Congress MP and Leader of Opposition in Lok Sabha Rahul Gandhi has criticized the Modi government as it marks eight years since demonetisation. Rahul Gandhi questioned demonetisation and stated that despite eight years having passed since its implementation, cash usage in India remains significant.
Congress leader Rahul Gandhi shared on social media platform X, stating, ‘Experts suggest that demonetisation has significantly influenced micro, small, and medium enterprises (MSME) as well as the informal sector. As a result, numerous large corporations and monopolistic situations emerged in the market, negatively impacting small industries.
Rahul Gandhi, the Leader of Opposition in Lok Sabha, further stated, ‘The country’s misguided policies have fostered a climate of fear for the business sector.’ A new agreement is required that fosters fairness and liberty to unleash the potential of fair trade nationwide.
Rahul Gandhi has additionally posted a chart. It demonstrates that cash held by the public decreased from 11 percent of GDP in 2013-14 to 8 percent in 2016-17 and has now risen to 14 percent of GDP in 2020-21. The chart indicates that cash holdings with the public account for 12 percent of GDP in 2022-23.
Both Rahul Gandhi and Akhilesh Yadav have criticized the BJP government. He shared on the social media platform X, stating, ‘A whole chapter on demonetisation will be inscribed in dark ink in the annals of the Indian economy.’ Today, a day prior to the 8th anniversary of demonetisation, the rupee hit its lowest point against the dollar yesterday.
The public is inquiring if this occurred because of the unsuccessful demonetisation or because of the BJP’s adverse policies. Will the BJP leaders once more claim that the rupee hasn’t dropped to its lowest point against the dollar historically by setting a record, but that the dollar has increased instead? The BJP has created chaos in the economy. The rupee ought to be relevant today, yet the BJP opposes this.