India Post Demonetisation

Southasia - - EDITOR’S MAIL - Shruti S. Sinha, Ben­galuru, India.

The abrupt demonetisation of Rs. 500 and Rs. 1000 cur­rency notes by the In­dian gov­ern­ment last year was quite a bold move. How­ever, it mostly af­fected those who were daily wage earn­ers, solely re­ly­ing on hard cash to meet their needs. Be­sides re­sult­ing in a size­able de­cline in over­all earn­ings and spend­ing, the demonetisation drive proved to be a dead­lier ex­er­cise for most states. Even a cou­ple of months af­ter the demonetisation, there is a sig­nif­i­cant de­cline in spend­ing, af­fect­ing both the short and long-term growth of small and medium busi­nesses. Ac­cord­ing to a re­search study by Lo­calCir­cles, a cit­i­zens’ en­gage­ment plat­form in India, a large num­ber of peo­ple in the coun­try are still ex­pe­ri­enc­ing the after­shocks of demonetisation in terms of lower earn­ings, which is ad­versely im­pact­ing their spend­ing power, as well as their abil­ity to save money. Will the In­dian gov­ern­ment take the re­spon­si­bil­ity of its ad­ven­tur­ous, but flawed pol­icy-mak­ing?

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