Demonetisation: The Guardian says Modi has brought havoc to India
As the opposition parties and a large chunk of media in India escalate their criticism against the Modi-government’s demonetisation of high value bank notes, the financial crisis in the country has also managed to catch the attention of international media.
With the note-ban policy by the Modi-government reaching its tenth day, the move was highly criticised by an editorial published in The Guardian, saying “Modi has brought havoc” to the country.
According to the editorial, the short-term impact of scrapping the Rs 1000 and Rs500 notes has been “dramatic” as it badly affects the 2 trillion Indian economy.
“The rich will not suffer, as corruptly acquired fortunes have almost all been converted to shares, gold and real estate. But the poor, who make up the bulk of the nation’s 1.3 billion people, will lose out,” the article read.
Mentioning India’s previous demonetisation attempt in 1978, the article said Modi’s decision has “more in common with the failed experiments of dictatorships,” resulting in inflation, currency collapse and mass protests.
“While Mr Modi campaigned to end corruption, it would have been better if the government had updated its antiquated tax system to realise such a task,” the article commented.
The editorial also suggested Mr Modi, a Hindu nationalist, wants to be known for something else as he “was for a decade an international pariah over his alleged role in the mass murder of Muslims in a region he once administered.”
“Two years ago Mr Trump’s svengali, Steve Bannon, described Mr Modi’s victory as part of a “global revolt”. But a looming cash crunch and an administrative crisis makes it look like the revolt might start at home,” The Guardian concluded.
Read The Guardian editorial on demonetisation here: The Guardian view on India’s demonetisation: Modi has brought havoc to India
Photo: Vijay Pandey