 "Arun Sathe")
Veteran BJP leader Arun Sathe has strongly criticised the Centre's demonetisation drive, stating that the government and various implementing agencies have failed to take into account a slew of factors.
"To be clear, the government's intention was in the interest of the nation as the notification refers to issues like security, naxalism and counterfeit currency. But the decision has resulted in crisis," said Sathe, who is also on the board of market regulator Sebi as an independent director.
Sathe's outburst comes close on the heels of BJP Rajya Sabha member Subramanian Swamy's criticism of the government for failing to prepare a contingency plan in advance to minimise the hardship of ordinary people, particularly in far-flung areas.
"The present crisis could have been avoided to a certain extent, particularly in agriculture and rural sectors," Sathe said, adding that the government may not have been properly briefed on the matter.
The BJP leader said the government's latest decision allowing farmers to use old 500-rupee notes to buy seeds is a welcome relief in the ongoing rabi season. "Due to the government's intervention, there are fewer people in the queues outside the banks. By and large, people have realised that demonetisation is in their interest," he said.
Sathe also questioned the logic behind introducing the Rs 2,000-note. "How will it help solve the issue of black money, which is in the blood of Indian people. We are a dishonest people, a nation of dishonest people. However, there is an effort on the part of the PM to tackle the black money menace and it is praiseworthy," he added.
Sathe said he did not agree with the projections made by various brokerages on the decline in GDP. "In fact, I strongly feel that the growth will be much more than seven per cent by the end of the current fiscal, despite demonetisation," he said.
