Dear Shri Manmohan Singh ji,
Though I am not a great fan of you, I respect you for your knowledge of finance, which is way beyond my comprehension.
I read the news of your statement on the Demonetisation issue in the Parliament. Though it is good you’ve spoken, I expected you to speak long back. When all and sundry of the opposition were busy in hypothesising theories about the futility of the demonetisation, except Chidambaram none of the qualified leaders from opposition spoke. I am glad you spoke of it.
I do really agree with you that the implementation of demonetisation was really a monumental failure. This, given my experience in executing projects could sense even before banks opened to public after demonetisation. The way entire media and opposition parties ignited panic in the general public, one could expect how the scenes would turnout at banks and ATMs.
I was surprised to see how you expressed very little of your views on the impact of demonetisation scheme. Your views were limited to reduction in GDP to the tune of 2% and hurting agricultural growth, small industries and informal sectors. In fact, I am disappointed to note that you have not spoken about how the demonetisation would impact the hoarded black money – in currency form, whatever little fraction that may be.
Sir, considering you used so strong adjectives like ‘Organised Loot, Legalised Plunder’ to describe demonetisation, shall I take it like you oppose demonetisation in principle? If so, is it not imperative on your part to explain the negative effects of Demonetisation, given you are considered an authority in economics even by world leaders and bankers? The feedback in public domain from most of the reliable economic scholars is in favour of Demonetisation, though everyone says this step alone cannot address the full issue of black money. All those who opposed Demonetisation belong to politicians from opposition parties. They mocked the step taken by the government in annihilating the black money through speeches, protests, meetings and finally by standing in the line at an ATM, for a paltry sum of ₹4000/-.
Sir, please tell vice president of your party that this same mockery was the thing that drove people away from the Congress party over a period of time. Your leaders ask about the fifteen lakhs deposit into everyone’s account. Considering that eleven lakh crores (conservative estimate provided by Delhi CM) worth money has already entered Indian Banking System, is not equal to depositing fifteen lakhs into 73,33,333 accounts? Even if one considers three people in each family, I presume Modi did fulfil his electoral promise. You may re-calculate and correct me, if I am wrong. And can you tell me sir, about how and why this much of unaccounted money turned into black? And we are not talking about the money stashed away abroad that was moved around the world so that even God cannot trace it.
If I ask you and your vice president about the electoral promise of Indira Gandhi – “Garibi Hatao”. Sadly sir, let me remind you, even after three generations of Gandhis ruled India since, still this promise is yet to be fulfilled. In fact, except for the time when you were finance minister, Congress rule contributed to much more corruption in the government and administration. It is not even wrong to suggest that Congress transformed Indian DNA to be a corrupt one and for this reason all leaders emerging from ordinary masses are – Corrupt. It was when you were ruling the country that number of deaths were reported so less, not more than ten percent in the Kedarnath flash floods. It is amazing level of hypocrisy with which Congress still talk about poor people and their problems?
Talking about ‘Organised Loot & Legalised Plunder’ I think the first major victim of loot by the Government was none other than JRD Tata whose Airlines was grabbed by the beloved Chacha Nehru. His daughter had not spared even banks. The most glaring example of legalised plunder was – Nationalisation of Banks by Indira Gandhi. If you feel her step was correct, you better explain why you, guided by Narasimha Rao allowed banks in private sector.
Frankly, when knowledgeable people like you are in the opposition, I expected much hot debate on the failure of the government in executing the Demonetisation.
I expected some suggestions from you people to solve the problems of commoners, who were standing in the queues despite inconvenience. I am disappointed when you hoped “prime minister will help us find ways to give relief to people suffering”. So, shall I assume you are incapable of offering any advice to the government?
You also said on long term benefits of Demonetisation quoting “In the long run we all are dead”. Yes Sir, we all would be dead in the long run. The struggle of the day is for the future generations. Don’t you think we should thank Modi for making us to struggle for our future generations, unlike the Congress rule under you for ten years that had many scams for milestone achievements?
You even threatened of GDP reducing by 2% due to Demonetisation. Seems, you are out of touch with reality after losing general elections. No industry had come up ever since coal scam had broken, making job market dry.
I always thought it was Narasimha Rao, who was the architect of economic reforms in ’91, while you were merely an instrument in his hand. Thanks for proving me correct.
You once famously said ‘History may treat you kindly’. After your pep talk in the parliament today, I don’t think History would be any kinder to you.
I still think you have a chance to change your attitude towards people of the country you once ruled. Please do talk at least once, while you still have the chance. Better late than never to correct mistakes of past.
Still, wishing you good health in the old age.
Kannan