Demonetisation has received a lot of flak in the Indian media. While some have supported the move some have claimed it to be a misstep. More than 85 percent transactions in India are cash based. And banning this means a lot of discomfort to the people. The opposition has stated this as an ‘organized loot,’ ‘legalized plunder’ and ‘monumental failure.’ While the opposition in our country seems to be against Prime Minister Narendra Modi the Chinese media applauded the PM on this move. The Global Times, a Chinese media organization stated, “Modi’s move is very bold. We cannot imagine what would happen in China if the country bans it’s 50- and 100-yuan notes.”
Adding the Chinese Global Times wrote, “Demonetization can crack down on corruption and shadow economy but it is obviously unable to solve the deeper social and political issues that help breed the aforementioned problems. As far as the root causes of corruption exist, the problems will always resurface. In other words, the Modi government wishes to turn a long and arduous reform into a one-off deal.” They also said,”Demonetization is a gamble for Modi. He bet on both the execution ability of the government and the tolerance level of the Indian society, hoping that the benefits of this reform can outrun the negative social impacts and low morale.” The media house also mused on the braveness of PM Narendra Modi, saying, ” The Western-style democratic system of India allows little room for such bold moves. However, he is really carrying it out, and will create a precedent no matter he succeeds or fails.” The Chinese Media also said that the move of PM is inspiring and that China would also draw lessons from this, which in turn will help them understand their own reforms.
