PM Modi wanted to unearth black money. But the Rs 2000 notes has helped the rich to hoard money. It is very easy to stash money in the form of Rs 2000.
The note ban failed, GST looted the common man and the so-called image of Modi as a pro-rich PM faded. Sellers looted in the name of GST, taxing the customers over MRP.
The concept of Cashless transactions also failed. People are coming back to cash and the deposits in the banks are declining. Black money hoarders could convert the money into white with the help of demonetisation.
The GDP has gone down and it is 5.7 percent and it could be 3 percent in the near future.
If Modi loses one of the states in the coming Assembly elections, Modi is bound to lose in 2019 to a larger extent.
But the BJP Government has started the process of correction already.
U.Srinivas
Editor
