Calling demonetisation a “massive theft of people's property”, Forbes describes scrapping of currency as immoral as the sterilisation programme in the 1970s
GN Bureau | December 23, 2016
Prime minister Narendra Modi, for so long a darling of business and industry, has received an editorial rap from business glossy Forbes for demonetisation. The move, which is being criticised heavily on grounds of being ineffective, anti-poor and lacking in planning, is now getting international attention. Steve Forbes, the chairman and editor-in-chief of Forbes Media, has written a hard-hitting editorial, calling the move “immoral”, “sickening” and a “massive theft of people's property”.
The column, which appears in the January 24, 2017 issue of Forbes, says that this act is damaging India’s economy and “threatening destitution to countless millions of its already poor citizens.” Describing the way India has implemented the act, he writes about the insufficient amount of new bills, changed size of notes resulting in calibration of ATMs and that the move is an attack to privacy, inflicting more government control the lives of people.
READ: The great Indian flip-flop trick
The article adds that India’s economy is mostly cash-based and operating informally because of excessive rules and taxes. It says that the government bureaucracy is “notorious for its red tape, lethargy and corruption.”
Further attacking the move, he compares demonetisation to the gruesome sterilisation programme taken up by the Indira Gandhi government in the 1970s. Forbes says “not since India's short-lived forced-sterilization program in the 1970s -- this bout of Nazi-like eugenics was instituted to deal with the country's ‘overpopulation’-- has the government engaged in something so immoral.”
He has also written about how businesses are closing as companies are “having difficulties in meeting payroll.”
He further states that “people will always find ways to engage in wrongdoing,” and that terrorists will not quit their evil acts because of currency change.
As might be expected of a business magazine, the editorial ultimately makes a case for lower taxes and ease of doing business. It says “the digitization of money will happen in its own good time if free markets are permitted. And the best cure for tax evasion is a flat tax or, at the least, a simple, low-rate tax system that renders tax evasion hardly worth the effort. Make it easy to do business legally and most people will do just that.”
Forbes suggests in the end that India must slash income and business tax rates and simplify the whole tax structure. It should hack away regulations, “so that setting up a business can be done with no cost and in only a few minutes.”
READ the column: What India Has Done To Its Money Is Sickening And Immoral
ALSO READ: Two counts of failure
As the post-pandemic fallout and geopolitical uncertainty slows down global economies and sanctions against some nations, energy crisis and inflation are adding to the troubles, India is projected to be decoupled from world economy and fare better. To check if this belief really holds water, in the latest
With the advent of globalization came a new set of challenges for corporations, notably the duty of ensuring the well-being of all stakeholders while also protecting the planet`s natural environment. Although we are dedicated to a faster and more inclusive rate of growth, it is equally imperative that we f
BMC commissioner and administrator Iqbal Singh Chahal has been conferred with a Honorary Doctor of Science Degree (honoris causa) by Guru Nanak Dev University in Amritsar, Punjab. Chahal was conferred the degree during the 48th convocation of the University in Amritsar at the hands of Punjab
Securities and Exchange Board of India (Sebi) aims to use a two-track approach on environmental social and corporate governance (ESG). Addressing a conference on ‘ESG for Atmanirbhar Bharat` in Mumbai, Sebi chairperson Madhabi Puri Buch said that that there should not be a single carbo
Presenting authentic information is the prime responsibility of media and that facts should be properly checked before they are put in the public domain, union minister of information and broadcasting Anurag Thakur has said. “While speed with which the information is transmitted is imp
Union minister for finance and corporate affairs Nirmala Sitharaman has concluded the pre-budget consultation meetings for Budget 2023-24 that were held from November 21 to 28 in the virtual mode. More than 110 invitees representing seven stakeholder groups participated in eight meetings sch