On Demonetisation’s 6th Anniversary, Congress Says Centre’s Policies Break MSMEs’ Backbone

New Delhi: On this day in November 2016, Prime Minister Narendra Modi announced that the currency notes of Rs 500 and Rs 1000 "will not be legal tender from midnight tonight" and these will be "just worthless pieces of paper from tomorrow.” 

In his televised address to the nation, PM Modi claimed the demonetisation exercise would curtail the shadow economy, increase cashless transactions and reduce the use of illicit and counterfeit cash to fund illegal activity and terrorism. 

On the sixth anniversary of demonetisation on Tuesday, the Congress took potshots at the Modi government and alleged the demonetisation exercise was independent India’s “greatest organised loot”.

Congress leader Ragul Gandhi during his Maharashtra leg of Bharat Jodo Yatra on Tuesday criticised the economic policies of the Modi government and alleged these policies have “broken the backbone” of small businesses and farmers while benefitting selected businessmen. 

“Unemployment is increasing in the country. PM Modi’s wrong policies like demonetisation, GST, have broken small businesses, farmers who were the backbone of employment. The truth of India is that the country cannot give employment to its youth,” he said. 

In a press conference at the AICC headquarters here, Congress leader Gourav Vallabh said the Government of India’s decision on Nov. 8, 2016 triggered ‘panic, creating unspeakable problems linked to cash and destroying countless small and medium businesses’. 

Vallabh accused the government of destroying the economy through demonetisation action and demanded a white paper from the Modi government on it. 

“The prime minister is yet to acknowledge this epic failure that led to the fall of the economy. He must acknowledge that,” Vallabh said. 

The Congress leader said the exercise was undertaken to recover the black money, however, it only added to the poverty and economic crisis. 

“Small businesses and crores of jobs were finished off, not terrorism,” he said while adding, “The emperor demolished India’s economy by giving the people illusions of a better outcome in 50 days.”

आज हमारा देश नोटबंदी की छठवीं पुण्यतिथि मना रहा है जिसे भारतीय अर्थव्यवस्था की छठवीं पुण्यतिथि कहना ज्यादा उचित होगा।

सुनिए, नोटबंदी पर मोदी सरकार के झूठ के पुलिंदों का पर्दाफ़ाश कर रहे हैं श्री @GouravVallabh - pic.twitter.com/zfx6N68HRH

— Congress (@INCIndia) November 8, 2022

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(With PTI inputs)