On Demonetisation’s Ninth Anniversary, Congress Denounces Policy as Economic Setback

Overview

• Congress general secretary Jairam Ramesh called the 2016 move a “disastrous Tughlakian decision” and said the economy lost momentum that has not returned.
• He said livelihoods of crores were hit as trade and MSMEs were crippled and the unorganised sector, cited as over 92% of employment, was devastated.
• Ramesh argued that black and counterfeit money did not shrink, the cashless push fell short, and the Rs 2,000 note introduced afterward has since been withdrawn.
• Arunachal Pradesh Congress chief Bosiram Siram termed the policy the most misguided and destructive economic decision and urged observing November 8 as a Black Day.
• Party leaders maintained that none of the stated goals—eradicating black money, ending corruption, stopping terror financing, or removing counterfeit currency—were achieved.