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Did Modi destroyed Indian economy?
“Today it is five years since Modi ji announced demonetisation on November 8, 2016. He (Modi) spoiled the country’s good economy through demonetisation,” Kharge told reporters. On this day in 2016, the Prime Minister had announced the decision to ban currency notes in the denomination of Rs 500 and Rs 1,000.
Was demonetisation a failure in India?
Thus, data suggests that demonetization was a failure in unearthing the black money in the system. In 2016, the year when demonetisation was launched, 6.32 lakh counterfeit pieces were seized across the country. In the next four years (including year 2020 so far), a total of 18.
Is demonetisation in India successful?
The data on Income tax returns filed also confirms the success of the demonetisation of the scheme. It surged 14.5 per cent in FY 2016 and then jumped 20.5 per cent in FY 2017, the year of demonetisation. In the subsequent year FY 2018, income tax returns filed surged further 23.1 per cent to 68.7 million.
Will demonetization change India’s behavior?
This week, Jaitley argued that the move would change Indians’ behavior, encouraging them to use digital payments instead of cash; but as I’ve pointed out in the past, demonetization is the exact opposite of what Cass Sunstein would call a “nudge.”
Is this the most significant change made by Modi’s government?
“This announcement appears to be the most significant change made by the Modi government to date,” says Girish Vanvari, partner and head (tax), KPMG in India. “Its impact could be even bigger than GST (the Goods and Services Tax which is still running the gauntlet of politicians).”
What is the ‘demon’ in demonetization?
The ‘demon’ in demonetization is in the beginning. On November 8, Indian Prime Minister Narendra Modi announced in a broadcast to the nation that Rs500 ($7.40) and Rs1,000 currency notes would no longer be recognized legally as currency.
Is Demonetization A good thing or a bad thing?
Deaths cannot be called off so easily — but the government catered to that by allowing payment at crematoria in old currency. “This [demonetization] is a step which will make a positive difference, if the transition challenges get handled well by the administration,” says Jitendra V. Singh, Wharton emeritus professor of management.