Is the economic policy of Modi government accepted by Indian?
Saturday - May 26, 2018 4:27 pm ,
Category : WTN SPECIAL
A review on demonetization and GST.
MAY 26(WTN) - Are the people of the country angry with Narendra Modi's economic policies? We are saying that because the ‘hard decisions’, taken by Modi government on the economic front, results are coming out, it seems that the people of the country are angry with Narendra Modi's economic decisions. Demonetization, implementation of GSP in hastiness and not to reduce the burden of taxation while daily price hiking of petrol and diesel prices, these are the reasons for which the people of the country are ‘looking angry’ with Narendra Modi.
First we talk about demonetization. Demonetization was the decision of the Modi government which ‘completely shook’ the economy of the country. The biggest impact of demonetization was seen on employment. After the demonetization, millions of people were unemployed. The purpose for which the demonetization was imposed by the Modi government could not be fulfilled. The government had thought that thousands crore of rupees in the form of notes are in the form of black money but when the RBI issued its report on the demonetization, near about 99 percent of the currency returned in banks. The farmers had to face a lot of trouble due to the demonetization. Farmers need cash for small works, but since the demonetization, till date farmers are facing trouble for cash. 70 percent of the country's population is related to the farming. In such a case, a large section of the country has had trouble after the demonetization. Not only farmers of the country disturbed due to the demonetization, the service class also suffered huge trouble due to demonetization.
After the demonetization the Modi government's second failure on the economic front is GST implemented in hastiness. The opposition has alleged that the Modi government implemented GST without any schematic method, due to which the businessmen of the country had to face problems for many months. The GST rules were so ‘complicated’ that merchants and commerce professionals had to face difficulties in ‘understanding’ and ‘implementing’ GST. GST's tax slab was also opposed by the people. It is being said that the Modi government has implemented GST in ‘hurry’, the country's economy suffered due to the both demonetization and GST. GSD had affected the country's GDP, which was estimated by former Prime Minister Manmohan Singh, so the GDP growth fallen below.
In the time of the Modi government, the rupee has become weaker compared to the dollar. A few days ago the rupee had fallen 68 rupees compared to the dollar. Due to weakening of rupee and rising crude oil prices, prices of petrol and diesel have increased wildly in the country. The Modi government increased the excise duty even after the crude oil prices were cheaper, due to which the people of the country did not get petrol and diesel cheaper even after getting crude cheaper from the international market. Today the situation is that petrol and diesel prices are being increased every day due to which petrol is being sold at the highest level till now. Due to expensive diesel, transport is expensive, thereby increasing inflation giving panic to the people.
Whether the country's public is angry with the economic policies of the Modi government or not, it will be known in the 2019 Loksssbha election. Legislative elections were held in many states after the demonetization and GST, in which majority of the states the BJP won, but it is being said that this victory should not mean that the people of the country have accepted demonetization and GST. The final decision on Modi government’s economic policy is to be taken by Indian public in 2019 Loksabha election.
MAY 26(WTN) - Are the people of the country angry with Narendra Modi's economic policies? We are saying that because the ‘hard decisions’, taken by Modi government on the economic front, results are coming out, it seems that the people of the country are angry with Narendra Modi's economic decisions. Demonetization, implementation of GSP in hastiness and not to reduce the burden of taxation while daily price hiking of petrol and diesel prices, these are the reasons for which the people of the country are ‘looking angry’ with Narendra Modi.
First we talk about demonetization. Demonetization was the decision of the Modi government which ‘completely shook’ the economy of the country. The biggest impact of demonetization was seen on employment. After the demonetization, millions of people were unemployed. The purpose for which the demonetization was imposed by the Modi government could not be fulfilled. The government had thought that thousands crore of rupees in the form of notes are in the form of black money but when the RBI issued its report on the demonetization, near about 99 percent of the currency returned in banks. The farmers had to face a lot of trouble due to the demonetization. Farmers need cash for small works, but since the demonetization, till date farmers are facing trouble for cash. 70 percent of the country's population is related to the farming. In such a case, a large section of the country has had trouble after the demonetization. Not only farmers of the country disturbed due to the demonetization, the service class also suffered huge trouble due to demonetization.
After the demonetization the Modi government's second failure on the economic front is GST implemented in hastiness. The opposition has alleged that the Modi government implemented GST without any schematic method, due to which the businessmen of the country had to face problems for many months. The GST rules were so ‘complicated’ that merchants and commerce professionals had to face difficulties in ‘understanding’ and ‘implementing’ GST. GST's tax slab was also opposed by the people. It is being said that the Modi government has implemented GST in ‘hurry’, the country's economy suffered due to the both demonetization and GST. GSD had affected the country's GDP, which was estimated by former Prime Minister Manmohan Singh, so the GDP growth fallen below.
In the time of the Modi government, the rupee has become weaker compared to the dollar. A few days ago the rupee had fallen 68 rupees compared to the dollar. Due to weakening of rupee and rising crude oil prices, prices of petrol and diesel have increased wildly in the country. The Modi government increased the excise duty even after the crude oil prices were cheaper, due to which the people of the country did not get petrol and diesel cheaper even after getting crude cheaper from the international market. Today the situation is that petrol and diesel prices are being increased every day due to which petrol is being sold at the highest level till now. Due to expensive diesel, transport is expensive, thereby increasing inflation giving panic to the people.
Whether the country's public is angry with the economic policies of the Modi government or not, it will be known in the 2019 Loksssbha election. Legislative elections were held in many states after the demonetization and GST, in which majority of the states the BJP won, but it is being said that this victory should not mean that the people of the country have accepted demonetization and GST. The final decision on Modi government’s economic policy is to be taken by Indian public in 2019 Loksabha election.
