New Delhi, Oct 26: Describing Demonetisation as “a move, taken without thought, consultation or concern for its consequences”, Congress vice-president Rahul Gandhi on Thursday said the Prime Minister Minister Narendra Modi failed to grasp a basic concept of economy – all cash is not black and all black is not cash.
Addressing a valedictory session of the PHD Chamber for Commerce and Industry, Rahul said, ‘In a couple of weeks from now we will observe the death anniversary of the 500 and 1000 rupee note. November 8 is the ‘barsi’ of ‘notebandi’ – when PM Modi personally wiped out 86 per cent of the currency in circulation overnight.’ Mr Gandhi said that while demonetization crippled SMEs and destroyed the unorganised sector, GST was badly conceptualized, only adding to the distrust. ‘Demonetization crippled SMEs and has destroyed the unorganised sector, forcing workers to leave urban employment and go back to their villages looking for NREGA work and now GST, or ‘Gabbar Singh Tax’, is so badly conceptualized, adding to the distrust,’ Rahul said. Rahul said that PM Modi and his government had fired a double tap at the heart of economy–first ‘notebandi’ and then a badly conceptualised and implemented GST. ‘Their GST is wrecked with holes, moth eaten. Flawed in its structure. Punitive in its design. It is forcing businesses to incur massive transaction costs that are destroying them. It is creating a 21st century computerised and connected License Raj. GST as this government has formulated, already unleashed a tsunami of tax terrorism and it is only going to worst,’ he said. ‘Small, Micro and Medium businesses are screaming in pain, they are drowning and Arun Jaitley – with his impeccable logic – has the nerve to go on TV every other day and tell people that things are just fine. The government refuses to listen, everybody is shouting, every other day you see, Mr Jaitley saying -everything is ok and he pulls up out a graph and shows us that after 2019 things will become normal again. The way this regime is working, or not working, shall we say, has lead to a double tap killing of the Indian economy, ‘ he said. ‘Commandos in hostage situations fire what is called a double tap, two quick, closely placed shots fired at the chest to ensure that their terrorist target is dead,’Rahul said. Expressing concern over the state of the Indian economy, Rahul said that while the situation of joblessness was extremely worrying, Private investment had collapsed, Agriculture growth was at its lowest ebb and Exports have been declining. ‘The situation of joblessness in the country is extremely worrying. The government is creating a massive army of unemployed youth, which is toxic and dangerous. Instead of admitting they cannot and are not providing jobs they are riling communities against each other in a bloody rage,’ he said. ‘In 2014, India’s GDP was growing at 6.6 per cent but today according to the old method of measurement it rests at a 4.2 per cent,’ Rahul said.