Harish Srinivasa

In a democracy, the people have the final say. Any party that stops listening to the people risks becoming history.

On 8 November 2016, PM Modi announced demonetisation, promising to eliminate black money, counterfeit currency, corruption and terror financing. Ten years later, let us examine the outcomes: 1. Black money: Why did 99.3% of the demonetised currency return to the banking system? 2. Counterfeit currency: Did fake notes disappear? 3. Corruption: Did corruption end? 4. Terror financing: Was terror financing eliminated? 5. Terror attacks: Nagrota (2016), Amarnath (2017), Sunjuwan (2018), Pulwama (2019) and Gadchiroli (2019)—major attacks continued. What measurable impact did demonetisation have on terror financing? 6. Job losses: Daily-wage workers, construction labourers and employees in cash-dependent industries lost work during the cash crisis. Who took responsibility for their lost livelihoods? 7. Small businesses: Who compensated traders and businesses that suffered losses? 8. Economic growth: The RBI estimated demonetisation reduced GVA growth by around 33 basis points in 2016–17. 9. Informal economy: Cash shortages disrupted production, supply chains and employment. 10. Bank credit: Research found weaker credit growth in areas more severely affected by demonetisation. PM Modi, you challenged the people to punish you if your decision failed. What did India actually achieve? What measurable benefits justified the economic disruption, job losses and hardship? And what accountability have you accepted? Ten years later, the people of India still deserve answers not slogans.