Lucknow, Nov 11 Samajwadi Party president Akhilesh Yadav on Wednesday accused the BJP of turning demonetisation into an “ocean of corruption”, claiming that the 2016 decision pushed India’s economy backwards and acted like a “slow poison” over a decade.
He also challenged the ruling party to a debate on its claim of making India a developed nation by 2047, saying the impact of demonetisation had set the country back to its economic position at the time of Independence in 1947.
“Perhaps, such a big corruption in the name of demonetisation has never happened anywhere in the world as it happened in India under the BJP,” Yadav said.
He alleged that the decision was taken to sink banks and described it as one of the “most corrupt decisions in economic history”.
“The truth is that this decision of the BJP proved to be an ocean of corruption,” he said.
Yadav said none of the stated objectives of demonetisation had been achieved and alleged that its impact had worked like a “slow poison” over the past decade.
“Farmers, labourers, the middle class, salaried people, professionals, small shopkeepers, traders, street vendors and those running small businesses were all victims of demonetisation. They have still not been able to recover fully,” he said.
The Samajwadi Party (SP) chief claimed that several factories had shut down following demonetisation and had failed to reopen despite subsequent government policies.
Recalling the introduction of the Rs 2,000 currency note, Yadav referred to the birth of a child named Khajanchi during the demonetisation period, saying the two had come into existence around the same time.
Khajanchi, who was also present at Wednesday’s press conference, was born at a bank in November 2016 when his mother had gone there to exchange currency notes following the demonetisation announcement. Akhilesh Yadav named the child Khajanchi. The SP has since marked his birthdays and referred to his story while criticising the BJP over demonetisation.
Khajanchi celebrated his birthday with Yadav and other party members at the press conference.
“At that time, it was also said that there was a chip in the note. The Rs 2,000 note was introduced around the same time. What happened to the Rs 2,000 note?” Yadav asked.
Yadav claimed that the circulation of cash had increased by 70 per cent since demonetisation, questioning the rationale behind the exercise.
He also accused the BJP of damaging the banking system through its policies and alleged that small and medium enterprises (MSMEs) and small traders had suffered significant losses.
“The BJP has made banking more dangerous than moneylenders. You have an account in the bank, yet the bank is causing you losses,” he alleged, claiming that customers were facing penalties and deductions by banks, while even bank lockers had failed to remain secure during the BJP’s tenure.
Questioning the BJP’s vision of a developed India by 2047, he said, “These people are making claims about a developed India by 2047. But one negative decision like demonetisation has pushed India’s economy behind even the economic position we had in 1947, when the country became independent.”
“Let them not believe us if they do not want to. Let there be a debate on this. Let there be a debate on what the economic situation was in 1947 and what it would be in 2047, and how far this decision has pushed us backwards,” he added.
The Centre announced demonetisation on November 8, 2016, withdrawing the legal tender status of old Rs 500 and Rs 1,000 notes with the objective of curbing black money, counterfeit currency and corruption. The move triggered long queues outside banks and ATMs across the country.
(PTI News)
