Exactly three years back on this day, the BJP government has announced Demonetisation. Almost 86 percent of the currency was made invalid. The old Rs 1,000 and Rs 500 notes were canceled. Prime Minister, Narendra Modi has announced this decision of banning old big notes as a counter to terror funding and black money possessed in the Country.
A recently conducted online survey stated that 66 percent of the respondents feel demonetization has left a negative impact on the Indian economy. The survey was conducted by a citizen engagement platform called Local Circles.
With this historic decision, the Indian economy went to decline. There was a bit of growth in the economy in 2017-18, but it was not what it was expected to be. Interestingly, the Indian economy saw a huge growth at the time when demonetisation was announced.
While the demonetisation was announced to make sure the people who possess the black money will find it hard to survive. In quite a contrast to what the Modi government has imagined, the poor and normal people who have faced problems to withdraw money from their own bank accounts.
Many people have lost their jobs due to their lack of earning in companies. Economic analysts state that demonetisation has slowed down the economy and this time has recorded the least ever growth in history.