Honorable jury members, learned teachers and all worthy participants, I am here to speak in favor of the topic ‘Demonetization is a boost for Indian Economy’.
I feel immense proud and pleasure to speak and vent out my ideas on the glorious and welcome step of ‘Demonetization’ in special context of India. To boost and trigger the economic development, demonetization is a general process of the country’s policies and strategies, may it be India or any other nation across the globe. To define demonetization in simple terms ‘it’s discontinuation of the current currency by announcing it illegal, invalid and out of use and prevalence by the people in the market.
The world’s eminent economists also back up intermittent withdrawal and discontinuing of the currencies. The father of economics, Adam Smith who wrote ‘The Wealth of Nations’ also opined in favor of demonetization. The father of modern India and the chief architect of Indian constitution Dr. Bhimrao Ambedkar favored demonetization in his research book ‘The Problem of Indian Rupee’ and he is the same personality whose ideas led the formation of centralized banking system ‘Reserve Bank of India’.
I am dead sure that my worthy opponents will try to spit out hundred of words in sharp criticism and cynicism against demonetization, it may be matter of wining debate for him, but for me, I have thousands of words in its eulogy and appreciation. I stand and support my side with all conviction and full confidence, as the voice is from the deep and core of heart and belief.
The day 8 November 2016 became indelible and immortal in Indian history when the daring and revolutionary step to demonetize 500 and 1000 was taken by our super hero, our dedicated and dynamic prime minister sh. Narendra Modi.
The newspapers and the news channels are full of events like corruption, money laundering, counterfeit and fake notes, terrorism and black money. These monsters are heavily affecting the health and growth of Indian economy. To curb terrorist and nexalite antisocial activities, to stop outflow of black money in foreign accounts and discourage inflow of fake currencies, demonetization is the best tool and way to fight such fatal situations. I firmly believe that it helps to speed up and accelerate the sloth and slumber economy of the country.
The year 2016 was inglorious year for major developed and developing countries like America, France, Greek, China and others. They underwent economic slowdown and crisis. Most of them disallowed to debit amount from the bank accounts as the banks became bankrupt. The common amenities and commodities became scarce for the citizens. During that time Indian economy was not only stable but it kept on growing and growing. The demonetization was one among the greatest factors in it.
The funding and availing arms and ammunitions to the terrorist camp by the terrorist nations got a halt and hiccup. More importantly, the fake and counterfeit currency which was constantly and incessantly eroding and crumbling the Indian economy got a big setback. The persons in power and the illegal business and black marketing which scandalized and black spotted the dignity of India in front of the world, and propelled Indian economy backward was also hindered and hampered.
The healthy and sound economy of any country is the breath and backbone of all its development and living standard of the people. The total gold deposit and currency asset denote how strong and weak the economy is. The financial health of the country decides the health and hazards of its people.
With the development of human race, from nomadic era to modern age, and with unprecedented increase in the social interactions and financial transactions, he used the metallic coins and currencies after exchange and barter system. With the widened needs and demands of the changed times and scenarios, the coins and currencies got changed, modified and discontinued.
I want raise one public question over here to my worthy opponent. Does he have any other solid measure and tool to control such vicious malpractices prevailing in the country? Does he have any other panacea to accelerate the speed of Indian economy? I firmly believe that he will feel feeble and fragile in answering my genuine and genial questions.
In such a vast secular, socialist democratic country, to maintain and maximize the pulse of growth and glory is not child’s play. I assuredly affirm that demonetization has done it. Today the world’s major countries are flocking to India to invest in the congenial big market and liberal economy. To equate with dollar value and compete in global business, such step of demonetization is a necessary step.
In place of mere frowning and finding faults we should rather boost the morale of policy makers and administrators so that they may feel quiet and comfortable to lay out plans and strategies in the interest of the nation and its citizens.