Failed demonetization ruins economy, increases unemployment: Congress

Excelsior Correspondent
JAMMU, Nov 8: Congress today blaming the Modi Government for ruining the Indian economy due to failed demonetization, which it said resulted into unprecedented price hike, rising unemployment and increasing NPA’s making RBI helpless.
In a statement, chief spokesperson, J&K Pradesh Congress Committee, Ravinder Sharma, said that two years ago on this evening, when Prime Minister Narendra Modi made the dramatic announcement of demonetization of all Rs 500 and 1000 rupee notes, he declared to achieve three main objectives- proscribe terror financing, eliminate black money and eradicate fake currency.
He said the nation is aware of the various trouble common people of this country had to undergo to get their legitimate money from banks for a longer period than expected and over 100 people lost their lives standing in the queues, outside banks and for various hardships they faced.
The JKPCC chief said that the cost of printing new currency was 7965 crores, while 15.31 lakh crores out of 15.44 lakh crores that was demonetized, came back to the banking system, this 99.3 % of the demonetized currency is back with RBI. Where is the black money, he questioned.
“The demonetization wiped out MSME sector, cottage industry, tiny sector and crores of daily wage earners lost their jobs. The Indian economy lost about 1.5% in terms of GDP which translates into 2.25 lakh crores per year”, he said more than two years have lapsed, it is time to seek answers from the Modi Government, as to what was achieved out of it and who are the beneficiaries of this step.
The JKPCC chief said that Congress would hold protest dharma tomorrow near RBI at Rail head Complex Jammu, seeking answers from the Government over the benefits to this ill-advised step.


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