sqrrl blog-impact of demonetisation


Cool title, but what’s the news?

On November 8 last year, Prime Minister Narendra Modi in a surprise move announced the demonetisation of ₹1,000 and ₹500 bank notes to “combat corruption, black money, terrorism and fake currency.” Today, we look back on the one year anniversary of the event and see what Finance Minister Arun Jaitley has to say on the occasion.

? Okay, but what does it mean? 

While the Ministry of Finance came out with their own report card on the anniversary of demonetisation, the fact cannot be argued that there are certain concerns about the long-lasting impact of the move by the government. While it has been called ‘organised loot and legalised plunder’, the Finance Minister reaffirms the faith that the people have shown in the movement and said, “anti-black money drive is ethical and moral. What is ethical and moral cannot be politically incorrect.”

? I get it, but why should I care?

This is what an online survey by Economic Times announced:  

Modi magic holds, people still back demonetisation.

This is important because: Despite the demonetisation move acquiring massive criticism by experts and common citizens believing that it had a negative in the short-term, Modi has been able to convince people that he took this step in the larger public interest and not due to any vested interest.

The thing to take away from this is that after a year while the ramifications of the surprise government move can still be felt, the popular support can be seen evidently from the landslide victory in UP. And in the long-term, if people continue their support towards the Prime Minister, it basically means that all demonetisation critics from the opposition parties need to find another soft spot to make use of. 

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