Elucidating on the adverse impact of demonetisation, Social Welfare Minister Priyank Kharge has said that the BJP’s economic measure destroyed the Indian economy.
In his interaction with industrialists and traders at the conference hall of the Hyderabad Karnataka Chamber of Commerce and Industry (HKCCI) here on Monday, Mr. Kharge said that demonetisation derailed the banking system to impinge all economic sectors.
“The proclaimed goal of demonetisation was to catch holders of black money. But, 99.97% of the demonetised currency returned to the circulation. Banks are in such a bad shape that they are unable to transfer government subsidies to beneficiaries of MSME units, let alone offering them credit. The rupee has touched its lowest point against the dollar in the last 50 years. One blunder has brought many to the verge of ruin,” he said.
He urged the people to change the government in the coming Lok Sabha elections to change the situation for better.
Responding to a small businessman, Mr. Priyank said that welfare should be viewed with a broader spectrum of social equitability instead of confining it to economic prosperity and infrastructure development alone.
“Without social welfare, there can’t be economic prosperity in actual sense. If we could achieve a more socially equitable society, more economic equitability will follow automatically,” he said.
When asked how his Social Welfare Department was contributing to industrial development, Mr. Kharge said that he was concentrating on creating a conducive ground and a strong foundation for industrialisation by prioritising education, entrepreneurship, and infrastructure development.
“My department is running 820 residential schools and 3,500 hostels in the State to boost education. They have accommodated 70 lakh Scheduled Caste and Scheduled Tribe students. My department is running India’s largest scholarship programme. If you are meritorious, you can study at Oxford, Cambridge or Howard universities or in the London School of Economics on government expense,” he said.
HKCCI president Amarnath C. Patil submitted a list of demands concerning the development of industry and commerce in the region to the Minister.