LIVE BHARATH : Hyderabad :The chaos and panic the current demonetization triggered in India is historic, because of the fact that never in its history, demonetization has created this height of polarization and chaos.
Despite the fact the supporters of the move invoke patriotism to justify government’s decision, the opponents’ flag shortfall and impracticability of the notes ban. The level of division among the public, especially on a monetary issue is unprecedented in the country, at least in recent past.
In this practice of the erstwhile USSR stand out.For example the Russian economy totally collapsed after the demonetization announced by the last President Gorbachev.
The people have faced many troubles, like present scenario in India particularly lower income folks in rural sector have faced worst days due to demonetisation.
Gorbachev never expected the economy will collapse and country will disintegrate in to pieces in 1995. People in Russia faced so many problems; Food, Production, Agriculture ,Marketing and the effect fell on all other areas.
It has taken its toll and continued years ago in Russia to get stabilized internationally.
After having so many experience from many countries like Nigeria, Ghana, Pakistan, Zimbabwe, North Korea, Australia, Myanmar have introduced demonetization but fail to success.
Looking at the present situation in India, PM Modi has taken only positive points from “book of GORBACHEV” rather than working on negative socket. 13 days passed even though long waiting ques to withdraw their hard earned money saved in the banks.
May be the intention of Modi is good, to fight against black money, corruption but even though Modi Govt. is struggling to implement it in a right direction.
However, thousands have lauded it, there is a lot to be said about how the move is an ill-planned one. In the light of this many people criticising about this ill-planned move of demonetisation.
Akhil Bharat Hindu Maha Sabha. President, Telangana State,Dantu Nagarjuna Sarma defined it as “disaster”.
“Over intelligence sometimes can crack the life of people. Modi is the man to create the financial tsunami. One man’s dream has crushed 108 crore people. The tea seller has created Strom in the tea cup. Nothing achieved so far. Unable to catch black money. Modi has created black days for 108 crore people of the Nation,” the ABHMS president added.
News of difficulties faced by many people who don’t have access to banks or ATMs or even official id-proofs. More than 30 people have also lost their lives–with hospitals refusing old notes, senior people collapsing in long queues and housewives with only cash savings committing suicide.
Today, economy is getting collapsed. The Real Estate business has collapsed, the Industries came to stand still, Retail market is in cross roads, the Entire country is in financial chaos.
The dream of non-cash transactions will be successful only with tougher regulation of commercial banks, with a high risk operation.
The Govt. must immediately act on substitutes taking the experience of country s failure. Govt must come out with a new tough monetary policy.