Dec 17 2016,01:10PM
HYDERABAD: Economist Prabhat Patnaik has held Prime Minister Narendra Modi fundamentally responsible for the current state of affairs across the country and termed demonetisation a result of bad policy.
“I put the blame on Modi for the current state of affairs and the RBI governor acted like a sycophant,” said the professor emeritus at Jawaharlal Nehru University speaking at a talk on ‘Demonitisation: Costs and Consequences’ at Sundarayya Vignana Kendram here on Thursday. “The entire scheme to attack black money is a game. With this, an absurd sort of burden has been imposed on people,” he said while taking a jibe on bureaucracy for imposing the demonetisation scheme with such a secrecy. According to him, it is nothing but “recession engineered by our own leadership.” The legality and constitutionality of the move, he said, is completely flawed.”
Bringing out the irony in the policy, Patnaik argued though the basic idea behind the move was to keep a check on those who deal in black money but the policy has largely impacted the informal sector which is not dealing in black money.
Another speaker for the day, Professor R Ramkumar, dean at school of Development Studies, Tata Institute of Social Sciences(TISS), Mumbai, said basic economic sense was defied when the government only allowed three hours for public to prepare themselves for demonetisation.