Finance Minister Arun Jaitley addressed the media on Friday, defending the decision of demonetisation. Again.
Finance Minister Arun Jaitley addressed the media on Friday, defending the decision of demonetisation. Again. The Finance Minister criticised those, who criticised the decision or its implementation and said that making comments was the easiest thing to do while implementation was the difficult job. Aye, agreed, it is. But isn’t that’s what your job description is, Mr Finance Minister? According to the numerous statements made by the “government and friends”, the decision was well thought off before the formal announcement on November 8, 2016, which implies that the government knew what it was signing up for. Why the long face then?
We could go all into the details about if demonetisation was a good or bad idea, its advantages and prospects for the future or the obvious and astounding flaws in the idea itself. For example, stopping the use of Rs 500 and Rs 1000 notes overnight meant that all the unaccounted cash transactions in the country went down the drain. It put a sudden stop to the stashes of black money, stored under beds and mattresses and behind walls. Furthermore, the narrative of a cashless economy took precedence once the crowd became disgruntled by standing in queues for hours. It did wonders for e-wallets and other e-commerce companies. The government also presented a budget with a lot of focus on the cashless economy, saying that it leaves a digital footprint and can be traced back to its origins. Although, certain minor issues as strengthening cyber security skipped our minds before planning to make our entire economy base on the internet. But all that is in the process. It will work out eventually, as they say.
But here us the plot twist. Black money is not a finished product. It is an ongoing process. This process, as we have so regularly ignored, is known as the black income. To actually stop corruption, the government needs to stop the black income generation, the continuous flow of black money. It has to be understood that black wealth is the product of accumulated black income. And black money is only a minor part of that black wealth. Black income is a continuous circle. It doesn’t rest anywhere. One can take the example of real estate business. One can buy a property, and sell it later, and the income keeps flowing through the networks. You may earn the money on the sale, but the property keeps on circulating and so does the wealth.
But as we went into changing narratives for the controversial move, the government said that demonetisation was only one of the many steps to completely cure the country of demonetisation. Instead, what we are seeing, is a government cribbing and complaining about the difficulties faced by them. PM Narendra Modi has gone to election campaign speaking about how happy the people were about demonetisation. No sir, the people have suffered. Many of them have slept hungry on days, gone on days without employment. FM Arun Jaitley has repeatedly said that there was abundant cash available in banks and ATMs across the. No, sir, it hasn’t been. The restriction on withdrawals have increased and thus has decreased the crowd but cash hasn’t been exactly made abundantly available to establish the created vacuum.
The first step in solving a problem is accepting its existence. The people have supported demonetisation because it has given them hopes of a corrupt-free India. So accept that there have been certain flaws in its implementation, accept that people have faced grave consequences, accept that there is a lot more that needs to be done and do it.