Was Demonetization Successful?

I have been asked that question on several occasions. It amuses me. I am no expert in economics and people know that. Yet, they ask me that question because as per them, I am a "Bhakt". Well.....I do not deny that. I am a Desh Bhakt and so I am also a Modi Bhakt. They ask me this question as they feel here is an opportunity to pin me down.

Though I have already put a disclaimer that I am no expert in such matters, I do feel that Demonetization missed the target. When the move was announced, I was really excited and there were several reasons behind that excitement.

Firstly, I was proud that "my leader" has the balls to take such a step. It was not easy but Narendra Bhai had it in him to go for it. That's what I like about the man and it gave me an immense sense of pride that my country has such a bold leader.

And there were other reasons. The move was targeted at stopping/curbing black money, terror financing, funding the stone pelters in Kashmir and so on. I must say that, with my limited knowledge of the facts, my perception is that black money was indeed impacted but it has found its way back. And same goes for terror financing and other targets.

Could it have been planned and rolled-out better? No, I firmly believe that such a move required an element of surprise and hence, it was announced suddenly.

Then why did it fail?

Well....I believe that one of the main reasons that it failed was because several of us made it fail. I personally know at least couple of people who told me that their clients wanted help in converting black money stacked in their house. I am not sure whether they were just making stories or did it actually happen...and I do not know whether they did help their clients in converting the money or not...but several people did that. Now, these very people are questioning the success of the move!!! That is like insult to injury. First you do your bit in making the initiative fail and then you question the initiative!!! Well done!!!And there were several others. Politicians, bank employees, administrators, agents....they did their bit in making the initiative fail. Certainly not generalising the whole thing and pointing fingers at everyone but you know who you are and you know the others around you who played a part.

Having said that, I don't think that it is fair to put the blame entirely elsewhere. I do wish that the initiative was handled better by EVERYONE. It could have paid rich dividends.

Does this put a question mark in my mind regarding the effectiveness of Modi? ABSOLUTELY NOT. I still firmly believe in Narendra Bhai. My first and foremost reason behind getting excited about Demonetization is still intact. I am still pretty much proud of my PM. It would require a major screw-up for that belief and trust to go away. I firmly believe that the move had the right intentions. It just did not achieve all that it was set to achieve. That happens.

I believe that any initiative towards an all encompassing growth in India requires NaMo at the top. And for that BJP (though I do not like the party) needs to have an absolutely majority in both houses. So even if the only good thing about demonetization was that it helped BJP in winning the election in UP, I can live with that....happily!!!

I am prepared to be patient. Change would not come in a day. It does not matter whether things have completely improved or not. What matters is whether we are heading in the right direction or not. And we are indeed heading in the right direction. There are some speed breakers/bumps/turbulence that we are encountering but did we expect the journey to be absolutely smooth. A democracy with over 1.2 billion is moving.....ground is bound to shake.

And to everyone who is criticizing Modi....I know that you would continue to do so. No amount of reasoning or facts are going to change that. Some of you have religious reasons to criticize him and some of you do it just for the heck of it. Modi is the popular opinion and some people like to irritate others. So do continue with it....whatever is your reason. But do answer, one question. If not Modi, you would you rather have at the top? Rahul, Kejriwal, Mamta, Lalu, Sharad Pawar, Owaisi, Uddhav, Raj Thackeray, KCR, Mulayam, Akhilesh, Mayawati...whats your alternative? Answer that honestly - not to me but to your yourself.