An impression of demonetization on Indian economic slowdown
Journal Title: International Journal of Interdisciplinary and Multidisciplinary Studies (IJIMS) - Year 2017, Vol 4, Issue 3
Abstract
One day the government of a large and fast-growing economy became convinced that curbing shadow economy of millionaires hoarding piles of illicit cash by withdrawing 86 percent by value of the cash in circulation in India remained highly under criticism. A broad cash crunch and broken supply chains threatened a sharp economic slowdown – a potential loss of economic activity and a drag on broader Indian economic growth as anticipated by us. But, the reality revealed that economy grew not below 7 percent in 2016-17 negating all our negative speculations and even the economy performed sound based on macroeconomic parameters, especially inflation. Some critics argued that GDP estimation may be misleading due to negative growth impact in informal sectors and hard to obtain true cost of demonetization. It is obvious that Demonetization brought about a surgical strike on informal sector and succeeded to control it to a greater extent. This paper attempts to clarify that even though the short term effects of demonetization was painful for the common mass of the society, but it did not cause Indian economic slowdown at all and further expanded public spending which is expected providing enhanced welfare to the society paving the way of ‘cashless economy’.
Authors and Affiliations
Surajit Ghosal
Keywords
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