over the Narendra Modi government’s demonetisation move, and one of biggest critics has been the market guru Shankar Sharma. Shankar Sharma has been criticising the step from Day 1, but his one particular tweet caught our eye. Sharma has called the government’s move ‘economic nasbandi’. “This demonetization reminds of the Nasbandi drive of 70s. Bina soche, Bina blood/ oxygen, straight castration. This is economic Nasbandi,” he tweeted.
Earlier this week, he had tweeted, “didn’t realise whole country was corrupt, looking at the bank lines. And by extension, the 0.1 pct not in que are honest. Total reversal.” Sharma had even called this India’s ‘Lehman moment’. “We should be proud. We now have a financial logjam. Our Lehman moment,” he said. “One thing is clear to me: there will be a significant earnings hit because of demonetization. The market is reacting correctly,” he had said last week. Shankar Sharma also claimed that had the demonetisation happened during the Congress regime, it would have been implemented “superbly”. “One thing I am sure of: if UPA had done anything like this demonetization, they would have managed superbly. PC super manager. Not this mess,” he tweeted.
Also check: Demonetisation live blog and updates
Incidentally, Chidambaram too has been slamming demonetisation, taking a sarcastic dig at PM Modi’s promise of “acche din”. “1. Millions of working people standing in queue. Long live Productivity. 2. Thousands of “rich” and “corrupt” persons standing in queue. The poor are cheering from their homes! 3. Banks are doling out cash to citizens. That is proof that “Achhe Din” have arrived!,” the former Finance Minister tweeted.
Last week PM Narendra Modi announced that in a big fight against black money and corruption, all old Rs 500 and Rs 1000 notes will no longer be legal tender money. Even as demonetisation drive plays out, the RBI and government are regularly reviewing cash withdrawal limits at banks and ATMs to reduce the inconvenience to common man. The government has clearly said: There is enough cash in the system to meet the requirement. Members of the public are, therefore, advised not to have any sense of panic.