The statement of Finance Minister Arun Jaitely that demeonetisation is only one of the factors for the drop in GDP is nothing but a weak escape route. The fact is that the main reason for the GDP drop is demonetisation. crires of work hours have been lost by people standing in queue for hours together in front of ATM, Bank Counters etc. Business have been seriously affected due to shortage of money. Agricultural products were damaged and dumped due to lack of customers not having cash.
Not only it was demonetisation, it was de-humanisation. Crores and crores of people became victims of the cashless period. More than 20 people died standing in queues before ATMs and bank counters.
The six months or so after the existing Rs.1000 and Rs.500 notes were withdrawn was a period of pain for the country and the people. GDP also went down. If the Finance Minister was sincere, he should have admitted the mistake and apologized to the people for the hardship it caused.
But NO. Such apology will never come from this Modi Government. It will justify every one of its actions, whether good or bad.