I am against PM Modi’s demonetisation drive in India: Marc Faber

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Updated: December 16, 2016 12:56:47 PM

Marc Faber the author of the The Gloom, Boom & Doom Report on Thursady said that he is against the demonitisation drive in India

demonetisation, demonetisation news, demonetisation liveMarc Faber said that he is against the demonetisation drive in India. (PTI file photo)

Marc Faber the author of the The Gloom, Boom & Doom Report, is of the view that the performance of India is much better than its western peers. Speaking on demonetisation to CNBC TV18, he said that he is against the demonetisation drive in India. When asked about US markets, he said, “Any market apart from US looks very attractive now.” Demonetisation hasn’t gone down well with many market veterans. Another critic of PM Modi’s demonetisation drive has been market guru Shankar Sharma. Shankar Sharma has been criticising the step from Day 1. Sharma 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.”

Last month 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”.

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“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.

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