On 8th November, 2016 at 8.00 pm, India's Prime Minister Narendra Modi announced to close the notes of 500 and 1,000 rupees. After this, in the next four to five months, the situation was taken to handle arising out of this decision.

After the verdict, many arguments were presented in favour and opposition, many dignitaries, industrialists and journalists expressed their opinion. Critics of the verdict described it as a 'disaster', while supporters saw in Narendra Modi's 'masterstroke' in it.

It has been 8 months for the verdict, but the situation is still not fully restored on the ground. Various institutions, research firms and the Reserve Bank of India have acknowledged the adverse impact of the economy on account of the note ban.

R Jagannathan, editor of the right-wing magazine 'Swarajya' who strongly advocated for the verdict on the note ban, has admitted that he misconstrued about it. Jagannathan has said in an article in the magazine that it is time to accept Mia Kalpa (mistake).

Jagannathan has written in his opinion stating the reasons for change, that now, after the farmer movement for debt forgiveness, I feel that in the bookkeeping of note ban the column of loss is more than profit. This (note ban) failed."

He writes, "After seven months of Modi's declaration of 500 rupees and 1,000 rupees illegal, the circumstances are that the expenses are getting huge on the benefits. And farmers' debt forgiveness is directly linked to the note ban."

According to Jagannathan, there is a link between growing protest of farmers and note ban. He writes, "Now it can be clearly said that the note ban was the last step which broke the back of the farmers, and series of farmers' protest and political demand of debt waiver began to rise."

According to Jagannathan, "There will be so much damage to the note ban as never before. Continued two dryings did not even strike as much the note ban. The good work shown by the Modi government in the last three years will be washed away by the Samajwadi bubble of the state government.

Jagannathan has written about Narendra Modi, "It is good to think of becoming a bold leader who takes tough decisions to break the back of the black money, but it is not a good thing that it should be done in half-incomplete manner and in that work the Indian economy's waist should be broken."

(Click here for Android APP of IBTN. You can follow us on facebook and Twitter)

Share This News

About sharing