Demonetisation pushed India's economy into tailspin: Left parties slam Modi government

The Left parties on Sunday hit out at the government over the state of the economy and blamed the Centre's demonetisation policy for it. The demonetisation of high-denomination currency notes was announced by the government on November 8, 2016.

Questioning the move, CPI(M) general secretary Sitaram Yechury alleged that it "decimated the informal sector".

"Economy into a tailspin, the poorest hurt. Informal sector decimated. No black money recovered, but rich got richer. Cash in the economy is the highest ever now! This govt must bear responsibility for pushing India downhill, just for one man's whim," he said in a tweet.


CPI MP Binoy Viswam too criticised the government over demonetisation.

"Currency in circulation: 2016 Nov. 17.97 lakh cr. 20 21 Oct. 28.30 lakh cr. 57% increase in 5 years! Black money in the country:300 lakh cr. Demonetisation was a total disaster. PM Modi should tender appologies to the nation. Modinomics was 'much ado about nothing'!", he said in a tweet.

Yechury also demanded the withdrawal of excise duties on petroleum products.

"Looting the people! Imposing intolerable miseries on people already suffering under the double whammy attacks of Covid & economic recession. Withdraw central excise duties on petroleum products," said Yechury in another tweet.