Chennai: Opposition parties across the country might have taken to streets to protest demonetisation, but economists and a section of the people feel that the agitation was “unnecessary” since the move to announce Rs 500 and Rs 1,000 as “invalid” would only help the economy in the longer run.
The economists also agreed that the Narendra Modi administration should have taken more care in implementation of the policy, but termed the demand of the Opposition for rollback of the announcement as “unreasonable”.
“The bandh failed to happen which shows the failure of Opposition parties who were against the move by the Modi government,” said M. R. Venkatesh, chartered accountant and economic affairs commentator, who on Monday was in Kolkata.
“Gharao and bandh are two words that originated from Bengal. It is the Mecca for bandhs but today there wasn't any stir. This shows that not only the opposing parties failed to come together and muster people for the protests but also that the majority is with the Union government,” he added.
Supporting him, M. R. Sivaraman, former executive director, IMF and former revenue secretary, ministry of finance, government of India, who has been hailing the move of demonetisation since it was introduced said: “The move was excellent and should have been implemented long back. The failure was in implementation.
“The government should have ensured there are ample ATMs across the country - the railway stations, hotels, airports, petrol bunks, post offices don't have ATMs. Secondly, they should have rolled out ample '100 notes in the rural areas.”
“Lack of notes has resulted in a major mess. Also, to make sure cash doesn't flow, the government should ban cash sales, the collection of fees in cash, ban doctors from collecting fees in cash,” he added.
“Modi, in my opinion, should have announced that if people in my party have unaccounted money, let them suffer too, but he did not say so,” he said.
M. Prakash, a student at Madras University, said he would support any bandh or protest that is against a policy that is expected to bring benefits to the economy.
“I am with the welfare of people, I opposed the Bandh. I have requested many to not support the bandh and give a big blow to the organizers as well as the black money hoarders. The move is for the betterment of the nation,” he said.
