Demonitisation day #5.
Doubts about the thoughtfulness and preparation behind the move have been widely cited. The system is beginning to appear stretched. FirstPost and Mint present a fairly balanced view of the repercussions of demonitisation.
Given the logistical nightmare, and the 100 percent chance that this will result in sheer chaos, anarchy and anger his vote base (since traders will be the worst hit) why did Modi commit political suicide?
If the PM took such a risk, it shows his supreme confidence and a quid pro quo of deep trust between Modi and his electorate. He, as Swapan Dasgupta writes in his column for The Times of India, would have calculated that the electorate, though being made to go through utter inconvenience and hardship, will “appreciate forthrightness and loftiness of purpose.”
But he would be hurting. No matter how strong the conviction and unshakable the trust, Modi isn’t blind to the factors at play — the market slipping into a recession, daily lives suspended in a surreal act of faith and common man getting increasingly restive as the days tick by and the system near a total collapse. – Sreemoy Talukdar, FirstPost.
I don’t have any reason to doubt the sincerity behind the move. That much more reason to believe that Narendra Modi has turned out to be a special Prime Minister.
I know that I can’t completely gauge the problems people are facing from this move. An acquaintance had to default on his rent, footfalls at restaurants have fallen, and for sure those that rely on daily wages have been hit. Life continues to be orderly. I’m encouraged by the few conversations I had when standing in line at a bank on Sunday. I believe that the desire to stay the course is still present. Let’s just hope that we can reboot the system before this spirals out of our control.