The elections are over, now it needs to focus on strengthening the economy of the country. Demonetization was a good step but the percentage of corrupt people were more, therefore the benefits of demonetization are less and loss to the economy are more. But because of the trial of demonetization the currency, we intellectuals and practical economist now know where we missed and what steps are to be taken in future.
After demonetization the business has been affected badly and the corrupt people have become more corrupt. May be few of them are afraid of what will happen in near future? So the corrupt and the honest are not able to do the business freely and fairly. Here I would like to clarify that mostly the business is done by the “Vaishya Community” (Baniyas) which were in minority and physically weak, hence they could not approach the government for the solutions of the problems faced by them, and were exploited by the government. The government made the taxation system typical and more typical and the major political parties which ruled the country did not had practical economist, due to which the economy of the country went worse and the “Rupee” also got devalued continuously. Due to democracy in the country and the interest of getting vote the interest of mass vote bank was only catered taken in account, like SC, ST, labour class, farmers, government servants. All the monitory benefits were given to them, so that they can get elected and have the power in their hands. Without calculating the loss made to the country by damaging the economy by the poor development of the infrastructure. The political parties were not able to evaluate that the country survived because of the business done by merely 0.5% businessman of the country and the taxes paid by them.
The middle class of the business sector never demanded free loans and also no relief in the interest on the loan taken by them. But due to demonetization, the business is affected badly at least the government should take an initiative to extend the time of repayment; otherwise the economy would not be able to sustain.
If the government cannot understand the problem of the small businessman at least banks should bring some changes for relaxing the repayment of the loans provided by the Banks. Some suggestions:- Because only the collective efforts can strengthen the economy of the country, so we all should put our efforts to have a better economy so that our coming generations enjoys the benefit of a rich economy county.
1. For 1 year the banks should ask for the payment of interest only and the repayment of principal amount should be after 1 year.
2. The banks can give moratorium for the period of 6 months so that everybody would be able to repay the loans after demonetization.
FROM THE PEN OF
- KRISHNA YADAV
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