‘Livelihoods destroyed, informal economy disrupted’: Shabbir Ali raps Modi-led govt on demonetisation’s 10th anniversary | Hyderabad News

Hyderabad: Govt adviser and senior Congress leader Mohammed Ali Shabbir on Saturday strongly condemned the Narendra Modi govt’s 2016 demonetisation decision, describing it as a disastrous economic experiment that inflicted enormous hardship on ordinary citizens, destroyed livelihoods and disrupted India’s cash-dependent informal economy without delivering adequately on its stated objectives.Marking the 10th anniversary of demonetisation, Shabbir Ali said the sudden withdrawal of ₹500 and ₹1,000 currency notes on Nov 8, 2016, had triggered a severe cash shortage that affected millions of households, farmers, workers and small businesses.“Ten years ago, Prime Minister Narendra Modi promised to eliminate black money, corruption, counterfeit currency and terror financing through demonetisation. People were asked to endure extraordinary hardships in the national interest. A decade later, the govt has still not provided a comprehensive account of what the country actually gained from those sacrifices,” he said.“The govt presented demonetisation as a decisive strike against black money. But almost the entire value of the banned currency returned to banks. How much unaccounted income was ultimately detected? How much additional tax was recovered? How many counterfeit notes were eliminated? The govt must answer these questions with verifiable figures,” he demanded.Shabbir Ali further questioned the claim that demonetisation would permanently reduce dependence on cash. “Digital payments have expanded considerably, but that cannot retrospectively justify the suffering caused by demonetisation. The growth of digital transactions and the continued expansion of currency in circulation show that India’s payment economy has evolved in multiple ways, not simply because high-value notes were withdrawn,” he said.He said small traders, construction workers, agricultural labourers and self-employed families across Telangana had also faced serious difficulties during the cash shortage. “An economic decision must be judged by its actual results, not by political publicity. The hardships experienced by ordinary Indians cannot be dismissed merely because ten years have passed,” he said.Shabbir Ali demanded that the Union govt release a comprehensive assessment of demonetisation, detailing its impact on employment, GDP, agriculture, small businesses, counterfeit currency, tax compliance and recovery of unaccounted income.“Nov 8 should serve as a reminder that govts must remain accountable for decisions affecting millions of livelihoods. The people of India deserve transparent answers about the economic costs and measurable benefits of demonetisation,” he said.