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LATEST NEWS UPDATES | Demonetisation may have hurt more than it helped -Amulya Ganguli

Demonetisation may have hurt more than it helped -Amulya Ganguli

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published Published on Sep 3, 2017   modified Modified on Sep 3, 2017
-IANS

It will take time for the economists to figure out whether the fall in the growth rate to 5.7 per cent is the result of the disruption caused by demonetisation and the Goods and Services Tax (GST), but most of the common people will see a connection between the two steps and a slowing down of the economy.

For most of them, the GST seems right -- like the uniform civil code in another field of national life notwithstanding the teething troubles -- but the jury is out on whether demonetisation was necessary if only because 99 per cent of the banned currency has been returned to the government.

Even if this means that those with unearned incomes have chosen to deposit their money in the bank, the question will remain whether the huge disruption caused by demonetisation was required to ferret out these holders of black money, especially when their numbers cannot be too large since most of the dubious earnings is not kept in cash but invested in gold, jewellery and real estate.

The claim that counterfeit currency will be detected by demonetisation has also been disproved by the fact that the amount of such notes that has been turned in is a mere 0.0007 per cent of the total.

If the government's intention in wiping out 86 per cent of the currency in circulation in one fell swoop was the result of the failure to keep Narendra Modi's election-eve promise of depositing Rs 15 lakh in each bank account by unearthing black money, it can only be described as a "monumental misjudgement", as Manmohan Singh called demonetisation.

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The Economic Times, 2 September, 2017, http://economictimes.indiatimes.com/news/economy/policy/demonetisation-may-have-hurt-more-than-it-helped/articleshow/60335886.cms?utm_source=APPusers&utm_med


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