‘Objectives of demonetisation haven’t been fulfilled so far’

‘Objectives of demonetisation haven’t been fulfilled so far’
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By INSHA LATIEF
Srinagar: Indian Economist and a former Rajya Sabha member and Ex-Vice-Chancellor of Mumbai University, Prof. B. L Mungekaron on Saturday said that objectives of demonetisation haven’t been yet fulfilled.
Delivered a special lecture at the Central University of Kashmir on “Political Economy of Demonetization,” at its Nowgam-I academic block, Mungekaron sadi that through demonetisation the objective of the government was to attack the black money, which is about 20 to 30 per cent of the national income, besides tackling the menace of counterfeit notes.
He said that the replacement currency of Rs 2000 that the government introduced after scrapping the old Rs 500 and Rs 1000 notes could benefit the having black money.
He added that demonetization has failed to address these issues and instead it created tremendous hardships to the people belonging to the lower strata of the society and lower middle class,” he said in his lecture.
He said the main aim and objectives for which the decision was taken haven’t been yet fulfilled.
He also governments move to pursue the concept of cashless India.
“People in India don’t have cash, how would the concept of cashless economy work,” he said.
Mungekar, said the students who know the problems of Economic development in the country like India and those who know something about monetary economics and monetary policy, would not appreciate the decisions taken on demonetization.
“As a student of economics, I don’t just believe in economic development and economic growth unless that benefits the poor people in the society,” he said.
In his presidential address, Vice-Chancellor, Prof. Mehraj ud Din Mir thanked Prof. B. L Mungekar for delivering the special lecture on this critical topic.
Mir said, the demonetization did not leave any political impact as the ruling party at the centre, which took the decision of demonetization, swept the assembly elections in Uttar Pradesh and also formed governments in other states.
He asked the Head of the Department Economics to conduct more such lectures in near future.
Addressing the gathering, Prof. G M Bhat described the demonetization as a tricky issue and said that Prof. B. L Mungekar would discuss in detail about the impact and pros and cons of the decisions taken by the Central government in this regard.
He said that majority of the Economists in India were against the decision of the GoI on demonetization as it adversely affected the people belonging to impoverished class and also had an adverse impact on the economy of the country.
Assistant Professor, Department of Economics, Masroor Ahmad later presented vote of thanks.

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