Demonetization Is Both Revolutionary And Responsibility

Since independence, India has witnessed many revolutions inside the country. But, on the 8thNovember 2016, Indians were stunned by the demonetization revolution brought about by Prime Minister Mr. Narendra Modi, a revolution which is considered as a huge surgical attack on black money, both ‘systematic and systemic’ in electoral politics, propped up by corrupt businessmen, politicians and executives. By  invalidating the highest currency in terms of value, the root of the majorproblems ofcorruption, black money and fake currency has been put to rest.It is also an act of crackdown on the country’s booming under-regulated and virtually untaxed grassroots economy. This one act of Modi will be a driver to get millions of Indians onto the country’s official economic grid, many for the first time. The crackdown has the feel of ‘sweeping in scope and extreme in measures’ as terrorism, illegal drug sales, the black markets, counterfeiting, and/ or the method of choice for those seeking and paying bribes have come to a halt. Petty corruption which is rampant in India has also hit a speed breaker for the time being.

According to the recent Global Corruption Barometer, the percentage of those who reported paying a bribe in the past year was 9% in China as compared to 54% in India. Corruption in China is concentrated among the political elites, involving exchanges of power for large sums of money. Conversely, India has a pervasive problem of petty corruption.

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