Untold story : How Modi’s demonetization and GST ruined China’s economy

We’ve all heard by now how the disaster of demonetization has pushed India’s economy into a tailspin. To add to the woes, there was the “hasty GST”, which started out as yet another Rajiv Gandhi dream, and then was put in place on July 1, 2017, merely 7 years after Dr. Manmohan Singh’s government set April 1, 2010 as the deadline for implementing it.

As Modi has found out the hard way, you can’t rush big things. You have to space them out like the Gareebi Hatao promise from 1971. Or the Sardar Sarovar dam, for which Nehru laid the foundation stone in 1961, but work didn’t even begin until 1987.

Among the many disasters caused by Modi, I thought I would set the record straight by writing about a topic that has been discussed very little : the adverse impact of demonetization and GST outside our borders, specifically on China.

- Advertisement - - Article resumes -

The following event went largely unnoticed, although it came so close on the heels of Modi’s now infamous decision to demonetize Rs 500 and Rs 1000 currency notes on Nov 8, 2016.

Untitled.png

I feel it is my national duty to speak up now, albeit a few months late. Or else all Indians and Chinese will have to again see Gareebi from close quarters … something they have never done since Indira/India Gandhi removed it in 1971.

As you can see in this Bloomberg video, the exports of India’s peers have sadly been in sync with India’s, showing the depth of the pain caused by Modi’s surprise move.

Untitled.png

While China was still reeling under the impact of demonetization, the second blow came in the form of “hasty GST”. Within a few months, the mounting economic and financial risks became too much and the Chinese had to face an insulting downgrade for international rating agencies.

Untitled.png

For the Chinese, it was most likely the Modi-Xi meeting at the BRICS summit that became the straw that broke the camel’s back, leading to the downgrade.

One more ominous sign was when the difficult economic situation forced the Chinese government to abandon development projects, such as a road in Doklam.

As a result of this demonetization induced slowdown, the Chinese government has had to undertake several diversionary measures to take public attention away from the economic situation.

Untitled.png

For those who might be interested in participating, the Popular Front of India (PFI) and the CPI(M) will be organizing tonight a #NotInMyName candlelight march from JNU to Xinjiang. An eminent ex-Vice President is expected to join as well on a journey to go back to his roots.

This outrage is only the latest in a series of measures that the Chinese government has had to take to focus majority anger away from the economy towards a perceived internal enemy. When the real story, of course, is that Modi sarkar is turning a blind eye to the suffering of young job seekers.

Untitled.png

For the Chinese, the need for finding an internal enemy in Uyghur Muslims is further increased by the fact that Modi sarkar is failing both on the domestic and the international front. Pro-BJP outlets such as Global Times are now reduced to begging the Chinese public to “properly understand” disputes and remain “cool minded” when dealing with neighbors instead of reacting emotionally.

Untitled.png

Just read the dovish words… almost mocking the Chinese public for demanding a “tougher stance”, asking them to observe “patience” and “somber judgement” instead.

Compare it to the fire breathing Global Times from 2 months ago and you know how deeply the hurt of demonetization has crippled the dragon.

We must stand up NOW and demand that there be an end to this organized loot and legalized plunder by the government. For this, we have to put back in place the 97.5% top income tax rate that the wise Dr. Manmohan Singh put in place during the 70s when he was Chief Economic Adviser to the Finance Ministry. You can look around on Youtube for his remarkably prescient speech where he explained how a 97.5% income tax rate has the potential to add as much as 2% to India’s GDP growth.

I don’t want to sound too nationalist for fear of being seen as intolerant, but I must say that if you do not speak up now, you will be failing your national duty. And for what it’s worth, you will be failing your international duty as well.


Share This Post and Support:
We need your support to survive in the media industry. Please consider paying us for the content we produce:

To know more about these payments, please click here.


Most read articles recently

Nitin Gadkari at the receiving end: Is there a pattern?

Indian Express has a massive interview of Union Minister Nitin Gadkari in its March 23, 2019 edition.
AM Sheikh Dawood promised of offering 10 litres of free liquor monthly to the families in his constituency on his victory

Independent candidate from Tamil Nadu promises 10 litres of free liquor every month on winning elections

An independent candidate from Tamil Nadu has come up with a strange promise of offering 10 litres of free liquor every month to every family in his constituency

Shunned by the BJP, jilted Shatrughan Sinha goes on a rampage against the party, rumoured to join Congress

Shatrughan Sinha was visibly irked and had a Twitter meltdown after the BJP declared Ravi Shankar Prasad's candidature from Patna Sahib constituency

Rahul Gandhi’s lucrative and seemingly clandestine means of income and his links to scam accused FTIL, Unitech

How does Rahul Gandhi earn to buy land and other properties? A mystery we try to unravel
Sapna Chaudhary denies rumours of her joining Congress

Embarrassment for Congress: Sapna Chowdhury says she never joined Congress, picture with Priyanka Gandhi old

Denying rumours, Sapna Chaudhary said that the photos in circulation on Internet were old
'Rahul Gandhi is running away from Amethi, not me': Smriti Irani on rumours BJP might field her from Wayanad

‘Rahul Gandhi is running away from Amethi, not me’: Smriti Irani on rumours BJP might field her from Wayanad

Smriti Irani rubbishes rumours that have surfaced about BJP thinking about fielding Smriti Irani from the Wayanad constituency too, to counter Rahul Gandhi. 
PM Modi’s blog on Lohia: Opposition parties and their friendly media in damage control mode

PM Modi’s blog on Lohia: Opposition parties and their friendly media in damage control mode

Media chose to cover reactions of opposition leaders rather than Prime Minister Narendra Modi's scathing blog on Ram Manohar Lohia's 110th birth anniversary

Congress starts desperate efforts to shift Rahul Gandhi away from Amethi, third unit writes in few days

The Congress Amethi Unit has reportedly written to Rahul Gandhi urging him to contest from the Wayanad constituency from Kerala too
Smriti Irani to stay in amethi before the elections

Amethi praises Smriti Irani for working despite 2014 loss, talk about rail electrification, WiFi for Kalikan Dham devotees and more

Smriti Irani will be staying in Amethi among people and prepare her campaign strategy for the upcoming Lok Sabha elections

BJP’s ‘Main Bhi Chowkidar’ campaign a silver bullet against a formidable ecosystem

I predict that once the dust on 2019 General Elections is settled in May, the BJP’s tagline of 'Main Bhi Chowkidar' would be a textbook study on how to run a successful social media campaign.

Latest articles

Connect with us

148,934FansLike
120,561FollowersFollow
31,425SubscribersSubscribe

Don't miss these


Share This Post and Support: