Chhibber
in his recent article published in esteemed newspaper Indian Express dated
November 28 categorically pointed out that the policy bound to have collateral
damages. It is a blunder rather than its
affirmative effect to curb black money from the root itself he stated. His analogy is countries like Zimbabwe,
Argentina, Myanmar, Ghana, Soviet Union, Nigeria and Zaire have demonetized
their currencies without any significant achievements. Black money holders always transformed it in
gold, real estate and offshore investment.
Furthermore, demonetization to be undertaken only when economy gets
tumbled and inflation reaches at a higher peak.
His assessment is black money will reduce by 0.5 to 0.75 per cent of GDP
but damages to the economy will be huge and unsustainable. Rural based economy along with MSE will
tumbled down and culminated to negative GDP growth.
What legacy the present Government
received from Dr Manmohan Singh Government was scams after scams. Poor become poorer. Agro based industries and MSE which are major
employment provider were received in bad shape.
Politicians played with the life of common man. Suresh Kalmadi, Raja, Kanimozi and many more
have tarnished the image of Indian society.
There was rampant corruption at every level. A decade of corrupt Congress raj culminated
in to wealthy became wealthier. There
were no social, political and economical reforms for a decade.
Now,
ours is a growing economy. Modi
Government is adopting reforms one after the other. To root out corruption, bilateral agreement
with different countries is in progress, automatically information will be
received as and when Indians will carry out transaction in other countries. Efforts are being made to bring black money
holder in tax net. This is the
beginning, not the end. PM has already
hinted in his speeches that next step is to curb benami properties. Gold will probably the next target. So, no need to panic. Positive steps definitely will yield
desirable result. So, wait and watch.
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