Demonetisation: What the world media says
There has been much criticism about the PM Modi’s demonetisation decision in the country with various political parties claiming that the decision could have been more well planned keeping in mind the chaos it has caused all over India.
Commenting on the move Chinese official media has said it is ‘far from enough’ and India may ‘look at ideas’ from China’s crackdown against corruption which has shown ‘efficiency’. An op-ed article titled ‘Beijing offers clues for Modi’s new anti-corruption moves’ in state run Global Times said, “ Modi means well and his decision was made based on the reality in India, since most illegal business in the underground economy is cash-only, and 500 and 1,000 rupee notes constitute over 80 per cent of all cash circulation in India. Nevertheless, we can hardly count on the new rule to fully root out corruption.”
The article says that various measures carried out by Modi to crack down on black money have been “without teeth and can’t begin to scratch the surface of the problems he faces”. It further advises that delivering a corruption-free country requires more than banning currency notes.
Giving the example of what China did to root out corruption it said, “Over the years, China promoted anti-corruption laws, improved the supervision system, deepened judicial system reforms and adopted measures to make sure the system is transparent.”
The US experts have hailed the Indian government’s decision to demonetise Rs. 500 and Rs. 1000 currency notes, and said the success of this radical anti-corruption step would depend on its implementation.
Reacting to demonetisation, Obama administration said, “It is an anti-corruption measure taken by the Modi government following a series of steps that the government has taken in the past years in an attempt to reduce counterfeit money or black money.”
Pakistani citizens seemed impressed by the move as comments on the websites of major English dailies like Dawn and The Express Tribune hailed the move using words like “Impressed”, “Visionary”, “Superb” and “Bold”.
Taking inspiration from Modi, a Pakistani opposition party lawmaker has submitted a resolution in the Senate to withdraw 1,000 and 5,000 rupee notes from circulation in the country.
British newspaper The Guardian citing analysts said, “The surprise move could hurt the Indian economy in the near-term but would ultimately prove positive, by cutting corruption and giving a badly needed boost to stretched government finances.”