Former Union Minister Arun Shourie called the PM Narendra Modi's demonetisation drive the 'greatest blunder in economic policy or 70 years' on Tuesday.
Former Union Minister Arun Shourie called the PM Narendra Modi’s demonetisation drive the ‘greatest blunder in economic policy or 70 years’ on Tuesday. Shourie, who was a minister in the NDA-I government during the time of former Prime Minister Atal Bihari Vajpayee, said that the Reserve Bank of India (RBI) governor acted like the under secretary to the Ministry of Finance in this case. Speaking about the decision and the allegations about it being a solo decision taken by the PM, Shourie said that this was a symptom of the pattern of government with no consultation and might be repeated in the future.
According to IE, Shourie also targetted the BJP ministers who have claimed that the demolition drive had a good impact on the people who have in return voted for them. The former Minister said that we cannot change our mind because someone keeps winning elections as the voters might go to elections with other considerations. Besides, they do not understand how the economy should run, he added at a public lecture on ‘Politics and Development’ at the National Institute of Advanced Studies.
Shourie even went on to target Prime Minister Narendra Modi and said that the root cause of demonetisation was because somebody got a brainwave and nobody could oppose them. Shourie called the demonetisation drive a case of illumination and revelation. He said that one could see this from the fact that they had to keep changing the rules. ‘Wherever the arrow falls is the target’. Speaking about the centralisation of the Prime Minister’s Office (PMO), Shourie said that the country has never had a weak PMO in terms of domain competence.
The demonetisation drive announced by the Prime Minister on November 8, 2016, had raised serious questions about the forethought that went into making the biggest economic change since 1991. The questions picked up even more voices as the RBIand the central government came up with new rules every other Friday as the nation went into a standstill and lives were lost due to a void created in the economy.