Gita Gopinath supported demonetisation, is it media manufactured?
Reports said that in her November 24 article titled "Demonetization Dos and Don�ts" in Project Syndicate, Gita Gopinath lauded the note ban describing it as a "bold move"
Kerala Chief Minister Pinarayi Vijayan's Financial Advisor Gita Gopinath's article on demonetisation of Rs 500 and Rs 1000 notes stirred a controversy on November.
Reports said that in her November 24 article titled "Demonetization Dos and Don’ts" published in Project Syndicate, Gita lauded the note ban describing it as a "bold move". Following it, many have condemned her words and CM Vijayan as he is heading a government by left parties, the staunch critics of Prime Minister NarendraModi.
But if we check her article, a narrative which is totally opposing the rhetoric against her pops up. In a lucid and jargon-free piece, she tried to objectively analyse the demonetisation move.
The last paragraph of the article goes as given.
"Modi’s policy intervention is bold, and the economic principles motivating it are beyond reproach. But a gradualist approach that includes the permanent withdrawal of large notes would have served the cause better, even if it did not generate the same “shock and awe” as the current policy. This will become more apparent as the large costs to the economy emerge over the next several months."
She lauds the boldness behind the initiative, but suggests a gradualist implementation and disapproves the haphazard manner in government implemented it.
"But with each passing day, that initial cheer diminishes. Public frustration is now mounting, because the government has failed to meet the demand for new printed notes. Commerce in India – where the cash-to-GDP ratio is 10% – relies heavily on cash transactions, and informal-economy and small-business operations have now ground to a halt, owing to long lines and tight cash-withdrawal limits at banks and shortages at ATMs."
Here. she talked about the hardships faced by people and questions whether this was the way to fight against blackmoney.
In a highly distorted reportage, media grilled Gita manipulating her saying she was taking a stand in contrary to the left party. Following this, the Opposition of Kerala government campaigned against the professor. Leader of the Opposition Ramesh Chennithala even termed her as an "agent of neo-liberal policies"
(Following Facebook post is in Malayalam)
By having a closer look at her article, it is clear that what she said was the opposite. Writer and Cultural commentator Shajahan Madampat pointed out this in his Facebook post.
The 44-year-old Gita created uproar earlier when she was appointed as the Advisor. Intellectuals and activists condemned her appointment as she was portrayed as a supporter of Neoliberal policies, a doctrine the left reproach very much.
It turns out the propaganda against the renowned Harvard professor was borne out of a trend in media where everything done by Pinarayi Vijayan makes a controversy. The whole story stands as an old saying reversed, "sensationalism, not sensitivity."