BHUBANESWAR: Odisha Pradesh Congress Committee (OPCC) on Sunday alleged that the demonetisation announced by Prime Minister Narendra Modi four years back is responsible for downturn in the country’s economy.
The aim of demonetisation as announced by the Prime Minister was never achieved, but the country had to pay a heavy price for such a shortsighted decision, leader of the Congress Legislature Party (CLP) Narasingh Mishra told a media conference here.
Mishra said in 2014 when the Congress led UPA exited from power at the Centre, the Gross Domestic Product (GDP) was nearly eight per cent. The GDP gradually decreased to three per cent in 2019 and now reached -23 per cent following the Covid-19 pandemic, he added.
The CLP leader said when the demonetisation was implemented, the Prime Minister had announced four goals, to bring down the circulation of black money, stop fake notes, check Naxalite movement and counter terrorist activities. However, all the four goals have not been achieved, he said and added that black money and circulation of fake notes have increased after demonetisation.
Mishra said November 8, the day on which demonetisation was announced should be described as day of ‘treachery’. Alleging that demonetisation hit hard the common people and many became unemployed, Mishra said it was a tactic adopted to win elections. Former finance minister Panchanan Kanungo said the decision by the Prime Minister affected the farmers and unemployment reached a record high. OPCC president Niranjan Patnaik said demonetisation severely impacted the industries resulting in large-scale unemployment.