Srinagar: Former MP (Rajya Sabha), Member Planning Commission, Vice-Chancellor Mumbai University, Prof BL Mungekar, today delivered a special lecture on “Political Economy of Demonetization,” at the Nowgam-I academic block of the university here.
Vice-Chancellor, Prof. Mehraj ud Din Mir, Head of the Department, Economics, Prof. G M Bhat, Deans of Schools, Heads and Coordinators of different departments and students were present during the lecture organized by the Department of Economics.
Prof. B. L Mungekar, while delivering the lecture said the student who knows the problems of Economic development in the country like India and those who know something about monetary economics and monetary policy, would not appreciate the decisions taken on demonetization. “As a student of economics, I don’t just believe in economic development and economic growth unless that benefits the poor people in the society,” said Prof. B. L Mungekar.
He said the main aim and objectives for which the decision was taken haven’t been yet fulfilled. “The objective of the government was to attack the black money, which is about 20 to 30 per cent of the national income,” he said adding that through demonetization, the Central Government also intended to curb the menace of counterfeit notes. However, according to Prof. B. L Mungekar, the demonetization has failed to address these issues and instead it created tremendous hardships to the people belonging to the lower strata of the society and lower middle class.
In his presidential address, Vice-Chancellor, Prof. Mehraj ud Din Mir thanked Prof. B. L Mungekar for delivering the special lecture on this critical topic. Prof. Mehraj ud Din Mir said, the demonetization did not leave any political impact as the ruling party at the centre, which took the decision of demonetization, swept the assembly elections in Uttar Pradesh and also formed governments in other states.
He asked the Head of the Department Economics to conduct more such lectures in near future.
Addressing the gathering, Prof. G M Bhat described the demonetization as a ticklish issue and said that Prof. B. L Mungekar would discuss in detail about the impact and pros and cons of the decisions taken by the Central government in this regard.
He said that majority of the Economists in India were against the decision of the Central Government on demonetization as it adversely affected the people belonging to impoverished class and also had an adverse impact on the economy of the country.