Moily predicts Modi undoing
New Delhi: The “misadventure” of demonetisation will be Narendra Modi government’s undoing in the 2019 Lok Sabha polls, said former petroleum minister Veerappa Moily, adding that it should be withdrawn immediately given the cost to the economy.
“After two years of drought, things were looking up for farmers. This year was a blessing for Modi, but he has converted it into a curse for himself by snatching the opportunity from farmers,” Moily said. “This is enough to defeat Modi. He has misconstrued basic economics tenets. Money in circulation can’t be black money and the move has led to withdrawal of currency in circulation,” he told Mirror.
“The move will reduce GDP growth by one per cent and the adverse impact can’t be wiped out soon,” he added.
“After two years of drought, things were looking up for farmers. This year was a blessing for Modi, but he has converted it into a curse for himself by snatching the opportunity from farmers,” Moily said. “This is enough to defeat Modi. He has misconstrued basic economics tenets. Money in circulation can’t be black money and the move has led to withdrawal of currency in circulation,” he told Mirror.
“The move will reduce GDP growth by one per cent and the adverse impact can’t be wiped out soon,” he added.
“In the name of fighting corruption, he pulled out 86 per cent of currency in circulation, stopping all consumption and bringing economy to a grinding halt,” the former union minister said.
