DEMONETISATION: THE RUIN, TRAGEDY, DISASTER AND MISFORTUNE FOR LARGE SECTIONS OF THE POPULATION OF INDIA -BY : Balbir Singh Sooch

CONVEGING INTERESTS OF DEMONETISATION:

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THE SOFTWARE INDUTRY versus THE RUIN, TRAGEDY, DISASTER AND MISFORTUNE FOR LARGE SECTIONS OF THE POPULATION OF INDIA


THE MOTHER OF ALL DISRUPTIONS-THAT TOO BY CRASHING THE ECONOMY


“The mother of all disruptions- that too by crashing the economy”


“The tremendous power of the software industry in India may help explain why the disruptive effects of demonetisation are being taken lightly.


Evidence is mounting of the disruptive effects of the recent move to renew currency notes, known as “demonetisation”.

Disruption is actually a mild expression.


What is happening is a catastrophe-ruin, tragedy, disaster, and misfortune for large sections of the population.


Farmers have dumped vegetables by the roadside for want of a remunerative price.


Migrant workers have returned home after losing their jobs. Street vendors are struggling with a slump in demand.


And, of course, many people have died while waiting in queues outside banks or committed suicide after unsuccessful attempts to get cash from the banks.


The disruptive effects of demonetisation also have other dimensions-magnitude, size.


The banking system, for instance, has been severely disrupted. For one thing, the constant flip-flop on rules and stringent restrictions on people’s access to their own accounts have undermined the confidence of the public in the banking system.


For another, it would be surprising if the considerable powers that were given to bank managers in recent weeks had not led to a spread of corruption in the banking system.


What is astonishing is how little concern this catastrophe is causing in the corridors of power. Smug reference is made from time to time to the “inconvenience” faced by the public, and people are asked to grin and bear it for the sake of the nation. Little is being done to alleviate their pains.


A cashless economy sounded like utopian waffle. Today, it is the buzzword


Just a year ago, the idea of a cashless economy sounded like utopian waffle. Today, it is the buzzword.


What is disturbing is how government policy is now aligned with the interests of these business lobbies.


The entire demonetisation drive is an uncanny-strange-supernatural miracle for the software industry, as if the industry itself had written the script.


None of this is to deny that cashless payments may have some merits. But there is no reason for state power to promote them single-mindedly, that too by crashing the economy.”


The extracts from the views of Mr. Jean Drčze is Visiting Professor at the Department of Economics, Ranchi University. Courtesy by THE HINDU


A view:

Avtar Singh:

“Mr. Jean Dreze, rather this demonetisation exercise is a process of "planned obsolescence-outdated" to benefit the handful resource rich capitalists under the garb of social reform movement. Cashless economy is being promoted by the government at the cost of already overburdened-burdened too heavily public exchequer-treasury as if it is the panacea for the all the evils afflicting the Indian economy, society and its associated welfare state.

Posted on Dec 28, 16 | 1:52 pm