Congress Slams Modi on Demonetisation Anniversary, Calling It Economic and Political Disaster

The Congress party launched a sharp attack on Prime Minister Narendra Modi on Sunday, stating that demonetisation ruined the economy and a process it termed 'votebandi' is harming the nation's political system. Congress general secretary in-charge of communications Jairam Ramesh made these remarks in a social media post while sharing a media report which stated that the 2016 demonetisation policy was a disaster then and remains a resounding failure ten years later. Prime Minister Modi had addressed the nation on this exact day in 2016 to announce the withdrawal of high-value currency notes of five hundred and one thousand rupees. Opposition leaders have regularly criticized the central government on every anniversary of the demonetisation announcement, describing the move as a reckless action that broke the economic backbone of the country.

Context

Demonetisation remains one of the most debated economic policy decisions in recent Indian history, with ongoing political disagreement over its long-term effects on growth, cash usage, and formalization of the economy. The anniversary frequently sparks political clashes between the ruling party and the opposition regarding its intended goals versus its actual outcomes.