Demonetization has completely destroyed phony money in India. The value of phony money that was in circulation was believed to be several hundred times than the actual printed currency that was in circulation. The phony money was causing inflation, NPA, corruption, black money etc. It was made to believe the phony money to be real.
If Prime Minister Narendra Modi had not demonetized 500 and 1000 rupee currency as no more legal tender, Indian economy would have crumble and crashed down and from such fall India would not have ever recovered. People of India must understand the real state of affairs of our economy before demonetization. Our economy was moving towards notional and presumptive than real which PM Modi has corrected it through demonetization.
Several self-attested wise men argue that 99% of the money has comeback to RBI and where is black money. If the 99% money has come back and hence we have to believe there was no black money is quite reductionist argument. The tax base has increased and many were evading tax before demonetization. Secondly if the 99% of the money that were in circulation has comeback then how come phony money worth several hundred times higher than our actual currency had existed and inflated the market, caused inflation and NPA?
Demonetization destroyed the phony money and brought the economy back on rail. Prime Minister Narendra Modi has saved India from economic collapse and disintegration. He brought back the thumb rule of our ancient tradition that Indian is driven by banks and household savings and not share market. Our economy is saving based one and not consumption based one. Our economy is relationship based and not contract based one.
Prime Minister Modi revived the essence of family, relationship, social and moral responsibility, political will and determination to develop India and achieve sab ka vikas. Many dynastic forces are ruthlessly criticizing demonetization and PM Modi because he has dismantled the syndicate of corrupts and closed all doors for all those fringe elements in Indian politics to loot our nation.
PM Modi brought probity and honesty not only in public life but also in Indian politics. Since most of the dynastic forces and regional players lack honesty and integrity naturally they find Narendra Modi to be a leader from some other planet. Naturally they fear him to be as an alien in Indian politics who speaks and acts against corruption and remain so honest and committed to develop the nation. On the other hand most of the dynasts are developing their dynasty, breeding inefficiency and sycophancy, promoting nepotism and culture of scam and corruption.
People of India must understand the importance of demonetization and how demonetization has transformed India in a non-partisan manner. India as country would have ceased to exist as a powerful economic force in global arena had there no demonetization by this government.
Much before Donald Trump advocates Swadeshi push in USA, Narendra Modi has infused the above concept and taken India to new heights. The vision and leadership of PM Modi is inevitable for India to develop further and India become economic super power.