A year after the high denomination currency was declared invalid legal tender, the prime minister has come out claiming that 'the battle has been won'.
Rgetoric apart, has the clamp down on black money throttled counterfeit notes and blocked terror funding? Has it reduced corruption, lead the economy in the right direction, increased the number of tax payers, strengthened the banking system, boosted digital transactions and increased inflows into government coffers which can be channeled for welfare programs?
How many of these questions have been answered? Which of these key benefits, assured by prime minister Narendra Modi, has been achieved through the demonetization process which wreaked havoc all across the country?
The outcome was:
As much as 99% of the junked currency notes returned to banks. Counterfeits of new Rs 500 and Rs 2000 notes were seized from many places though the claim was that they cannot be faked.
Digital transactions had increased in the initial months, but people have since returned to cash.
Number of income tax payers rose 25% and indirect tax collections posted an increase, but part of this was due to GST.
How did Modi tackle all these issues in the past year? Here’s the answer:
Narendra Modi in Uttar Pradesh (November, 2016): My decision was a little harsh. When I was young, poor people used to ask for strong tea.
It spoils the mood of the rich who can't bear its taste.
After demonetization, the poor are enjoying a sound sleep while the rich are running from pillar to post to buy sleeping pills.
Narendra Modi in Goa (November, 2016): Give me 50 days. If someone faces a problem, I also feel the pain. I understand their problem, but this is only for 50 days and after 50 days we will succeed in this cleansing.
I promise you I will give you the India which you desired. If you find anything wrong with my intentions or my actions, hang me in public.
They thought if they pull my hair, I will stop and do nothing. I will not stop doing these things, even if you burn me alive. I gave up my family, my village … everything that I had, for this country.
I know that (some) forces are up against me, they may not let me live, they may ruin me. But I am prepared.
Narendra Modi on Twitter (November, 2016): It is heartening to see such warmth, enthusiasm and patience of the citizens to bear this limited inconvenience for a greater good.
It is also heartening to learn that people are actively volunteering to help senior citizens withdraw money & exchange their currency.
Narendra Modi in Mann ki Baat radio telecast (November, 2016): I took such a momentous decision for the benefit of the poor, the farmers, the workers, the deprived and the suffering people of the country. It was not an ordinary decision, it was one fraught with difficulties.
It was a very important decision. And I had also foreseen that this would result in all of us having to face various new difficulties in our day-to-day lives.
And I had stated then that this decision was so enormous that it would take us at least 50 days to come out of its after effects.
These maladies have been afflicting us for the past 70 years and the campaign for getting rid of these can never be an easy task.
The great task that the country wants to accomplish today is the realization of our dream of a cashless society.
It is true that a hundred percent cashless society is not possible. But why should India not make a beginning in creating a less-cash society?
Narendra Modi in Parliament (November, 2016): A lot of people are criticizing demonetization in Parliament. Most of the criticism is that the government was not prepared to implement the decision.
But that is not the real reason behind their criticism. They are hurt because the government didn't give them (black money hoarders) enough time to prepare for it.
Narendra Modi at BJP parliamentary party meeting: Despite the difficulties due to demonetization, people are supporting the government with the same cooperative mindset that is usually witnessed during national disasters.
Narendra Modi at BJP’s Parivartan Yatra (December, 2016): I salute the people of the country for standing for long hours in queues. I want to ask those politicians who are crying over these long queues.
You kept the entire nation in queues for 70 years after independence, as one had to stand in lines for even sugar, kerosene and wheat in the past. This is the last queue to end all those queues.
Narendra Modi on the 50th day of demonetization: We will continue to undertake economic reforms with a long-term view for the bright future of the country.
People have become ready to bear hardships for the interests of the country. Difficulties will now start easing for the honest. At the same time, troubles are going to increase for the corrupt.
Narendra Modi (December, 2016): Since Diwali, our nation has been witnessing a historic ritual of purification.
The patience, discipline, and resolve displayed by 125 crore Indians will play a critical role in shaping the future of the nation for years to come.
The government is well aware that in this period, you had to queue up, and face difficulty in withdrawing your own money.
I received letters from many people. They have shared their pain and sorrow with me, but also emphasized their support.
In this fight against corruption and black money, it is clear that you wish to walk shoulder to shoulder with us. For us in government, this is a blessing.
Narendra Modi in the Rajya Sabha (February, 2017): There is no parallel of this massive decision in this world. This can become a huge case-study for the universities and researchers of the world.
People will realize the benefits of this bold and tough decision over time. Fake notes don’t reach banks. Terrorists and Naxals use those.
A few people are raising the issue of new notes being recovered from terrorists in Kashmir. I want to tell them that the terrorists had looted a bank.
About 700 Maoists surrendered after demonetization and this number is increasing. Shouldn't this make us happy?
Narendra Modi in Gujarat (October, 2017): After all the reforms and hardcore decisions, the economy of the country is on track and is going in the right direction.
Many economists have agreed unanimously that the fundamentals of the economy are strong. Foreign investors are making record investments in the country.
The foreign exchange reserves of the country have reached $40,000 crore from $30,000 crore. We have taken important decisions regarding reforms and this process will continue.
Click to explore more in our exclusive Demonetization Special