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Demonization in India, notes banned in India, Economic Demonization, corruption, black money,

WHAT IS 2016 DEMONETISATION? 
~•`.   On 8 Nov 2016 , Indian government, announced the demonetisation of all 500&1000 banknotes & also announced new 500 & 2000 banknotes in exchange.

~•`   The announcement of demonetisation was followed by prolonged cash shortages in the weeks that followed, which created significant disruption throughout the economy.Initially, the move received support from several bankers as well as from some international commentators. The move was also criticised as poorly planned and unfair, and was met with protests, litigation, and strikes against the government in several places across India. Debates also took place concerning the move in both houses of parliament.

Process of Demonetisation 

-Preparation and announcement.
-Information leaks.
-Cash exchange and withdrawal.
-Ordinance and Act.

Effects of Demonetisation 

- Shortage of cash.
- Transportation collapsed.
- Hitted Stock market.
- Industrial output reduced.
- Agriculture / farmers.
- Real GDP growth rate reduced.
- Many were unemployed.
- Cost to banks increased.
- Negatively impacted Welfare schemes.
- Deaths.

~•`  Many people supported demonetisation & many were criticized, instead demonetisation announced ( 08 Dec - 30 Dec ) by PM Narendra Modi,.

Many economist like Nobel Laurette Amartya sen severely criticized and called it as "despotic action" among other things.

Cheif Economist of world bank Kaushik Basu , called it " a major mistake" and said that the " damage " is likely to be much greater than any possible benefits.

Prabhat patnayak, former professor of JNU called the move a "witless" & "anti-people" & he also said that it will effect a little to black money while causing much hardship to common people.


It's a very huge & detailed topic,if you want more information regarding it you can comment in the box & I will definitely response to it ,




THANKS FOR READING 😊

HAPPY LEARNING
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