On the 7th anniversary of demonetisation, the Congress slammed the Narendra Modi government claiming that the reckless decision broke the back of the Indian economy and that the country will not forgive the prime minister for this monumental disaster.<\/p>\n\n\n\n
Jairam Ramesh, Congress general secretary, communications, issued a statement mentioning that demonetisation along with a badly designed GST finished off India\u2019s job-generating small and medium businesses, caused a 45-year unemployment high, and ended the economic recovery that had started in 2013.<\/p>\n\n\n\n
The Congress leader said seven years ago on November 8, 2016, Prime Minister Narendra Modi inflicted demonetisation on an unsuspecting nation. He asserted that the decision broke the back of the Indian economy and epitomised the unique combination of hubris, inhumanity and economic illiteracy which is the hallmark of the Modi government. <\/p>\n\n\n\n
Jairam Ramesh further questioned if anyone can forget the hundreds of poor and middle-class people who died waiting in long lines to convert their notes, even as the wealthy managed to exchange their banknotes with ease.<\/p>\n\n\n\n
The senior Congress leader explained that demonetisation led to a record concentration of wealth and power, particularly among a handful of large monopolies that have sustained the BJP financially even as the people continue to struggle with joblessness and price rise caused by the same monopolisation.<\/p>\n\n\n\n
He further claimed that demonetisation led to destruction of the economy and the GDP growth momentum created from 2011 onwards was completely reversed. He underlined that India\u2019s GDP growth rate increased steadily from 5.2 percent in 2011 to 8.3 percent in 2016. Following, the demonetisation disaster hit, and growth started to slow, all the way to four per cent just before the COVID-19 pandemic, he noted.<\/p>\n\n\n\n
He also alleged that the MSME sector, which depends on the cash economy and provides the majority of employment in India, was devastated. The Congress leader asserted that demonetisation was carried out with haste, incompetence, and with a total and complete disregard to expert advice from the RBI.<\/p>\n","protected":false},"excerpt":{"rendered":"
Congress leader Jairam Ramesh asserted that demonetisation was carried out with haste, incompetence, and with a total and complete disregard to expert advice from the RBI.<\/p>\n","protected":false},"author":4,"featured_media":493563,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1497],"tags":[86,111,1600],"yst_prominent_words":[],"ppma_author":[140543],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/d2r2ijn7njrktv.cloudfront.net\/apnlive\/uploads\/2023\/11\/08155940\/Capture-79.jpg","jetpack_sharing_enabled":true,"authors":[{"term_id":140543,"user_id":4,"is_guest":0,"slug":"apnnewsdesk","display_name":"APN Live","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/478eacb893eda88aa6ed8d99b005bf58?s=96&r=g"}],"_links":{"self":[{"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/posts\/493561"}],"collection":[{"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/comments?post=493561"}],"version-history":[{"count":0,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/posts\/493561\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/media\/493563"}],"wp:attachment":[{"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/media?parent=493561"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/categories?post=493561"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/tags?post=493561"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/yst_prominent_words?post=493561"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/apnlive.com\/wp-json\/wp\/v2\/ppma_author?post=493561"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}