Why did Narendra Modi impose demonetization, and what have we achieved from it?
Congress era Oxford educated economist PM Dr. Manmohan Singh had reported PSU bank NPAs at 37%, but they were actually 82%. What a huge lie and banks were on the verge of collapse. The total NPA was 56 lakh crore rupees. Imagine the newly appointed PM's experience when he was confronted with this truth. What state would the country have been in if the banks had failed? Economic chaos would have turned into social chaos, the country would have been engulfed in terrible crises. Another repeat of economic collapse of 1991? The new PM would have fallen victim to it, and the same opposition, mired in statistics, would have been blaming Modi for its own sins. Demonetization of November 2016 broke us out of this vicious cycle. Banks immediately received a lot of cash. Then, the crackdown on bank defaulters began, and assets worth thousands and lakhs of crores were seized including fugitives like Vijay Mallya. Anil Ambani regularly going to the Supreme Court as he fights huge corruption an...