Government authorized large defaulters’ loans with public money after demonetization, says Rahul Gandhi

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Rahul gandhi denounces the Modi government for having destroyed the informal economy with a demonetization movement. (archive photo)

Continuing his critique of demonetization, Congress leader Rahul Gandhi said on Thursday that Prime Minister Narendra Modi the government’s “notebandi” was in fact an attack on “India’s poor, farmers, workers and small business people”. It was also an attack on India’s unorganized economy, Rahul Gandhi said in Part 2 of his Indian Economy video series. On November 8, 2016, Prime Minister Modi announced that Rs 500 and Rs 1,000 would no longer be valid because the government was seeking to crack down on black silver. It has also given a boost to digital payments and the cashless economy. Speaking on the same subject, Rahul Gandhi said that “cashless” is in fact “the labor force, farmers, small entrepreneurs and businessmen” of India.

Rahul Gandhi also asked if this decision helped curb black money, which was the main objective behind the cancellation of the Rs 500 and Rs 1,000 currency. He also asked rhetorically what was the use of this decision for poorest citizens of India. Citing a report from Azim Premji University, the 50-year-old congressman said that between 2016 and 2018, around 50 lakhs of people lost their jobs. “So who took advantage of it?” The biggest Indian billionaires took advantage. How? ‘Or’ What? The government used people’s money to pay off the loans of the big defaults, ”he asked. The government authorized loans from around 50 industrialists for a total of 68,607 crore rupees, while no loans were pardoned for farmers, workers and small businesses, he said. .

Stating that this was not the only program behind the demonetization movement, Rahul Gandhi said that there was also a latent program, which was to clear the ground. “The unorganized sector operates on a cash basis. Small entrepreneurs, laborers and farmers work in cash. The idea was to take money out of the unorganized sector, ”said Rahul Gandhi, adding that if the government wants a cashless India, it will end up killing the unorganized sector because the sector cannot survive without money.

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