Hyderabad: Govt adviser and senior Congress leader Mohammed Ali Shabbir on Saturday strongly condemned the Narendra Modi govt’s 2016 demonetisation decision, describing it as a disastrous economic experiment that inflicted enormous hardship on ordinary citizens, destroyed livelihoods and disrupted India’s cash-dependent informal economy without delivering adequately on its stated objectives.
Marking the 10th anniversary of demonetisation, Shabbir Ali said the sudden withdrawal of ₹500 and ₹1,000 currency notes on Nov 8, 2016, had triggered a severe cash shortage that affected millions of households, farmers, workers and small businesses. “Nov 8 should serve as a reminder that govts must remain accountable for decisions affecting millions of livelihoods. You Can Also Check: Gold Rate in Hyderabad | Silver Rate in Hyderabad | Bank Holidays in Hyderabad | Public Holidays in Hyderabad | Hyderabad AQI | Weather in Hyderabad | Petrol Price in Hyderabad | Diesel Price in Hyderabad | CNG Price in Hyderabad | LPG Price in Hyderabad Stay updated with the latest Hyderabad news.
The people of India deserve transparent answers about the economic costs and measurable benefits of demonetisation,” he said. Shabbir Ali demanded that the Union govt release a comprehensive assessment of demonetisation, detailing its impact on employment, GDP, agriculture, small businesses, counterfeit currency, tax compliance and recovery of unaccounted income. Download the TOI App.
Because high-value notes were withdrawn,” he said, the growth of digital transactions and the continued expansion of currency in circulation show that India’s payment economy has evolved in multiple ways, not simply. Because ten years have passed,” he said, the hardships experienced by ordinary Indians cannot be dismissed merely.
He said small traders, construction workers, agricultural labourers and self-employed families across Telangana had also faced serious difficulties during the cash shortage. “The govt presented demonetisation as a decisive strike against black money. But almost the entire value of the banned currency returned to banks. How much unaccounted income was ultimately detected? How much additional tax was recovered? How many counterfeit notes were eliminated? The govt must answer these questions with verifiable figures,” he demanded. Shabbir Ali further questioned the claim that demonetisation would permanently reduce dependence on cash. “Digital payments have expanded considerably, but that cannot retrospectively justify the suffering caused by demonetisation. “An economic decision must be judged by its actual results, not by political publicity.
A decade later, the govt has still not provided a comprehensive account of what the country actually gained from those sacrifices,” he said. “Ten years ago, Prime Minister Narendra Modi promised to eliminate black money, corruption, counterfeit currency and terror financing through demonetisation. People were asked to endure extraordinary hardships in the national interest.