I ‘m not going to talk about social impact of this initiative, such as anti social activities, terrorism, bribing etc. neither am I interested to talk about Fake Currency eradication and its impact on economy but a very different interesting angle. An angle around which politics, power and people revolves. Yes my friend, Modi has polarized entire country but this time it’s not around caste or Hinduthva but around rich and poor, voting and nonvoting class. Through this initiative he is going to win over every poor citizen of this country for ever,making every other political party practically defunct.
Any which case, he has already made many of them invertebrate by ‘Note Ban’- actually it was intelligently ‘Vote Ban’.Political class ever since Independence replaced monarchy with pseudo democracy by buying vote before election. Modi with his master stoke has created a New Normal, where by effective use of technology and fear factor of IT is trying to bridge the gap between poor and rich. In a digital economy if nothing incremental least entire amount of daily wage goes to BPL class and that alone can create huge impact to his/her purchasing power or livelihood.
We don’t know exactly – what’s there for us- may be good- may be worse but one thing is for sure Modi is not fool and this entire exercise is unilaterally focused to make him invincible, in simple words he is moving towards his ambition of becoming a benevolent dictator with change in world order this may be a reality and writing in the wall – that political class has understood and hence creating huge furor. This may not be very good news for middle working class but certainly, hay days are ahead for poor as they get to see true democracy.
To me, the biggest change is that of the digital mindset of common man and rise of Paytm and other digital gateways, which is only going arrest issue of the black economy and parallel channel of Benami notes and property. This is certainly going to have fundamental change – we perceive corruption. Imagine a large country and world fastest growing economy even a small.
Lastly, I believe, this is going to start a new era of democracy by reaching out to poorest of the poor, equitable distribution of wealth through Jan Dhan Yojana and optimizing wealth distribution. In a true democracy- we get to see the free and fair election and certain fairness of wealth distribution and wages, which is now possible through direct digital payment, otherwise, meagerly it reached to lowest person in the PDS chain. Therefore demonetization is a true step towards digitalization and democratization of India by 2020! And should not be construed as a single measure to arrest black money or corruption. The bye product benefits are many. Let us see some of these benefits as perceived by unbiased foreign media – Huffington post in its article below… Huffington Post on Demonetization Masterstroke and its impacts