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Demonetisation Disaster - Major fault lines in our democracy !!!

Demonetisation Disaster - Major fault lines in our democracy !!!

2 yrs from the self made self goal disaster, people are debating this decision all over the country and world.

Demo destroyed the entire rural economy is understating the impact. The devastation is unprecedented leading to farmers rioting all across the country, many of these riots were/are not being covered by the media.

The question is how can a govt take such a disastrous decision without any checks and balances. Irrespective of whether political leaders took the decision or it was an internal finance ministry sabotage, the point is how was it allowed to go ahead.

As per reports and his book, the then RBI gov Raghuram Rajan had dissented to this decision, he sent back the pros and cons and also suggested various alternatives. Despite that, they forced him out and brought in the new gov who toed the govt line and implemented the disastrous decision.

Let's analyse the fault lines in our bureaucrat system that allowed such a disastrous decision to go ahead.

1. Finance ministry is at major fault for allowing such a disastrous decision to go ahead. It is just not RBis responsibility, it is the finance ministry.

2. Key ministries - rural, agriculture, food, commerce, etc.,..all at fault for not opposing this decision as they have a cascading economic impact to those areas.

3. RBI is at fault for allowing such a decision to go ahead, and then implemented it so badly that is unpardonable. Monetary policy is RBis responsibility. And how can you not print all the notes in advance ? and then print 2000 Rs note that could NOT be exchanged leading to continued chaos for months and months??

4. Banks and regulators are at at fault for not opposing the decision.

5. Media is totally at fault for not opposing the decision, all of them were toeing the govt line despite massive outcry by the opposition parities and the intelligentsia.

6. Finally a massive constitutional failure...for not preventing any govt to take such large scale action without parliament approval. How can such a decision be implemented by just the cabinet ???

This should be a case study that will enable structural solution and prevent such large scale man made disasters in the future !!!
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