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Udupi : Former District in-charge Minister has called demonetization an unmitigated economic disaster. The country paid a huge price for demonetization since two years,  said Vinay Kumar Sorake, former District in-charge Minister.

Two years after demonetization came into effect on November 8, 2016, Udupi District Congress Party staged a protest in front of Martyr’s Memorial at Ajjarkad here on Friday, November 9, as call given by Congress Party nationwide protest against demonetization, Vinay Kumar Sorake, said that two years ago, the Prime Minister Modi in an unexpected move, announced the scrapping of the existing Rs 500 and Rs. 1000 notes with immediate effect. Modi announced demonetization for three reasons – to curb black money, weed out fame notes and proscribe terror funding. Two years later, none of those objectives has materialized. In fact, there is more cash in circulation today that there was in 2016.

Sorake said that the sudden withdrawal of notes led to liquidity shortage, with long queues outside banks. It had also roiled the economy, with demand falling, businesses facing a crisis. GDP growth declining close to 1.5 per cent. Many small units were hit hard, with many reporting huge losses after nine months.

Vinay Kumar Sorake said that the country paid huge price for demontisation. Over 100 lives were lost. 15 crore daily wage earners lost their livelihood for several weeks. Lakhs of jobs were destroyed. Indian economy lost 1.5 per cent in terms of growth. That alone was a loss of Rs. 2.25 lakh crore a year, he said.

Sorake said that there was no history of clashes of RBI with the government in the Republic of India. The Modi government has been directly responsible in raiding the opposition leaders by IT, ED etc. Union government has trying to destabilize the democratic system of the country. Then Mahatma Gandhiji fight British for the democracy. But now people of the country fight for secure the economy, he said.

Earlier Janardhan Thonse, District Congress President welcomed the gathering. M A Gafoor AICC secretary spoke on demonetization and other issues on failures of the Union government.

Senior Congress leaders G A Bava, Amruth Shenoy, Geetha Wagle, Murlidhaer Shetty, Belapu Diviprasad Shetty, Veronica Cornelio, Menakshi Madhav Bannanje, Narasimha Murthy, Dr. Sunitha Shetty, Bhujanga Shetty, Janardhan Bhandarkar, Sathish Amin Padukere and others were present.