Nowadays, demonetisation is a
blooming topic of our country, India. People of every grade, whether they are
labours or elite businessmen, everyone is talking about the demonetisation,
which has been executed by Narendra Modi, Prime Minster of India. It refers to
the banning of 500 & 1000 currency notes. Although it won’t affect directly
to the life of people, many changes has been encountered by a citizen of India.
With the population of almost
1,335 billion, India is the second most populated country in the world but
still counted under the developing countries. For a developing country, instant
proscription of currency would certainly affect the Indian economy. This, we
can conclude from the past few weeks after demonetisation, small-scales
businesses are unable to generate wages for their labours which work on daily
or weekly payment.
If we talk in term of GDP, the
growth of GDP has been decreased to 7.1% from 7.5% during the first quarter
(April-June), a year ago. It has been concluded that this will affect the
Indian economy will last longer or might get worse.
No doubt, the decision of banning
the bigger currency note will drain away the black money but what about the
people who hardly earn in a day. The concern lies in the execution which can be
better if they have planned well before implementing the decision. If the
customization of ATMs was proper and on time then maybe the people of
lower-class will not suffer this much.
Well, now the debate should not
be on the plans as it has already been implemented. However, how to correct it
and how to stop the falling growth of India is an issue. Which should be
resolved as soon as possible else, the employment rate will be reduced, and in
return, the growth of Indian Economy will go to a halt.
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