Prime Minister Narendra Modi in his Mann Ki Baat a little while ago spoke about the ongoing Demonetization Drive. The Prime Minister is stressing more on Cashless economy as the motto of the demonetization and spoke very less about the Black Money. Did the Prime Minister change his objective?
Black Money abolishing is the main aim of Demonetization but then it is looking very tough at the moment as a parallel economy is blooming where Black Money is being converted to White using Commission formula. Also, people are using the accounts of others including the Jan Dhan accounts to convert the money.
So, Black Money can not be fully abolished with the Demonetization and Modi is perhaps changing the objective so as to mask the failure of the scheme and prevent difficult questions being asked. On the other side, Cashless economy is not easily achievable in a country with more people illiterate and lack of proper infrastructure to promote plastic money.
