Demonetisation- As opposition slams Narendra Modi, international media gives him a thumbs up

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New Delhi, Nov 17 Day two of the winter session of the Parliament and there have already been noisy scenes over the issue of demonetisation. The opposition is doing everything it can to corner Prime Minister Narendra Modi questioning the logic behind such a decision.


However, that is not how the world is looking at it. Several reputed International media outlets and leaders have given Modi a thumbs up over this decision and says that it is in the right direction.

How the opposition sees it?

Yesterday the Shiv Sena found faults with the implementation of demonetisation and Trinamool Congress march to Rashtrapati Bhavan to request President to recall demonetisation. President Pranab Mukherjee however, had welcomed the bold decision of the government soon after the announcement with regards to demonetisation was done by PM.

Manish Tewari of Congress and West Bengal Chief Minister Mamata Banerjee have called Prime Minister Narendra Modi "modern day Tughlaq" after his sudden announcement to scrape off Rs. 500 and Rs. 1,000 currency notes.

Sitaram Yechury of CPI(M) was not to be left behind as he compared PM with the French Queen Mary Antoinette.

How the world sees it?

This opposition is coming in at a time when a survey conducted by Inshorts (India's highest-rated news app) and IPSOS (a global market and opinion research specialists) says that 82% people of total 5 lakh who took part in the survey are happy with the Narendra Modi government's decision of demonetisation.

What will really be heartbreaking for the opposition is the response that the world media has given to the decision of the government to go in for demonetisation.

Have a look at how the world is glorifying the government's decision as the opposition gets ready to crib and take up petty issues to corner government over its one of the boldest decision.

World Bank Group President Jim Yong Kim in the past had said this about Prime Minister Narendra Modi:

"I am a big fan of PM Modi and reason I am such a big fan is because he does something that all great leaders should do, that is, set ambitious targets, set deadlines for those targets and then hold your staff accountable for those targets. That is tried and proved method of getting results. So we are beginning to see results and it extends to ease of doing business report."

Statement by President Jim Yong Kim at the end of his Visit to India - June 29-30 2016 stated that, "One of the reasons that I always appreciate my meetings with the Prime Minister is that he always pushes us to move faster and faster - to keep pace with him."

Tim Worstall who is a Fellow at the Adam Smith Institute in London (who also has written in various international media) wrote for Forbes an article titled "India's Great Bank Note Switch Appears To Be Working - $30 Billion In Rs Deposited In Banks". In the article he mentions that,

"As I mentioned yesterday this all seems to be rather well done, a clever plan. Even if the allegations by Kejriwal were true (which I don't think they are) that the news was selectively leaked it would still work. Because the way to get around the bank note switch is to deposit into the banks-which is what is the desired result anyway. Got to grant credit to a plan that still works even if it leaks."

For The New York Times Ellen Barry and Suhasini Raj wrote "The plan, top secret until Mr. Modi's announcement, was hailed by financial analysts as bold and potentially transformational for India. It is also a high-stakes experiment: Though other Indian leaders have withdrawn currency notes, none have reduced the country's supply of cash so drastically or so abruptly. The two bills being withdrawn make up 80 percent of the cash in circulation".

The Washington Post ran a column by Rama Lakshmi where she quotes Gurcharan Das a business historian and columnist say that, ""It was one thing to bring back black money from banks abroad. But we always knew that the bigger problem is the black money inside the domestic economy. This was always the more difficult step. The banks will now keep a record of how much old cash you are bringing. They will now have a way to track the cash and tax later. This is the largest strike against black money."

The Independent published an article titled "Modi does a Lee Kuan Yew to stamp out corruption in India". Lee Kuan Yew was the first Prime Minister of Singapore who changed the tiny country into a powerful economy.

Bloomberg quoted UBS Group AG say that, "Australia should follow India's lead and scrap its biggest bank notes". The benefits listed for such a move are reduction in crime, welfare fraud, increased tax revenue and a spike in bank deposits.

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