A lot of discussion on the RBI annual report. Huge criticism about the entire Demonetisation exercise that the country went through recently.
First, is this a failure of government? Yes, it can be termed as one. The government should have known the importance of “jugaad” in our country. Underestimating the public is the last thing politicians can afford doing. There can be multiple viewpoints and theories about this act of government. But on its face, the entire exercise does look like a failed attempt to curb black money. We lost money, lives and huge amount of everyone’s time going through this ordeal.
Second, is this a collective failure of our society? It is a known fact that there is quite some amount of black money in the society. We have witnessed it multiple times, be it during elections or in businesses or elsewhere. We know for sure, people have a lot of unaccounted money. Well then, except for INR 16k crore, how did the entire currency become accountable? It is because of us, people. We helped the rich to get the currency exchanged. We played a major in converting all the black money into white. How else could this be possible? So if we citizens are not going to support the government (which is elected by us), and continue to “jugaad” with every policy, we should also not expect results. Yes?
PS: Some interesting articles on this topic –