Congress leader and Lok Sabha Opposition Leader Rahul Gandhi has criticized the central government on the occasion of 8 years since demonetization. He stated that India is utilizing more cash now than it was 8 years ago when demonetization took effect. Demonetisation has facilitated monopoly by dismantling MSMEs and the informal sector.
Rahul Gandhi also shared on social media platform X, stating that ineffective and poorly conceived policies fostering a climate of fear for enterprises will hinder India’s economic potential. A new agreement is necessary that encourages equity and liberty to unleash the potential of fair-play enterprises nationwide. Rahul has included a graph in his post as well. This indicates the amount of cash available in the market prior to and following demonetization.
Prior to the Leader of Opposition, former Chief Minister of UP and head of the Samajwadi Party, Akhilesh Yadav, also criticized the BJP regarding demonetisation. The ex-CM stated that an entire chapter will be marked in black in the history of the Indian economy. Today, one day prior to the 8th anniversary of demonetisation, the rupee hit its lowest point against the dollar yesterday. The public is questioning if this occurred because of the failure of demonetisation or the adverse policies of BJP.
He added that will the BJP members now claim that the rupee has not dropped to a historic low against the dollar but that the dollar has increased. The BJP has transformed the nation’s economy into chaos. The rupee ought to reflect today’s value, yet the BJP is against it.
On 8 November 2016 at 8 pm, Prime Minister Narendra Modi announced the prohibition of 500 and 1000 rupee notes while addressing the nation. Following this declaration by the Prime Minister, demonetization was enforced in the nation starting at midnight on that very day. Following the enforcement of demonetization, lengthy lines appeared outside ATMs and banks for many days. Subsequently, the RBI issued new 500 and 2000 rupee notes. The government stated that this action has been undertaken to eradicate the issues of black money and fake currency in the nation.