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Demonetisation; India’s Game Changer

Wednesday, December 06, 2017

A year has gone by since the demonetisation of Rs 1000 and Rs 500 notes by the Reserve Bank of India. It had a positive impact on digital payments and tax compliance. But the negative impact on GDP and employment is more significant, apart from an adverse impact on the economy as a whole. Many people are not aware of the reason for negative impact of demonetisation. For the economy as a whole, total expenditure is equal to total income. Withdrawal of 85 per cent of the currencies in circulation forced people to curtail their expenditure. Reduction in the total expenditure reduced total income, which in turn reduced demand for products and services. When it continued for long period, it induced recession in the economy due to lack of demand.
— Calicut Krishnan Ramani, Sion


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