Congress leaders and workers will protest on Thursday against the "complete demolition" of the Indian economy unleashed by the "Tughlaqi farmaan" of demonetisation two years ago, spokesperson Manish Tewari said at a press conference on Tuesday, 6 November. Speaking on the criticism of demonetisation that nearly the entire cash money got stashed in banks, Jaitley said confiscation of currency notes was not the sole aim of the demonetisation; getting it into the formal economy and making the holders pay tax was the broader objective. "Notebandi impacted every single person, regardless of age, gender, religion, occupation or creed".
He wrote, "Beyond the steep drop in headline GDP growth numbers after demonetisation, the deeper ramifications of notebandi are still unraveling". Small and medium businesses that are the cornerstone of India's economy are yet to recover from the demonetisation shock. "This has had a direct impact on employment as the economy continues to struggle to create enough new jobs for our youth". "By the time the first five years of this Government are over, we will be close to doubling the (tax) assessee base", he said, attributing the sharp increase to the notes ban decision.
The prime minister stood up two years ago on November 8 and addressed the nation, demonetising nearly Rs 16.99 lakh crore in circulation, Tewari said. With a depreciating currency and rising global oil prices, macro-economic headwinds are also starting to blow now.
It is therefore prudent to not resort to further unorthodox, short-term economic measures that can cause any more uncertainty in the economy and financial markets.
Singh said, "I urge the government to restore certainty and visibility in economic policies..."