-The New Indian Express Having brought this economic disaster on the country, there was not a single statement of regret, introspection or even justification from the powers that be Demonetisation will go down in Indian economic history as one of the greatest policy blunders. In the two quarters prior to the ban on high denomination rupee notes, the Indian economy had registered around 9% growth. Since then, the growth steadily decelerated and...
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Five years of Demonetisation: Black Money deals down 75-80%; sales outstrip new supply
-MoneyControl.com In post-DeMo Q4 2016-Q3 2021, sales of approximately 10.37 lakh units outstripped new launches that were at approximately 9.04 lakh units Cash transactions in the housing market have reduced by at least 75-80 percent since Demonetisation five years ago. Buyers no longer buy homes to get rid of black money - they now buy them because they want to own homes. But the component is still finding its way into property...
More »Five years after Demonetisation, SC still to set up a bench to hear the petitions challenging it -Umang Poddar
-Scroll.in In December 2016, the court had said the cases would be referred to a five-judge bench It took less than 24 hours for the first set of petitions to be filed against the Modi government’s Demonetisation decision. Eight weeks later, at least 41 petitions had been filed in courts across the country. But five years later, nothing has happened in the petitions. Even the Supreme Court bench that was supposed to hear...
More »Demonetisation one of independent India’s most devastating measure that left a permanent scar on the economy -Prabhat Patnaik
-National Herald The combination of ignorance, arrogance and the desire for “shock and awe” on the part of Modi government can be quite lethal, as the Indian people have learned to their great cost In the entire history of post-independence India, no single economic measure has been as devastating for the people and as utterly futile in achieving its stated objectives, as the Demonetisation of currency notes of Rs 500 and Rs...
More »Pronab Sen, Programme Director for the IGC India Programme and first Chief Statistician of India, interviewed by Vikas Dhoot (The Hindu)
-The Hindu The ill-prepared move left India with all the damages and very few of the benefits On November 8, 2016, Prime Minister Narendra Modi announced that from midnight, ₹500 and ₹1,000 notes would no longer be considered legal tender in India. The government’s stated aim was to curb corruption and the pervasion of black money in the economy, as well as the proliferation of fake currency which was also being used...
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