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Impact of Demonetization on Political Parties in India- A Case Study of Punjab and Uttar Pradesh 2017 legislative Election

Journal: International Journal of Science and Research (IJSR) (Vol.6, No. 2)

Publication Date:

Authors : ; ;

Page : 1924-1929

Keywords : Demonetization; Black money; shadow economy; underground economy; Political Parties;

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The Government of India announced that the Rs 500 and Rs.1000 denominated currency notes will cease to be legal tender. The move was targeted towards tackling black money, corruption and terrorism. After initial euphoria, questions began to emerge. What are the costs of this demonetization Will it be effective if people can still create new black money thereafter Will it increase the GDP Will it increase inflation What about tax revenues We look for answers. The political impact of the move is huge across the whole country with majority of the educated people offering support to the demonetization. The sentimental speeches against black money made by Prime Minister Modi are drawing huge crowds turning into vote banks for BJP. There is a growing support for BJP from the educated mass and especially the youth for the bold step taken to curb black money. The opposite political parties however oppose the demonetization drive. The continuous adjournment of both the houses indicates this scenario. The ever silent Dr. Manmohan Singh, previous prime minister has said this move as unlawful and against democracy. His statement came out of the blue in the Rajya Sabha in the presence of Mr. Narendra Modi, Prime minister of India. Dr. Manmohan Singh further added that nowhere in the world, people are restricted to withdraw only 2, 000 rupees from their account. Opposition parties strongly oppose the demonetization implementation process.

Last modified: 2021-06-30 17:48:27