Imagine a scenario where the opposition was continually outwitted by the ruling party in its battle campaign against demonetization. The embattled opposition turned to god for help. They prayed to goddess Saraswati for a boon to outwit the Prime Minister. Heeding the relentless prayer, the Goddess agreed to twist the tongue of the Prime Minister at the appropriate time a la Kumbhakarna who received Nidravatvam (sleep) instead of Nirdevatvam (annihilation of Devas) in Ramayana. As and when the Christmas and New Year drew near, the Prime Minister wanted to wish the nation in a secular way with ‘Merry Christmas and Happy New Year’. But when the PM wanted to utter these words, Goddess played the trick, what was uttered was I wish all Indians ‘Merry Crisis and Happy New Fear’, much to the cheer of the opposition.
What are the crises and fears awaiting us for 2017? Whether we like or dislike, let us brace up for crises and fears post demonetization. This can be better illustrated at the statement of RSS affiliated trade union front BMS President Baji Nath Rai who pointed “demonetization of Rs 500 and Rs 1000 currency notes had cost many jobs”. Rai stated on December 9, 2006, that one lakh and thirty-five thousand job opportunities have been created against 20 lakh people who have lost their jobs. According to HfS research, the IT sector is going to lose 6.4 lakh jobs to automation by 2021.
In the coming years, we can expect more laying off due to loss-making industries as a result of demonetization induced low purchasing power parity. Realty sector is reeling under the impact heavily, so are the allied sectors like cement and steel. What about other businesses? As people refuse to part their cash till the uncertainty is over, all luxury segments, hospitality, and travel segment will feel the pinch. In such a scenario, the government should act fast on filling cash in ATMs, offer swiping card machines at cheaper rates or free. The government also should start budget housing projects for the common man to boost the demand for cement and steel.
What the India Inc., expecting from the government is to start capital infusion in the infrastructure areas to stir up all round economic activity at the right earnest. Alongside there should be proper communication to address the grievance of different sectors and the common man. To meet the cash shortages, the government can also think about mobile ATMs to the citizens across the country.
More importantly, the government should announce an economic package from money earned through demonetization. This is important to give hope to the citizens. The biggest advantage of the ruling party is a fragmented opposition. People will still trust and support the ruling party if the government clearly communicates how they are going to be benefited, how their waiting is worth etc? It is nothing but the lack of communication in this regard creates more uncertainty, crisis, and fears to the India Inc. The Prime Minister should act fast to mold public opinion, cultivating friends from the opposition and saving the nation.