Indian economy in anarchy after demonetisation: Shiv Sena

The Shiv Sena accused the BJP for demonetizing Rs 500 and Rs 1,000 bank notes in 2016, calling it a ‘butchering of the Indian economy’ which it said even the Reserve Bank of India (RBI) had conceded. Sena in its party organs such as ‘Saamana’ and ‘Dopahar Ka Saamana’ said that the hasty and ill-advised move was not patriotic but created economic anarchy in the country as subsequent developments proved.

Sena pointed out while announcing demonetisation, Prime Minister Narendra Modi had promised that it would spell the end for corruption, black money, fake notes and terrorism, but the effect has been opposite, especially in the past two years. The RBI's latest annual report says Rs 1.47 lakh crore, or 99.30 percent, of all the spiked notes have returned. Around Rs 10,000 crore have not come back into circulation. This means, a mountain was dug and not even a mouse came out, but the country's economy was shattered for catching this elusive rodent.

The outcome was that the country was facing an economic mess, the small and medium enterprises have been destroyed, the service sector was in crisis, housing industry was in doldrums, small and medium farmers were suffering, and scores of lives were lost in bank and ATM queues after demonetisation.