At a time when the country was debating dinner choices, PM Modi’s announcement on demon-etization tightened the purse strings of one billion people. In a flash, a penny saved was a penny earned. Which politician, in his right senses upsets his core vote bank of traders, businessmen and the middle class? But the formidable risk taker called Modi (remember his unscheduled Pak stop?) indulged in a calculated gamble. In fifteen minutes flat, Modi did what Anil Kapoor did in 24 hours in the movie Nayak.
Wait, don’t run away, I’m not going to plague you with economic lecturebaazi. Relax, I’m mathematically challenged. Moreover, enough opinion makers have cashed in their chips by presenting different sides of the coin.
As for me, the first thing I did was to scurry towards my drawer and check for the 500s and the 1000 rupee notes. It’s rather embarrassing, but all I had was ten 500 rupee notes. For once, I was laughing all the way to the bank.
In the aftermath of Modi’s gambit, we witnessed Pied Piper grade queues outside banks. As the tide ebbed, those who were swimming naked were exposed.
The following day, Hashim, my carpenter tells me that he had saved 15 lakhs for the marriage of his three daughters. No marriage can be performed in less than five lakhs, he says. It’s strange, how we give into societal pressures. We must be the world’s most hypocritical people. Else how does one explain the desire to curb corruption on one hand and the display of lavish weddings on the other? We condemn corruption but are in awe of its dividends.
The lack of communication from the government led Hashim to believe that all his savings were bust, barring 2.5 lakhs. I tried to tell him that the money in his account was not going anywhere but he wasn't convinced. I persisted, “They clearly said so on the television news. Don’t you listen to the news?”
“Who believes TV didi? They say one thing today, another tomorrow.”
I didn’t feel like giving up. “I write for magazines and newspapers, I know.” To which he said, “But my local MLA said all my money is gone. He also gave me cash to deposit in my account in lieu of helping me with my daughter’s marriage later.”
Suddenly, I was reminded of the ABBA song, Money Money Money. It’s a rich man’s world.
Though most daily wagers, farmers and vendors were suffering, they gave Modi a blank cheque, calling the idea a masterstroke. However, many questioned the methods and implementation.
It was telling that the common man stood patiently in serpentine queues, but a united opposition protested. ‘A penny for your thoughts Mr Modi’, they said. ‘We will not let you survive on blood money.’ Chipping in, Akhilesh Yadav said black money helps in tiding off recession and put his money where his party’s mouth was. Of course, there is no need to bet your bottom dollar on whether most of them were worried about the common man or their own political future.
The truth is that neither absolute approval nor absolute rebuttal makes for a rational debate. What is amusing however is that the taxman with hitherto doubtful credentials has been given the stick!
I hope as hell that mathematician Modi is able to solve this complex economic equation after what the nation has gone through. As they say, money doesn’t grow on trees. So the ghost of demon-etization will hover for six months to one year, but once it’s gone, the real proof of the risk taker Modi will be tested when he reforms election funding.
The truth is that neither absolute approval nor absolute rebuttal makes for a rational debate. What is amusing however is that the taxman with hitherto doubtful credentials has been given the stick!
I hope as hell that mathematician Modi is able to solve this complex economic equation after what the nation has gone through. As they say, money doesn’t grow on trees. So the ghost of demon-etization will hover for six months to one year, but once it’s gone, the real proof of the risk taker Modi will be tested when he reforms election funding.
