A day before the fifth anniversary of demonetisation, CPM general secretary Sitaram Yechury said the decision announced on November 8, 2016 by Prime Minister Narendra Modi had sent the country downhill.
“Economy into a tailspin, the poorest hurt. Informal sector decimated. No black money recovered, but rich got richer. Cash in the economy is the highest ever now! This govt must bear responsibility for pushing India downhill, just for one man’s whim,” Yechury said in a tweet.
Taking to Twitter, CPI MP Binoy Viswam said: “Currency in circulation: 2016 Nov. 17.97 lakh cr. 2021 Oct. 28.30 lakh cr. 57% increase in 5 years! Black money in the country: 300 lakh cr. Demonetisation was a total disaster.”
Yechury also sought a withdrawal of excise duties on petroleum products. “Looting the people! Imposing intolerable miseries on people already suffering under the double whammy attacks of Covid & economic recession. Withdraw central excise duties on petroleum products,” he said.
