'Autocrat' Modi's demonetisation has wiped out 2% of GDP: Rahul Gandhi

New Delhi: Congress Vice President has accused PM Narendra Modi’s reforms of robbing India of its economic prowess on the first anniversary of demonetisation coming into force. He said demonetization has wiped out 2% of GDP and ruined the lives of millions of workers. In his write-up for daily Financial Times, Gandhi states, “Demonetization has wiped out 2 per cent of India’s gross domestic product, destroyed the informal labour sector and has wiped out many small and medium businesses. It has ruined the lives of millions of hard-working Indians.”. Heavily attacking Modi government’s policies, the Gandhi scion says it is a “Licence Raj” that imposes rigid controls and gives vast powers to government officials.” According to him, the challenge India faces today is to compete with China and at the same time maintain liberal values. ALSO READ: Demonetisation, a brave step: PM Modi “The rise of democratically elected autocrats, such as Mr Modi, is driven by two factors: a massive increase in connectivity and its profound impact on institutions; and, second, China’s dominance of the global job market. In democracies, information once resided in institutional silos accessible only to a limited number of people,” he asserts. “Today, the Chinese cat has firmly caught the global manufacturing mouse….For India, the real force capable of meeting the Chinese job challenge is our huge network of micro, small and medium businesses. They represent India’s innovative capabilities and have the skills, knowledge and understanding to take on China’s manufacturing machine. We urgently need to empower these networks and connect them to capital and technology. But instead of helping them grow, the Modi government has fatally wounded them with demonetization and a flawed new tax. “ Earlier during the day, Gandhi had also tweeted, “Demonetisation is a tragedy. We stand with millions of honest Indians, whose lives & livelihoods were destroyed by PM’s thoughtless act.” Gandhi further says anger might have brought Modi to power but it will never create jobs or fix India’s institutions.

Demonetisation is a tragedy. We stand with millions of honest Indians, whose lives & livelihoods were destroyed by PM’s thoughtless act.

— Office of RG (@OfficeOfRG) November 8, 2017

The Congress and other Opposition parties have decided to observe November 8, as "Black Day". Gandhi is scheduled to lead a protest against demonetisation in Gujarat’s Surat on Wednesday,