Bangalore: Little did Prof. Krishna know that a cup of tea outside the IIM Bangalore campus on Bannerghatta main road would change his opinion on the current demonetization issue. On 13th December, 2016 evening Prof. Krishna as usual had gone out of the campus for a walk till Fortis Hospital but unlike other days, he stopped at a local tea vendor’s joint to enjoy a cup of tea. The renowned faculty member of IIM Bangalore, Prof. Krishna Narayan who has an MBA degree from the prestigious Harvard University also holds a PhD in Economics from the Cornell University said a tea in Manjunath’s tea joint near the hospital taught him many finest aspects of Economics that he had missed during his MBA and PhD days. The professor believes he has been teaching wrong theories in class from years.
The same evening after ordering a tea in Manjunath’s tea joint the professor observed the tea vendor was discussing the current demonetization issue with a hospital employee of Fortis Hospital. “I couldn’t control myself and felt the desperate urge to participate in the debate” said Prof. Krishna. Manjunath and Prajwal Gowda who works as a housekeeper in the hospital were analyzing the after effects of demonetization policy and Prof. Krishna got to learn many vital theories from them that evening. Prior to this discussion the professor believed that Indian economy would experience a lower growth of around 5% instead of predicted 7% last year. He also believed since this cash crunch will hit on low-end employment hard, it might lead to chaos in villages and among migrant workers across the nation. Although the professor thought the current policies could have been more fulfilling in future if the government had taken necessary steps in prior to manage the cash crunch in an effective way. Contrary to this Mr. Manjunath believes such a risky step was very much needed from the strong government and it will only enhance the lives of Indian citizens in just fifty days.
When our correspondent tried to connect with Mr. Manjunath at his tea joint and requested to further discuss the issue, we were shocked to know that he holds an MBA in Finance from Jai Jai Swamy Anantanand Institute of Management. Mr. Manjunath not only understands the effects of such a policy but could see the GDP growing at a faster rate than ever next year. He believes India’s GDP will be higher than predicted 7.6% next year since all the black money stashed with the corrupt officials in every corner of the nation will be out in the banks and will probably be deposited to Jan Dhan Accounts. Mr. Prajwal who has opened a Jan Dhan Account also thinks Prime Minister Narendra Modi is a common-man friendly leader and he will personally ensure every Jan Dhan Account gets at least Rs. 5,00,000 deposited by the end of February next year. PMO of India remained unavailable to comment on whether any such development is being planned. We also tried to meet and discuss the issue with some of the prominent shopkeepers in the locality and colleagues of Mr. Prajwal at the hospital to understand how they look at the whole issue. Mr. Sachin who is a resident of Mandya but sells cigarettes on his bicycle believes recently Switzerland has succumbed to Narendra Modi’s constant pressure and has agreed to divulge the black money information to GoI next year. “India will not only get all the black money back but we also expect PMO to divide them equally and credit to all the Jan Dhan accounts by 2017.” said Mr. Saurav, a migrant worker from Orissa in Bangalore.
Although Prof. Krishna earlier believed GoI should have built a larger stock of new bills in advance to avoid this chaos, currently thinks PMO was right for not having a bigger stock since it would have helped the criminals to avail new bills faster and get away again. While speaking to us he said, “Manjunath also showed me how foreign hands are involved in creating potholes in Bangalore roads and how this demonetization will help Siddaramaiah in building better roads.” Professor not only returned home with a brighter hope but also was able to see foreign roles in the regular problems we face everyday.