Congress attacks Modi over demonetisation legacy on eighth anniversary

Congress leaders on Tuesday commemorated the eighth anniversary of India's demonetisation drive with a sharp political critique of the Modi government. The party drew parallels between the 2016 currency withdrawal and what it characterised as contemporary threats to democratic processes, using the terms 'notebandi' and 'votebandi' to frame their argument.

On November 8, 2016, Prime Minister Modi announced the sudden invalidation of ₹500 and ₹1,000 denomination notes, a measure justified as targeting black money and counterfeit currency. The government presented demonetisation as essential for formalising the economy and curbing illicit financial flows.

Opposition voices have long disputed the policy's outcomes, citing disruptions to daily commerce, hardship for informal sector workers, and limited evidence of achieving stated objectives. Congress spokespersons used the anniversary to revive these criticisms, arguing the policy produced lasting economic damage.

Beyond economic arguments, the Congress broadened its attack to include claims about institutional governance. Party statements suggested that alongside economic challenges from demonetisation, democratic norms and electoral processes face contemporary pressures, though specific details were not elaborated.

The Modi government has maintained that demonetisation was a necessary structural reform despite short-term disruptions, citing increased tax base expansion and formalisation gains as long-term benefits. The eight-year retrospective has reignited debate over the policy's net impact on Indian economic indicators and growth trajectories.