Modi’s note ban a disaster, destroys Indian economy : Sitaram Yechury

On the second anniversary of demonetisation, CPI(M) leader Sitaram Yechury Thursday alleged that Prime Minister Narendra Modi through note ban had “singlehandedly” destroyed the livelihood of people and the economy of the country.

The government’s demonetisation move was a disaster for the economy and the people, the CPI(M) general secretary said. On the Modi government’s prediction that demonetisation would end black money, corruption and terminate terrorism, Yechury claimed that the Indian economy is yet to recover from the impact of note ban.

“Modi and his minions claimed demonetisation will end black money, finish corruption, terminate terrorism, and bring only digital transactions. Two years later, Modi is silent. The truth is that he singlehandedly destroyed the economy, lives and livelihoods,” he tweeted.

Finance Minister Arun Jaitley on Thursday made a strong defence of the note ban move, saying it resulted in formalisation of economy and increased tax base, with the government earmarking more resources for the poor and infrastructure development. Yechury claimed that five years ago, Modi had promised Rs 15 lakh in every Indian’s bank account, but those who got huge amounts are the ones who looted banks and fled the country.



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