Interesting days ahead

After a month since Prime Minister Narendra Modi announced the demonitisation plan, the situation has not improved much at ground level. On November 8 Modi surprised nation by announcing the banning of 500 and 1000 rupees notes. Since then chaos is being witnessed in banks and ATMs across the nation. People are still queuing to withdraw money and banks are mostly running out of cash. Though government keeps on announcing several new measures to mitigate the crisis but it simply is not working. People of India wholeheartedly welcomed the move hoping that it will help to unearth black money but things are not turning out as expected.
Govt also promised that situation will improve after some days but it’s been a month and situation is only going from bad to worse. The disgruntled voices are emerging. HDFC chairman Deepak Parekh who had initially supported the move today stated that demonitisation has derailed Indian economy. Besides hurting business, the move has also taken away jobs from marginalized sector. National media has extensively reported about how construction workers and transporters have been badly affected. It now increasingly looks like government did not properly plan while implementing this decision. Also the government keeps on changing goal post as per their convenience. At first they claim that demonitisation has been done with the move to curb black money but today finance minister Arun Jaitley claim that it has been done to take country towards digital economy. If government does not take more concrete step to improve situation, the demonitisation move might backfire on them.



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