Demo wrecked economy, says Congress

New Delhi: Congress on Wednesday said that demonetisation by the Narendra Modi government seven years ago has led to the highest unemployment in 45 years in the country besides wrecking the back of the economy, thus scuttling the economic recovery that had begun in 2013.

"Demonetisation along with a badly designed and hurriedly rushed through GST finished off India's job-generating small and medium businesses, caused a 45-year unemployment high, and ended the economic recovery that had begun in 2013, all while failing to achieve any of its stated objectives. It led to a record concentration of wealth and power, particularly among a handful of large monopolies that have sustained BJP financially even as people continue to grapple with joblessness and price rise caused by the same monopolisation," AICC communication-in-charge Jairam Ramesh said in an official statement.

On November 8, 2016, Prime Minister Narendra Modi announced scrapping of ₹500 and ₹1,000 notes.


Ramesh said, "India's GDP growth rate increased steadily from 5.2% in 2011 to 8.3% in 2016. Then, the demonetisation disaster hit, and growth started to slow, all the way to 4% just before the Covid-19 pandemic."