Demonetisation - A year later. A ‘stimulus’ package for the Opposition

For the Opposition the demonetisation and the difficulties that followed proved a much-needed stimulus package. Faced with a seemingly invincible ruling party, the ban on high-denomination currency offered it a valid issue with which to criticise the government.

Plans are afoot to observe Wednesday, the first anniversary of demonetisation, as a ‘Black Day’ with mega rallies to remind the public about what they suffered in the aftermath of the note-ban.

The Congress, based on the theme ‘India Continues to Suffer’, will hold public meetings across the country, attended by senior party leaders. It also plans protest rallies in the morning and candlelight vigils in the evening. The party hopes to block the BJP’s plan to observe the day as ‘ Anti-Black Money Day’ by organising protests of traders, workers and farmers.

“Modi will go down in India’s history alongside Muhammad Bin Tughlaq for the gross misadventure of demonetisation that wreaked havoc with India’s economy,” said the party’s chief spokesperson Randeep Singh Surjewala.

“Narendra Modi made a disaster of demonetisation, followed by an ill-conceived GST, which has decimated jobs and incomes,” says the Congress’ deputy leader in the Rajya Sabha, Anand Sharma. “Instead of apologising for the death of over 150 people and unprecedented whack on the livelihood of common Indians, the BJP is so drunk with power that it wants to celebrate the demon of demonetisation.”

Other like-minded parties, such as the DMK, the BSP, the JD(U)’s Sharad Yadav faction and Left outfits are also holding protests on Wednesday. The six Left parties met recently to draft a protest plan, arguing that none of the declared objectives of demonetisation has been achieved. “With almost all of the demonetised currency returning to the banking system, black money has been converted into white money without penalising a single offender. Counterfeit currency has been legalised. Contrary to the stated objective of curbing terrorist activities, large numbers of Army personnel, security forces and common people have lost their lives due to terrorist attacks. The scale of corruption has, in fact, doubled,” the Left parties said.

Last year, the Congress had initially been cautious in its response to the demonetisation move. “The Prime Minister has justified the decision as part of a plan to crack down on black money,” former Finance Minister P Chidambaram had said on November 9, 2016. “If the purpose of the decision is to unearth and stamp out black money, and prevent its generation, it deserves our support.”

Later, however, former Prime Minister Manmohan Singh termed the decision “organised loot and legalised plunder.” His statement in the Rajya Sabha helped the Congress to rally public opinion against the Modi government’s economic decisions.

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