PM MODI V/S INDIA ECONOMY
1/12/17 INDIA, Modi is a very good political leader, there is no doubt about it. He can certainly convince people so the Modi magic is there. People think Prime Minister is doing something to eliminate black money. Modi will continue to get the benefit of doubt… The idea that rich is suffering is appealing to poor people. Sen discredits Modi’s demonetisation move and criticises the government for undermining Reserve Bank of India’s (RBI). It was well known that only about 6-7 percent of cash is black money (unaccounted cash). Still, why did Modi went on to demonetise 86 percent of notes putting the economy at risk?. Sen believes that fake currency was never a problem with India and to eliminate that didn’t require to hold the economy for ransom. Even the RBI too appears to be clueless about the situation. In a recent report, global rating agency, Fitch said, “The demonetisation of large-denomination bank notes has caused short-term disruption in India’s economy. With about 97 percent of the demonetised notes returning to the banking system, any tangible gains. the economy doesn’t hold water as evidence on the ground shows otherwise. the Modi government would do well-paying attention to Sen’s criticism and learning from.
