Congress Calls Demonetisation 'Biggest Assault On India's Economy' On Seventh Anniversary, Claims Negative Effect On GDP Growth

On the seventh anniversary of the controversial demonetisation move in India, Congress president Mallikarjun Kharge slammed the decision, branding it as the "biggest assault on India's economy" from which the nation had not fully recovered.

He criticised the economic impact and posed questions about its effects on small businesses, India's growth, black money, and the alleged deaths of 150 individuals linked to the move, as reported by Hindustan Times.

In a similar vein, Congress MP Jairam Ramesh decried the demonetisation policy, citing its detrimental consequences on India's economic growth.

He contended that the decision, which aimed to curb black money and promote a cashless economy, had instead adversely affected India's GDP growth and the informal sector, as suggested by studies, including one by the International Monetary Fund.

Trinamool Congress MP Derek O’ Brien referred to demonetisation as a "fraud" that India continues to bear.

The move, which invalidated Rs 500 and Rs 1,000 banknotes in 2016, has remained a topic of contention, with opposition leaders claiming it disrupted the economy and harmed the common people.

While the Bharatiya Janata Party-led government defended demonetisation as a necessary step to tackle black money and counterfeit currency, the opposition remains critical of its impact on India's economy and livelihoods.