Question

What have been the effects of Demonetisation of currency in 2016?

Answer 1

As the clock struck 8 pm on November 8, 2016, India came to a standstill and Prime Minister Narendra Modi announced one of the most ground breaking changes in the Indian economy. The Indian Prime Minister announced his plans of banning Rs 500 and Rs 1000 notes with several motives in mind and thus began India’s struggle with demonetization. A year after the country was wiped out of old currency, the effects of Narendra Modi’s demonetization can still be felt in the economy. Demonetization has been one of the most criticized moves by PM Modi and everyone from former Prime Minister Manmohan Singh to former RBI Governor Raghuram Rajan has condemned this move and its effects on the Indian economy.