Akhilesh Yadav calls demonetisation ‘world’s biggest corruption scandal’, challenges BJP to debate 1947 vs 2047 economy
M.U.H
11/11/20264
The BJP may have spent years talking about a developed India by 2047, but Samajwadi Party chief Akhilesh Yadav wants the government to look back before making promises about the future.
On Wednesday, he revived his decade-old ‘Khajanchi’ reference to demonetisation and accused the Centre of pushing India’s economy backwards through what he called the world’s biggest corruption scandal.
Speaking at a press conference in Lucknow, Yadav launched a fresh attack on the November 2016 currency ban. He alleged that demonetisation failed to achieve its stated objectives, hurt small businesses and MSMEs, and damaged the country’s banking system.
He also challenged the BJP to hold an open debate on India’s economic position at the time of Independence in 1947 and where the country stands today, while questioning its claims about becoming a developed nation by 2047.
Akhilesh Yadav brings back ‘Khajanchi’ jibe
Marking the 10th birthday of ‘Khajanchi’, Yadav used the occasion to take another swipe at the BJP over demonetisation.
“Today Khajanchi turned 10. We have been celebrating its birthday since the beginning, but sadly the Bharatiya Janata Party has never celebrated Khajanchi’s birthday,” he said.
The Samajwadi Party chief suggested that the BJP should adopt Khajanchi, but added a dig at the party’s MPs who had adopted villages under a government programme.
“His 10 years are full of failures. Those who talk about a USD 1 trillion economy can celebrate a child’s birthday,” Yadav said.
He then described demonetisation as an unprecedented corruption scandal and alleged that the exercise had served as “slow poison” for the economy.
Banks, small traders among those hit, says SP chief
Yadav argued that the currency ban had done little to reduce cash circulation. Instead, he claimed, the amount of cash in circulation had increased by 70 per cent compared with the period before demonetisation.
He also accused the government of using the exercise to push banking reforms that eventually weakened the banking system.
“The BJP took a decision on banking reforms in 2014. Under the pretext of demonetisation, the game of exchanging currency notes that was started ended up corrupting the entire banking system,” he alleged.
The SP chief said small traders and micro, small and medium enterprises (MSMEs) continued to suffer from the effects of the decision.
He also questioned bank penalties and charges imposed on customers, arguing that the system had become more difficult for ordinary people to navigate.
“Even today, banks are deducting money in the name of penalties. The BJP has created such a system. It has made banking more dangerous than even moneylenders, making it worse than them,” he said.
Calling demonetisation a “curse for banks”, Yadav also raised concerns over bank closures, mergers and privatisation.
Challenges BJP over 1947 and 2047 economic claims
Yadav’s criticism extended beyond the currency ban to the government’s broader economic claims.
He questioned the BJP’s repeated promise of making India a developed country by 2047, arguing that demonetisation had set the economy back
“One negative decision like demonetisation has pushed India’s economy even further behind the economic position we had in 1947, when we became independent,” he said.
The SP chief challenged the government to participate in a public debate on the country’s economic condition in 1947 and its projected position in 2047.
“If they feel these allegations are not true, let us have a debate on this as well,” he added.
