Demonetisation de-fattened the economy

Nov 25, 2019
in, Life Story

'High denomination cash notes which was 1.4 lakh crores of Rs 500 and Rs 1,000 notes in 2004 became Rs 15.5 lakh crores in 2016.' 'If it had been allowed, by 2022, it would have been Rs 34 lakh crores, and that would have been the end of the Indian economy.' 'Demonetisation was a huge hit on the head of the economy, but without the hit, you could not U-turn the economy.'

The Narendra Modi government is not to be judged by the election manifesto, which is the party's approach for 5 years of governance. The governance deficit left behind by the UPA (United Progressive Alliance) which the Modi government faced is something unprecedented. To some extent, it could be compared to the 1991 situation.

In addition to the trust deficit, governance deficit, fiscal deficit and external deficit, Narendra Modi's image was intentionally tarnished even outside India -- by the Opposition, the media and others -- as a person who is the Hindu version of Hitler. Narendra Modi started with a minus 5; not on a clean slate.

No other prime minister had to face this challenge, to set right his image for which enormous amount of time had to be invested. How could all this be captured in comparing his performance with his election manifesto?

The manifesto could hardly be expected to say if elected Modi would face that challenge, which would be actually a point against him, but that was deliberately created against him by his detractors over a decade and more. He successfully corrected his image and went on to emerge as a world leader, and in the process he has lifted the image and status of India too..

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