PM Modi destabilised stable economy: Congress

Congress on Monday accused the Narendra Modi government of “destabilising” the stable and developing economy of the country following its decision to demonetise big currency notes on November 8 last.

“The country’s economy was stable and developing but it was destabilised because of Modi-made disaster,” Biswaranjan Mohanty, the Kolhan coordinator appointed by AICC, for campaign against demoneitsation, said here.

Demonetisation was an “autocratic” decision of the Prime Minister, which rendered five crores people jobless, he alleged, adding People across the country, particularly poor farmers and small traders, are facing hardship even 50 days after the announcement of note ban. Mohanty asked the Prime Minister to answer the questions raised by Congress vice-president Rahul Gandhi and also provide a list of those who deposited over Rs 25 lakh in their bank accounts and the amount of black money recovered after demonetisation.

“Congress is not opposed to the move aimed to crush black money and corruption but no one has authorised the Prime Minister to restrict people’s freedom of withdrawing their own money,” he said.

“Congress had allowed 50-day time as sought by the Prime Minister to restore the situation back to normal. But it cannot stay silent as people continue to face hardship even after the 50-day period expired,” he said. As part of its country-wide campaign, the party will stage demonstration against demonetisation in front of East Singhbhum Deputy Commissioner’s office on January 7 followed by at Seraikela-Kharswan and West Singhbhum districts, Mohanty said. 

Meanwhile, defending PM Modi’s move, Union minister M Venkaiah Naidu on Monday described the slew of sops announced by Prime Minister Narendra Modi on new year’s eve and a cut in interest rates by banks as “beginning of percolation of demonetisation’s benefits to the people”.

Referring to the sops announced by Modi, the Union Urban Development Minister said, “This was prompted by the return of huge high-value currency notes into the banking system.” 

Hailing the move of banks to cut interest rates, Naidu said it would benefit the common man. “It is very clear that the benefits of the (high-value) note withdrawal have begun to flow to the people,” he added.