Demonetisation has wiped out our confidence: Rahul
Demonetisation has wiped out our confidence: Rahul

Demonetisation has wiped out our confidence: Rahul


Terming demonetisation an 'arbitrary' and 'unilateral ' decision by the NDA government, Congress vice-president Rahul Gandhi said on Wednesday that in the past one year, 'it has wiped out confidence in our once booming economy'.

'One year ago, Narendra Modi bypassed the Reserve Bank of India, locked his cabinet in a room and gave the country just four hours notice before announcing his arbitrary and unilateral demonetisation scheme. Overnight 86 per cent of the value of India’s currency was withdrawn from circulation.

The Prime Minister claimed his decision was aimed at wiping out corruption. Twelve months on, the only thing he has wiped out is confidence in our once booming economy,' Gandhi said in on the first anniversary of demonetisation.

Describing the GST implemented by the government as 'hastily imposed' and 'poorly conceptualised' , Gandhi said the 'complex' regime put in place by the government has devastated livelihoods, creating a modern day “Licence Raj” that imposes rigid controls and gives vast powers to government officials. Gandhi said the demonetisation decision had shattered the economy.

'Demonetisation has wiped out 2 per cent of India’s gross domestic product, destroyed the informal labour sector and has wiped out many small and medium businesses. It has ruined the lives of millions of hard-working Indians. The Centre for Monitoring Indian Economy has calculated that over 1.5m people lost their jobs in the first four months of 2017 due to demonetisation,'he said.