Sunday, 22 December 2024
Sunday, 22 December 2024
The year was 2016. The date was November 8. Donald Trump had stunned the world by defeating Hillary Clinton to become the President of the United States. But it was Prime Minister Narendra Modi who stole the headline thunder in India.
He appeared on TV and in a speech declared that Rs 500 and Rs 1,000 notes would be banned overnight.
What followed was chaos as ordinary people struggled to access their own money. The cash soon returned to the banks — thus defeating demonetosation’s purported motive of curbing black money – but it dealt a body blow to the Indian economy that many argue the country still has not recovered fully from.
At least 1.5 million jobs were lost, according to a report in the CMIE. The informal sector was the worst hit.
Former prime minister Manmohan Singh branded the demonetisation drive as a “monumental mismanagement failure”.
He described it as “organised loot and legalised plunder”. Other economists like Jean Dreze described demonetisation in a growing economy as akin to shooting at the tyres of a racing car. Supporters of Modi, like Anupam Kher and Akshay Kumar jumped forward to defend the move.
On the eighth anniversary of demonetisation, here are some quotes from Prime Minister Narendra Modi over the years on his controversial move.
November 8, 2016
“The magnitude of cash in circulation is directly linked to the level of corruption. Inflation becomes worse through the deployment of cash earned in corrupt ways. The poor have to bear the brunt of this. It has a direct effect on the purchasing power of the poor and the middle class. You may yourself have experienced when buying land or a house, that apart from the amount paid by cheque, a large amount is demanded in cash. This creates problems for an honest person in buying property. The misuse of cash has led to artificial increase in the cost of goods and services like houses, land, higher education, health care and so on.
High circulation of cash also strengthens the hawala trade which is directly connected to black money and illegal trade in weapons. Debate on the role of black money in elections has been going on for years.”
– Narendra Modi, on television
November 8, 2016
“The 500- and 1000-rupee notes hoarded by anti-national and anti-social elements will become just worthless pieces of paper. The rights and the interests of honest, hard-working people will be fully protected.”
– on television, November 8, 2016
November 13, 2016
“I have asked the country for just 50 days. If after December 30, there are shortcomings in my work or there are mistakes or a bad intention found in my work, I will be prepared for the punishment that the country decides for me.”
– in Goa
November 12, 2016
“Ghar mein shaadi hai! Paise nahin…[There is wedding in the family, but no money]”
– at an Indian diaspora event in Japan
February 7, 2017
“When can you have an operation? When the body is healthy. The economy was doing well and thus our decision was taken at the right time."
– in the Lok Sabha
December 31, 2018
“The process took a year. It was necessary for the economic health of the country. But yes, when a train changes tracks, it slows down a bit.”
— to news agency ANI.
January 30, 2019
"I was asked what has been the benefit of the note ban decision. You should ask the youth, who could buy residential homes at affordable rates after the decision. Black money used to be parked in the real estate sector, but with decisions like note ban and RERA, we put a check to it."
– in Surat, as reported by PTI.
November 8, 2020
“Demonetisation has helped reduce black money, increase tax compliance and formalization and given a boost to transparency. These outcomes have been greatly beneficial towards national progress. #DeMolishingCorruption,”
– on his X (formerly Twitter) handle.
