Demonetization has pushed country into severe economic crisis: CPI

Ludhiana, November 8, 2019: Reminding the people of aftermath of the demonetization done by the BJP government on this day the 8th November three years back, the CPI has said that this has pushed Indian economy into serious crisis. Government is unable to find any solution to come out of it. The Prime Minister had said on that day that it will check the flow of fake currency, end supply of currency from Pakistan which will in turn end terrorism, black money will be unearthed. But none of these has been fulfilled. Instead the demonetization led to closure of over 10 lakh units resulting into loss of 5 crore jobs.
During the very first trimester of demonetization the GDP fell to 6.1 which has now come down to less than five. According to RBI the fake currency seized in the year 2016 – 17 was 2638 which increased to 17938 in 2017-18. The CPI had cautioned about the dangers of demonetization which have come true now. The statement was issued by Comrades D P Maur, District secretary, Dr Arun Mitra, Chamkaur Singh, Ramesh Rattan, M S Bhatia and Gurnam Singh Sidhu.