Demonetisation hurt poor, failed its goals: Arunachal Congress chief

Arunachal Pradesh Congress Committee (APCC) president Bosiram Siram has described the 2016 demonetisation as one of the most “misguided and destructive” economic moves in the country’s history, alleging that it caused “profound economic disruption and widespread hardship” across society.

Siram appealed to the people of Arunachal Pradesh to observe November 8 as Black Day to remember those who, he said, lost their lives and livelihoods due to the decision. He urged citizens to use the day to reaffirm their commitment to safeguarding economic stability and democratic accountability.

The Congress leader argued that demonetisation failed to achieve any of its stated objectives — including tackling black money, ending corruption, halting terror financing, or eliminating counterfeit currency.

“Demonetisation did not strike black money; it struck the backbone of India’s real economy — the poor and the working class,” Siram said in a statement.

The APCC president accused the government of causing long-term damage to small businesses, daily wage earners, and farmers, claiming that the policy left a lasting scar on India’s informal sector and rural economy.