Wednesday, June 19, 2024

5 years of demonetisation: How it impacted India

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NEW DELHI: Though neither the Narendra Modi government nor the BJP celebrates demonetisation , of late it has proved to be a major boon not just for the dispensation but also for the common man.

In a televised address, Prime Minister Narendra Modi had announced the demonetisation initiative at 8 pm on November 8, 2016 to fulfil four objectives of checking terror-funding by Pakistan, printing of counterfeit currency, black money and corruption.

With the demonetisation move, Rs 500 and Rs 1,000 currency notes ceased to exist as legal tenders from the midnight of November 8, 2016.

However, the opposition criticised the Modi government over “notebandi” (note ban), alleging that none of the four objectives of the move has been fulfilled.

had called the demonetisation drive as a “monumental mismanagement failure”. He had warned that GDP growth could fall by 2 per cent and it would hurt agriculture, small industry and everyone in the unorganised sector.

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