Demonetization a hoax with no benefits: Popular Front

The National Secretariat meeting of Popular Front of India in a statement termed demonetization a proved hoax with disastrous impacts on the economy. Seven months after the decision there is no proof as to whether government has achieved any of the claimed objectives. It was claimed that demonetization would bring all the black money back, stop counterfeit currencies and end terrorist financing. However within months all the 90% of the cash in circulation found its way to the banks without any problem, while common people continued languishing in front of banks from morning to evening. While government still have not been able to present any report of how much it has tackled the problem of black money and counterfeit currencies, studies show that demonetization has deeply affected the poor and the middleclass. In the months after note ban, India’s informal sector showed sharp decline. Thousands of poor people were out of work only on account of demonetization. Government is trying to cover up its impact on the economy with false claims.
A recent release of the Central Statistical Organisation (CSO) showed that the GDP, a measuring scale of a country’s economic growth, grew at 6.1 per cent in the fourth and last quarter of the 2016-17 financial year, down from 7.1 per cent in the third quarter. Also, India’s GDP during current financial year is lower than the 8 per cent rate of the preceding year (2015-16). It is alleged that even these growth rate figures are result of manipulating with numbers.
The meeting expressed deep resentment ongovernment’s negligence of the plight of farmers. While farmers, unable to repay their debts, resort to suicide in thousands, only the ultra-rich corporates get financial relaxation and aid from banks and other government agencies. In BJP ruled states like MP and Maharashtra democratic protests of the farmers are confronted with utter brutality. The meeting expressed support to cause of farmers and their agitations.
Chairman E Abubacker presided over the meeting. Vice Chairman OMA Salam, General Secretary M Muhammed Ali Jinnah, National Executive Council members EM Abdul Rahiman, Abdul Wahid Sait and K M Shareef participated.

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