On 8th November 2016, At 8PM, the Prime Minister of India addressed the nation and declared notes of 500 and 1000 denomination as illegal tenders. In one swift motion, all that high denomination cash was rendered useless, to be deposited in the bank and exchanged with the new 500 and 2000 denomination notes. The country took a few moments to recuperate from the initial shock, but once it did, most people were appreciative of this bold economic reform that wiped out the cash black market overnight. It was almost like pressing the reset button for the black market.
While the Nation stood in line patiently, the political class was busy scurrying to create mass hysteria. They mocked. They questioned. They rumor mongered. They turned every death in the entire country into a “demonetisation related death”. Heck, they even turned an aged army veteran, who cried because someone stepped on his toe, as the ‘face of demonetisation’. They projected him as a troubled marginalized poor man, tortured by the draconian policies of the Modi Government. He has clarified that he was rather appreciative of the scheme, and as a disciplined soldier, will do as the government commands.
They naysayers failed. The world looked towards India mesmerized. Watching in amazement, as India made this transition with patience, compassion and most importantly, hope.
A year on, we at OpIndia would like to analyse what it is, that a step like Demonetisation achieved. What were the positives. Was it worth the effort? Was it worth the Nation’s patience?
We think it was, and we explain why, with this video :
We thank Mr. Ashutosh Muglikar for this extremely informative video.