China warns India: Demonetisation could prove to be a ‘costly political joke’

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New Delhi, Nov 18: While the Indian media has decided to take a neutral position on demonetisation, by bringing both the pros and cons of the recent "big bang" economic decision, the Chinese official media has a warning for Prime Minister Narendra Modi.

According to state-run Global Times, the scrapping of Rs500 and Rs1,000 notes could be reduced to a "nasty partisan conspiracy" or a "costly political joke" if it fails to deliver on its "mighty" promises.

Currency Notes

"While it takes political courage to launch such a trailblazing and massive campaign; it actually takes far more wisdom to give it a happy ending," stated the Global Times article.

[Also Read: Former RBI governor Raghuram Rajan on black money, demonetization: Clever find ways around it]

"Given the fact that people have to pay an absurdly high price for the expected reform, if BJP fails to deliver its high-sounding rhetoric and promises, then Modi's much-lauded 'masterstroke' or 'big bang reform' will likely be reduced to 'nasty partisan conspiracy' and even a 'costly political joke'," the article added.

The article said that Indian people have paid an absurdly high social and economic price because of the latest decision of Modi government.

[Also Read: Demonetisation: India is going to face serious recession, predicts economist Prabhat Patnaik]

"If Modi fails to supplement the blitzkrieg reform with more enduring and fundamental measures, any beneficial effects the reform has created may evaporate quickly, even if Indian people have paid an absurdly high social and economic price so far," the article said.

"Modi's move also carries an implicit albeit thick partisan agenda: Sudden demonetisation may hurt other political parties' funding more than his own Bharatiya Janata Party (BJP), rendering the BJP a significant upper hand in the upcoming elections in Uttar Pradesh and Punjab," the article added.

The article clearly reflects how closely China is watching social, political and economic developments in India.

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