If one year of demonetization has brought any positive change to our lives, we have to look harder. Today, November 8th 2017 marks the first anniversary of demonetization of high value notes(but the fact remains that the BJP government replaced 1,000 Rs note with 2,000 Rs notes) and it stood out for uniting the Opposition parties of the country.
Almost all the opposition parties, including the Congress, marked the anniversary as a “Black Day”, accusing the government of harming and damaging the country’s economy with its twin policies of demonetization and the GST.
“None of the three declared objectives of demonetisation – stamping out black money, ending corruption and ending counterfeiting – has been achieved,” said Chidambaram, the former finance minister of the Congress party.
“The decline in GDP from 7.0 percent [in the third quarterThe decline in GDP from 7.0 percent [in the third quarter of last year] to 5.7 [in the first quarter of this year] has cost the economy 100,000 crore ($15.45 billion) in a period of six months. The annualised cost will be higher. Millions of jobs in the informal sector were lost. Daily wage earners were pushed into penury and devastated,” said Chidambaram.
It must be recalled that in the utter chaos that followed the decision to ban 86% of the circulating currency overnight, nearly 100 people lost their lives directly due to demonetization. But now, after one year it seems like the BJP’s Achilles heel is finally revealed,which will become the main reason for its failure in the next few years to come. Only time can tell.