Demonetisation of Rs 500 and Rs 1000 notes was a wrong decision taken by BJP Government given the hardships it caused to the people and the slump in the growth rate.
It was better to go for Digital India only in order to create a ‘cashless’ society. This step would have informed the various agencies about the accounts of big capitalists and huge transaction performers in the whole of India. Thus, it was a cheaper mode for monitoring the income and hence, tax collection from the society.
Again, this government took a negative step which resulted in undue / unnecessary loss of money, and also life of many citizens.
Looking at the other aspect, government machinery was not ready and the whole economy was punctured due to the shortage of cash.
The farming produce especially perishable fruits and vegetables could not be sold, or even if something was sold, dirt cheap prices were paid. Similarly, process of industrialization and trading came to a grinding halt, leading to the loss in billions and recovering very little black money.
Now, it will take years together for the country to achieve the progress so as to be back on growth track.
It may be recalled that even America took a number of years to reach progressive track after they demonized few notes. India, which is comparatively poor, will take many more years to be back on track.
After few days of demonetization, fake currency came to fore which was a jolt to the claims of a unique and differentiated currency notes.
Lastly, PM Modi often talked of causing ‘pain’ to the rich citizens by taxing them and used to claim that it will bring happiness to the poor. This is the worst example of a PM being ‘biased’ towards his own citizens and asking one section of people to ‘enjoy’ the ‘pain’ caused to the other.
So, all this seems to point that demonetisation was based on emotions and was seemingly biased and against the progressive citizens of the society.