‘Knowledge is power’
Indian Prime Minister Modi's Demonetisation:
Is it Good or Bad For India And The Global Village?
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This gives hope for both. Although, people suffered, even died; almost
reminding 'man is what he thinks', this is energizing the formed 'Modi Modi..'
craze. Suddenly scientific data, innovative gadgets, trust on the country's leader
and hope for the future are merging together to give a new confidence to the
Indian people.
Could they have done better?:
In the intension, timing, recognition of corrupt Indian ways, cash production and
distribution, yes the concept and timing were faultless. Even if secrecy is given
its due, the rest didn't make a good performance. In the 6 months available,
production of cash should have been enough and stored even for the desired
controlled distribution. 'Continue to print' was a bad idea. In distribution, a
corrupt sluggish ineffective system that made only 10% reach the end point
should have been known and central data coming out of that system should not
have been taken as gospel. Instead, since it was a major issue, end points of
distribution should have been checked at least to see if they worked. Even if
secrecy hampered ways in the pre-announcement days, post-announcement
days should have seen work done in a war footing. This means printing cash by
more companies, hiring vehicles to transfer money to remote corners and hiring
an army of temporary staff at end points of distribution - bank and cash
machines. Even involving the paramilitary, as needed. Although seeing the pain
of the people, the government was sensitive enough to do meetings, it instead
went on beating round the bush in general.
The global impact:
Finally, flooding the market with cheap goods, China has made life easy and
even luxurious for the ordinary folks globally. Adding cheap labour 'spice' to that
Chinese 'dish', a cost effective, productive, well behaved and progressive India
can only be good to the world. The demonitisation by Mr Modi, thus cannot be
said to be bad, even globally.
In this scenario, the sliding down of India to below top 5 most promising markets
as aired by The Financial Express is nothing but a noting down of temporary
stock market like emotional reaction.
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