Modi did not exactly steal Finance Minister Arun Jaitley’s thunder, but he made the announcements that would have otherwise been barred by the code of conduct
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Was it a budget speech or an election speech? Prime Minister Narendra Modi’s speech was a bit of both. Addressing the nation at the end of the 50-day period that witnessed turmoil in the country’s financial system, Modi announced a slew of sops for farmers, traders and the poor. It would have been difficult for the government to lay down so many goodies had the code of conduct been in effect. So, in a way, the Prime Minister chose the right moment to make a pitch for the hearts of voters in five states going to the polls in February-March. He outwitted the Election Commission which could have spoilt his moment had it to announce election dates before the speech.
The address, covered live my every news television network, had the makings of a Budget speech. Modi did not exactly steal Finance Minister Arun Jaitley’s thunder, but he made the announcements that would have otherwise been barred by the code of conduct. The Prime Minister hinted that the sops would be paid for by the money that had accumulated in banks over the last 50 days. The disappointment here, was that Modi did not tell us how much money had finally been deposited or exchanged at banks. That would have given a clear picture of the black money. Perhaps, the government was disappointed with the numbers. If the government is to be believed a lot of black money came into the formal banking channels through ingenious methods that only Indians can think of.
The Prime Minister waxed eloquent about the fight against corruption and the strategies to unearth black money and fake notes. He acknowledged the pain experienced by the people and the hardships many had to bear after the demonetization of Rs 500 and Rs 1,000 notes. He also called for a united fight and made a feeble attempt to pit the poor against the rich when he said that only 24 lakh citizens have declared incomes of more than Rs 10 lakh. What he did not mention is how long it would take for all the currency to return to the market.
After the impact of demonetization began to hit home, the government gradually shifted the narrative from black money to going cashless. Modi went back to talking about black money and made a fleeting reference to the cashless economy, which he and his advisers must have realized is next to impossible to realise in a place like India where cash is king. Most citizens who were waiting for a big ticket announcement were left disappointed. There was no shocker. The speech was a plain, simple and calculated attempt to assuage voters in five states ahead of polls. A bit of a damper, in a way.
