Demonetization – A Class Divide?

Demonetization – A Class Divide?

Despite being a tool for fighting corruption, demonetization has polarized us as a society. How do we, as a society, think on a matter of vital national interest? Please see the opinion of the common man at the end of this blog. What should be done to make this a national initiative? Please read http://wp.me/p7XEWW-km

Background

The current demonetization drive for stopping corruption has either become a boon or a bane. Demonetization of currency has strongly opinionated Indian. At the core of our values, we all want corruption to be eradicated. We all differ in our perspective towards how this should be executed. Eradicating corruption is a fundamental initiative that has significant impact to our identity, polity and to the country’s Macroeconomy. Across sections of the society, many are doubtful and cynical. What makes us feel so? Why do we see a class divide and a strong polarization of opinion? What can be done to reduce this gap and drive this initiative as a national cause?

Is this stop gap? Or will it really stop?

Nefarious means are unlikely to change unless we see a substantial change in attitude towards way of living and transacting in our daily life. Whenever radical change is initiated, and if it is unaccompanied by fundamental change, the system is bound to go back to status quo. I already see those signs. So demonetisation will either stall or impede the flow of black money, temporarily but it won’t nix this at the bud.

Who likes or dislikes demonetization?

Service class and Expatriates for sure are supportive of this initiative. Their earnings are all white transactions. Business, Politician, Illegal (drugs, alcohol, nefarious political-business connections and terrorist), those using hawala, are unlikely to accept or adopt this change. Farming community will be neutral. Poor will be swayed by the noise rather than the voices they hear.

What an irony, we haven’t learnt for centuries

Earlier, the Englishman arrived in sixteenth century. They stayed, understood, conquered, consolidated, ruled and looted and deprived this golden land not just materially but made us defunct morally.

We still haven’t changed. We still think our cause above the country, prefer to be blind sighted to others perspective. Seems like, that is within our genome and our destiny or else, why can’t we listen to each other’s perspective, why should we not have a national inclusive dialog?

No, that inclusive dialog won’t happen because somewhere, we deeply trust that ‘My truth is superior than your truth’ and we go a step further, to engross all the credit for this achievement. Collectively, we have forgotten what is best for this country.

We know corruption is a national menace, it’s like an enemy within.  In the best interest of the nation, we should be unified for this national cause, we should come forward and adopt and accept, and provide constructive recommendations, rise above ourselves to let this happen. To some, this may sound hollow, but nations like Japan and several from European Union, have risen because, their constituent decided to adopt that pathway. It is not a utopian principle, it’s realty with pragmatism.

Should Prime Minister Modi be inclusive?

Yes, if this needs to succeed! Do we need to do more than withdrawing old currency and circulating new notes? Do we need this to be backed up with change in our attitude and fundamental way we think and work in our daily life?

Why Presidents Fail And How They Can Succeed Again

Kamarck, a Sr. Fellow at Brookings Institute Governance Studies, argues that presidents spend too little time investing on Governing. She explains the difficulties of governing in our modern political landscape, and offers examples and recommendations of how our next president can not only recreate faith in leadership but also run a competent, successful administration.’ I believe, we can easily extrapolate this to include our administrators as well.

A Kind request

This is a non-partisan exercise, not supported or aligned with any political group. Neither is this supported by any business or vested interest. To many, it is a matter of national importance and I would appreciate your motivation in spreading this message. By spreading this message, you may get to know the perspective of those within your community.

Please share your opinion when you visit the survey on the link below. As always, polls are anonymous. I have enabled single voting per device. If you have a question, kindly use the comment box to submit.

Note: I have disabled advertisements from this site. Despite if you see any advertisements, kindly report to me with a screenshot or time stamp the event. 


Additional Reading

  1. Demonetization and India’s Macroeconomy – Will Rupee Depreciate? Copy paste this link if the above won’t work http://wp.me/p7XEWW-jt
  2. Surgical Demonetization? What Is Good And What Needs To Be Fixed? Copy paste this link if the above won’t work http://wp.me/p7XEWW-eA
  3. Why Presidents Fail And How They Can Succeed Again

5 thoughts on “Demonetization – A Class Divide?”

  1. I do not get the point of the first question in the poll. I believe we already are having an inclusive dialogue, or atleast an attempt for it. The question is whether it is inclusive enough.

    This exercise is not just about withdrawing old currency. It cannot be seen as a standalone solution. It needs to be seen as a part of a comprehensive plan which includes improving banking access, direct transfer of subsidies, access to credit, simplification of taxes, bringing more people into the tax net, make them a part of the formal economy, and support all of this with trade, robust manufacturing, vocational training, lean and transparent administration, to eventually lead to more opportunities of dignified work for people.

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  2. I am an Indian and let us think from Indian common man perspective. India has seen corruption thriving in the country since historical times. Eliminating it will require tremendous hard work, patience and perseverance.

    Majority of the people are against corruption and it would not be true to state that they are against demonetization. The anger expressed by most common people is because of the way it was implemented. When rules are same for all, how is it that only common man is seen in the banks queue ? Do the rich do not have any old currency with them ? How they are managing effortlessly when every individual is only getting Rs 4000 per week ?

    Demonetization is very good but adequate planning was required to save jobs of the poor. Today, they have lost their jobs and therefore expressing the anguish. There would not have any views against demonetization if adequate steps to protect the common man were taken.

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  3. I feel that Demonetization by itself may not yield the desired continued results , unless followed up by similar and quick measures on other black money hoarding measures via gold/RE/Farming/ swiss bank routes. Being quick is important Else it will just become a mean of shifting black money among such routes , however with currencey demonetization implementation setback , it seems govt is on backfoot and slow now which is going to help corrupts in switching such money.

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  4. Nice blog..As I spoke about demonetization in my circle, I understood following:

    1) all Modi and BJP supporters are supporting this move and appreciating

    2) all Modi haters, pseudo secular and pseudo liberals are criticizing and calling this a waste exercise, financial emergency dictate of Modi etc etc.

    3) most of the Muslims and Christians are criticizing this move

    4) economic experts have mixed opinions which is causing confusion among people (swing voters).

    5) people believe that only time will tell benefits or loss of this exercise, it is hard to predict anything at this point of time..success or failure will also depend on future moves of the government which will come as a surprise

    6) People got affected by this move, inconvenienced, businesses are reduced but mostly people are peaceful, even poor..there is no existential crisis, life is going on normal. I see lot of people in markets, even in small street side shops who deal in cash and in villages also life is normal. People are using barter system, credit, bulk purchasing to overcome cash crunch. UP, Punjab Election results will truly reflect people’s opinion.

    Currently people are afraid to say anything against demonetization because they will be labelled as corrupt.

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  5. Demonetization is a very bold,strong, and well thought of move by PM Modi. It will get the support of majority of population as they know they are getting benefited by this.

    Govt is compelling people to use technology for money transfer and that’s the only way people start using it. Govt should give incentive for this, it would be more effective.

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