The smog of demonetisation
Apart from the existing political think tank’s claim about the outcome of the bold step undertaken by the present central government on November 8, last year. The action of demonetization is a success or failure continues to be an ambiguity as none remains to be aware of the net volume of black money there’s in circulation and, even a lot more vital is the existence of the actual meaning of black money across all sections.
To the least achieved success story from the prior two currency pull back efforts belonging to high denomination from the state’s market, aimed at the same reason of clamping down the black money circulation. Modi might have put the populace in perplexity for the following 3 or 4 months post demonetization but his move was never unprecedented to him and his allies.
Demonetization as a measure to unearth and counter the spread of black money is shoddy. However, a certain section of people’s opinion regarding the act of demonetization was jazzy yet preposterous to hear. According to them, demonetization had some way forced most of the black money hoarders to act quick and free themselves of high denominations before the govt was ready to nab them by their collar. But this minuscule section of black money hoarders won’t feed to the nation’s famish roused due to the exercise of demonetization. In fact, these black money hoarder’s illegal holdings might sum up to a microscopic percentage of prevailing unauthorized cash-web.
Modi’s chest thumping laud about the gleeful acceptance of demonetization by Indian’s across geographies had very little to do with the actual scenario of what had happened in those 50 to 60 odd days.The unexpected but timely exhibition of sycophantism by the chief of an autonomous banking organization, readily bootlicking the motion upheld by the prime minister again proves the pre-brewing of the demonetization within the circles of his favorites.
Among numerous negatives, one good that this phenomenal exercise has done is the unveiling and initiating of well-attended deliberations across the nation. The exercise had brought forth the deadly picture of impecunious, indigent and destitute fiscal state of the nation. Important assessment results pushed behind the synthetically conceived bright figures were a common sight in most of the publishing of the government.The diminutive growth in terms of tax collection is again something midget to be adored as a part of the success of demonetization. As published in one of the noted political magazines of India, the projections of income tax collections in 2017–18 made within the last budget suggest a growth of around 25th over last year, compared to 22.7% tax collection growth in 2016–17. If this projection is perceived to be true, the income tax to gross domestic product (GDP) ratio will inch up from 2.3% in 2016–17 to 2.6% in 2017–18.
The finance ministry’s mastery at throwing impalpable accrued numbers to the public in order to inject a message of the concocted success story and getting it reverberated time and again in their ears to commute the actuality of statistical information to oblivion has been the format all throughout. Now coming back to the provision of tax collection, the Modi government again failed to clarify whether or not the projections would take income tax collections beyond the budget estimates for the present financial year, suggesting a mere 0.3% points of GDP increase in tax collections over the previous year. Now frankly speaking if this growth is considered to be one of the most important positives of the demonetization phenomenon, then it’s beyond the rational realms of debate as this yet again speaks of the failure to acknowledge the greater agony undergone by a billion Indian just a few months back.
The administration is somehow trying to blindfold the commoner, spoon feeding them the self-weaved success stories of the demonetization phenomenon. They are at the same time knowingly unacknowledged the loopholes and projecting denial towards authenticity and reality of demonetization. The impacts of demonetization are omnipresent now, as the purposive creation of propaganda clutter is ascending with every passing day, a hallucination of the real contemporary scenario has descended and is becoming permanent.
The Few disclosed results from the exercise of demonetization:
•More than ₹ 230 Billions of black cash discovered so far and this figure is unendingly increasing.
•India has achieved 7.1 % of Development Rate in October 2016 to December 2016.
•More than 9.1 millions of taxpayers increased after demonetization.
•On 31 December 2016 PM Narendra Modi announced 4% exemption on home loan.
•Till 24 may 2017, nifty has crossed the figure of 9000 and SENSEX has crossed the figure of 30000.
•The start of Direct transfer of government subsidy in 250 Millions of Jandhan bank account.
•Till 2016 more than 26.9 millions of farmers under Crop Insurance scheme
•2 Million Tons of buffer stock of pulses.
•The modified law of anonymity property has been effected from 01 November 2016.
•Average inflation rate 3.39% in 2016-17.
•National Treasury Loss is 3.5% in 2016-17 which is effectively less than 4.5% in 2013-14.
•GDP 7.1% in 2016-17.
•FDI $ 60.8 Billion.
•Foreign Exchange Reserves of India reached to $ 375.717 Billion on 05 may 2017.
•GST a Biggest Tax Reforms in India after Independence.
•Much better, mature and aggressive foreign policy.
•Fast pace in Defence Development and Acquisition.
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