Modi As Hero & Anti-Hero

Modi will be producer and director of this film. whether the film is a hit or a dud will be decided at the hustings

- Tridib Raman

If there was a film to be made on the demonetisation of the Indian currency, Prime minister Narendra Modi would be playing all the roles - hero, anti-hero and villain. He will be producer and director of the film as well. Whether the film is a blockbuster or dud will be decided by the people of India at the (ballot) box office in five states going to polls in march next year. But the figures pouring in so far indicate that the Government has also mopped up approximately Rs 7 lakh crore - almost half of the currency in circulation - through deposits and exchange of old notes with new ones. The amount of rs 65,000 crore has been deposited in Jan Dhan accounts - mostly in UP and West Bengal - is apparently slush money and likely to be probed by government agencies.

No doubt, people are facing hardships, but only a few are complaining. The ever optimist Indians are apparently hoping for a clean and transparent system in the aftermath of currency switch. skeptics find several loopholes in the scheme and its implementation. But one thing everyone agrees with is that it indeed was a ‘surgical strike’ on the parallel economy in the country. 

To ameliorate people’s sufferings, Modi's next budget is likely to include very populist measures. After all, Assembly elections to the most populous state - UP - are just round the corner. The Prime minister may announce a special relief package - worth rs 2-3 lakh crore - for rural India where the rabi crop has suffered due to non-availability of currency. Or he may announce a loan waiver scheme of the same amount. But, that will be too big a financial burden on the exchequer, as the previous UPA government too had announced a farm loan waiver worth rs 70,000 crore just before the 2009 Lok sabha elections.