Ever since the Reserve Bank of India revealed the figures of 99% currency in the denomination of 500/1000 having been received back, the opposition parties have been going gung-ho & gaga. They have declared the demonetisation a failure. They have called the Prime Minister a liar. They have certified that there is no black money in India. They have certified themselves to be honest. They have the support of the Trin Mool Congress of Mamata Banerjee and her arch rivals- Marxists. They are all either colour blind or deluding themselves. Whoever thought that black money was stashed in the form of currency notes alone? Only the ordinary citizens unfamiliar with the crafty ways of the crooked white-collar criminals would subscribe to that view. Others have a fairly good inkling of what form does the black money take in India. It is in the form of gems, jewels, gold, silver and jewellery. Indian intelligence is known for its selective vision. How else can somebody explain the mystery of the missing 11 kg solid gold Nazarana coin of the Nizam of Hyderabad or the pearl carpet of Baroda or the heirlooms of Kashmir or the treasures of the old state of Gwalior and other princely states or even the tonnes of silver seized from Choti Sadari, gold from the Moti Doongri and elsewhere? Black money is black only due to evasion of tax, otherwise it is as white as the dead 1000/500 notes. The parallel economy has cocked a snook at the Modi establishment. After all, the Indian economy is as old as the country’s civilization and is a superior management school than Harvard or LSE. Cash was needed for real estate business because the market practice was to pay in the ratio of 60:40, meaning through banking channels 60% and cash 40%. Bribes were transacted in cash, gold and real estate according to the status of the beneficiary. Non-banking channels were used to stash cash or other assets in tax havens abroad. The black economy/parallel economy is trying to portray demonetisation as a failure, but it is the biggest success of Prime Minister Narendra Modi. The facts are as follows:
- The black economy has been crushed for long. It will take several decades to come to exercise the power it had done till 9 November, 2016;
- It is the 1% that was ruling the 99% in the twisted Indian democracy which acquired the public contempt as the government of the corrupt, by the corrupt and for the corrupt;
- The RBI says only 1% of the invalidated currency of about Rs. 9000 crores approximately has not come back to the bank. The Opposition is using it to justify their misplaced opposition to demonetisation. They are terribly wrong and again trying to fool the people. This amount is enough to buy parliament election for the corrupt, organize terror strikes in several places in the country, create demons of fugitive cowards of criminals taking refuge in enemy country, run anti-national outfits like Naxals/Maoists, promote NGOs under cover of social, cultural, educational, environmental or such other veneer but actually indulging in religious conversions and stoking strife in society in the name of right to freedom of speech or privacy or some such thing. They have failed to come to power on the flawed economic calculations that demonetisation has slowed down the economy;
- The real economy has registered a very healthy growth but the black economy operation having registered a fall have slowed down construction industry till a fair regime takes place. The RERA (Real Estate Regulatory Authority) is going to deliver that as the old formula of 60:40 is going to be replaced by legal and transparent transactions. It is welcome that the black money generating parallel economy working has been dealt a death blow by a single act of demonetisation. The people do not feel sorry for it. Only the shenanigans of the black economy are feeling upset and crying like Gurmeet Singh RR of Sirsa (Haryana);
- The opposition killed so many people only to stop the process of smooth demonetisation by paying their old or sick supporters, who need not have stood in the queue at all, unless they were to be exploited for political gains. The people of India did not suffer a single casualty. Had it been the case, there would have been mass scale riots in the country. But the people cooperated whole heartedly and did not complain of a single death;
- The kind of unqualified support the people gave to demonetisation shook the entire opposition, which has still not recovered from the trauma of suddenly losing billions of black money and the power they wielded with its help. The rout of these parties from UP or elsewhere disoriented them. They are carrying their tirade against the Prime Minister and the government on ground of fall in GDP rate in the current quarter. It was bound to happen this way only for a short time. The economy will register double digit growth in less than one year, but then these leaders will turn enigmatically quiet;
- The most valuable gain of demonetisation was the return of public trust in the government. A simple comparison between the complete lack of trust in the UPA-I & II governments of Man Mohan Singh and full trust in the Modi led NDA/BJP government tells it all. Economic data can wait- for the moment a recuperating India is more important than anything else. The economy is on the right course and its rejuvenation is not far away;
- The Prime Minister has added several feathers in his cap since last November: he has his nominees in the positions of the President of India and the Vice-President of India. He has his party’s government in Assam and UP for the first time. He has made gains in several other territories under the opposition. The rout of the opposition in every territory is a sign of the decline and loss of faith in any others because Modi promises what he delivers. His government’s social welfare schemes are benefiting the deserving beneficiaries in a transparent way- something many had not seen for decades;
- The inflation run to the North without any market logic, as under the previous government, was tamed only by the Modi government;
- Fear of the law was drilled into the looters. The end of their operations brought to an end the market manipulations affecting all spheres of the economy and brought some discipline in the market.
The Congress and all other political outfits with the word Congress attached to their identity tag, should stop wasting time in criticizing the Prime Minister and his government. If they adopt a positive approach to politics as a means to serve the people and not themselves, they will use the opportunity to think better and better than the Prime Minister, Narendra Modi. Else their future is sealed and they will sink before the present government gets the mandate for another term.