'India continues to use more cash today than 8 years ago': Rahul Gandhi on demonetisation anniversary

On the eighth anniversary of demonetisation, Rahul Gandhi criticized the policy, stating it damaged MSMEs and the informal sector while failing to curb cash usage. He highlighted that cash as a percentage of GDP is higher now than before demonetisation, advocating for policies that support fair businesses.

The "incompetent and ill-intended" demonetisation policy has paved the way for the monopolies by devastating Micro, Small, and Medium Enterprises (MSMEs) and the informal sector, Rahul Gandhi said on Friday as note-bandi completed eight years. On November 8, 2016, the BJP-led government took the bold step of demonetising Rs 500 and Rs 1,000 currency notes, marking a key move in its fight against black money and corruption. One of the reasons cited by the government at that time was to promote the digital economy and reduce cash transactions to check corruption and black money.

Taking to his X account, Rahul Gandhi slammed the BJP government for the demonetisation policy and said, "India continues to use more cash today than 8 years ago when demonetisation was implemented. DeMo paved the way for monopolies by devastating MSMEs and the informal sector. Incompetent and ill-intended policies that create an environment of fear for businesses will stifle India's economic potential.

" " What is needed is a new deal that fosters fairness and freedom to unlock the energy of play-fair businesses across the country," he added. The Congress leader also shared a chart that shows how cash with the public fell from 11 per cent of GDP in 2013-14 to 8 per cent in 2016-17 and has now risen to 14 per cent of GDP in 2020-21. The cash with the public is now 12 per cent of GDP in 2022-23, the chart showed.

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