Was demonetization (in India) a success or a failure? Explain your view point on this topic
Answers
Answer:
Explanation:
Two months have passed since Prime Minister Narendra Modi announced demonetisation on November 8. And now it is time to assess the government's actions and see whether the entire demonetisation effort is a success or failure.
But before that, we need to identify the objectives of the government's decision to recall Rs 500 and 1,000 notes. The immediate objective of demonetisation was to flush out a large amount of black money hoarded in cash, and the long-term objective was to convert our cash-based economy into a digital one. This conversion will turn India into an efficient economy with higher tax revenues.
It will also help to achieve a cleaner society with a low crime rate because it will become difficult for terrorists, smugglers and other racketeers to operate through banking channels.
It will also help to achieve a cleaner society with a low crime rate because it will become difficult for terrorists, smugglers and other racketeers to operate through banking channels.