Modi's demonetisation 'masterstroke' could end up as 'joke': Chinese media
November 17, 2016 19:27
Prime Minister Narendra Modi's "masterstroke" to demonetise Rs 500 and Rs 1,000 notes could be reduced to a "nasty partisan conspiracy" or a "costly political joke" if it fails to deliver on its high-sounding promises, Chinese official media commented today.
"While it takes political courage to launch such a trailblazing and massive campaign; it actually takes far more wisdom to give it a happy ending," an article in the state-run Global Times said.
"Given the fact that people have to pay an absurdly high price for the expected reform, if BJP fails to deliver its high-sounding rhetoric and promises, then Modi's much-lauded 'masterstroke' or 'big bang reform' will likely be reduced to 'nasty partisan conspiracy' and even a 'costly political joke'," it said.
The article noted that demonetisation is by no means new to India. However, rooting out India's perennial and enormous black economy has never been an easy mission, it said.
"If Modi fails to supplement the blitzkrieg reform with more enduring and fundamental measures, any beneficial effects the reform has created may evaporate quickly, even if Indian people have paid an absurdly high social and economic price so far," the article said.
The demonetisation may also benefit BJP, it said.
"Modi's move also carries an implicit albeit thick partisan agenda: Sudden demonetisation may hurt other political parties' funding more than his own Bharatiya Janata Party (BJP), rendering the BJP a significant upper hand in the upcoming elections in Uttar Pradesh and Punjab," it alleged.
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