Write a 5-minute English speech on 'Impact of Demonetisation in India'.
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♣ Must highlight all important points regarding the topic (eg : Advantages & Disadvantages).
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Impact of Demonetization on India
A step that can turn the fate of India was taken by the honorable prime minister on November 8th 2016. The concept of ‘demonetization’ was introduced in India. The word demonetization refers to when a form of currency is stopped from Circulation. In the Indian context, the Rs 500 and Rs 1000 notes were called to be old, and replaced by the new version of Rs 500 an Rs 2000 notes. This step taken by the government of India had brought huge changes in the lives of a common man and the economic status of India.
Demonetization has both pros and cons just like two sides of the coin. The month of November was filled with jokes such as “The husbands will now find out the black money present with their wives, in India.” There has been a huge debate for the past months regarding the merits and demerits of demonetization. Certain Challenges were to be faced by everyone, but claims are made that this is for the benefit of the society.
The Indian economy saw bright colors after the introduction of demonetization. Black money was reduced. Obviously, people tend to safe their black money in the higher denominations of notes, that is, in the form of Rs 500 and Rs 1000 notes in India. If this step was not taken, this black money would have reached into the hands of terrorists and Naxalites to create a big chaos.
Counterfeit currency is printed mostly in the higher denominations. If this form of currency is stopped from usage, the counterfeit currency is to face its dark side. This step could remove 100% of counterfeit currency. However, a question arises on about the printing of fake notes of the new form of currency. Pakistan, one of India’s neighboring countries participates actively in the printing and exporting of fake notes to India. The Indian government has a solution for this too. The new Rs 500 and Rs 2000 notes have special features which is impossible to manipulate!
The Indian banking system strengthens. Demonetization obviously leads to more depositions in bank accounts and they act as savings. This can be utilized by the citizens of India further. This will enhance the liquidity position of banks and their money will be used by the Indian government for various purposes whose main aim is to serve for the betterment of the country we reside in.
When the process of transferring money is by using cashless methods, people tend to have belief of secure of their money. This increases the confidence level of foreign investors to invest in India, which leads to the economic development of the country. The GDP (Gross domestic product) of India will increases.
However, it would be wrong to call demonetization as a successful step. It has caused many problems among different points of perspectives. There are certain demerits that rose among the people of the Indian society. Common man had been the worst sufferers.
Imagine about elderly people who do not know how to transfer or receive cash through digital means. Demonetization acts as an evil in disguise in such perspective. They don’t have the strength to stand in long queues in front of ATM’s. This makes them very weak.
Demonetization has caused waste of time. Standing in queues for money makes it difficult for employees who have very less time. They face pressure from many sides such as offices and their families. This can turn a person fall into deep depression.
Unemployment has increased in the country mainly in the sectors of agriculture and small scale manufacturing. They depend highly upon the higher denominations of notes to buy their raw materials. In such case care of families will decrease.
Unemployment reduces the money present with a person. When a person has less money, availability of basic resources like food, water and clothes and medication facilities becomes less. These are the main factors that are responsible for death. Over 100 deaths are reported, which cause a social and human loss.
People claim this concept of demonetization as ‘richer getting richer and poorer getting poorer.’ The rich change their high denominations without any problems, unlike the poor. The poor have to now pay more taxes and less by the richer parts of the society.
The government of India has stated this step as ‘Short term pain and long term gain.’ This means it has both advantages and disadvantages. However, the conclusion, that is the cashless society will surely bring a huge change. The Indian economy is tending to see various sides.
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Demonetization: Pros and Cons
Good morning everyone present here. Distinguished guests, respected teachers, and my dear fellow students, I stand here to express my views on 'PM Narendra Modi's decision of banning 500&1000 notes. ‘This move of the PM is being hailed as significant and important an event as was Mahatma Gandhi’s movements against the British. He did it for the political freedom of the country; PM Modi did it for the economic freedom of the poor and underprivileged people of our country.
It was not the first time currency is being changed. It has happened earlier also. Demonetization was implemented first in 1946, in 1956, and in 1978 also. The purpose behind previous demonetization reforms were the same as is now—curbing counterfeit money and black money.
This crusade against the black money was welcomed by the masses. However, there was furor of protests, complaints, and resistance to the move from those who have been hit hard, especially the corrupt politicians, businessmen, etc. PM Modi’s banning the notes aims at ferreting out billions of rupees stashed away in hard cash by some unscrupulous anti-national people such as criminals, terrorists, drug-smugglers, gamblers, corrupt politicians and officers, and businessmen.
It had been reported that India is on top of the list of countries that have kept their black money in Swiss Banks. India with $1,456 billion or $1.4 trillion had more money in Swiss banks than the rest of the world combined. So you can imagine the extent of black money problem in our country. Similarly, within the nation the amount of hidden black money in the form of 500 and 1000 rupees notes was equally staggering. If the same amount was brought back to our country, our economy would flourish fast. PM Modi’s intention behind the move was purely to break the back of those people who had the black money or were involved in black money activities. Secondly, some anti-national agencies weer using this black money and fake money to destabilize India. Pakistan and China were directly involved in these activities. PM Modi’s move aimed at disrupting their anti-India activities by banning these notes, as it had been confirmed, these anti-India agencies used fake 500 and 1000 rupees notes by printing them.
I just wondered at some political parties in opposition who were unnecessarily making such a mountain out of a molehill. The PM had taken this step keeping the country’s prosperity and security in mind. Undoubtedly, there were many inconveniences such as scarcity of cash; standing in queues for hours; postponing family functions and buying things that needed lots of cash, etc. for some days. However, the Government had provided many exemptions also in areas related to medicines, healthcare etc. Such politicians as were trying to take undue advantage of the situation must be ashamed of themselves. Besides, the poor, the mediocre sections of India welcomed this decision of the PM and stood by the P.M’s decision.
In the long run this move is going to benefit the nation. There will be less corruption; more investment; better infrastructure; and general improvement in everything. To boost the efficacy of demonetization drive, the Indian Government is also trying to make all transactions cashless through traceable means, which will help in controlling illegal money laundering that is used in anti-national activities. I strongly endorse the PM’s decision.