India demonetisation News
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The former CEA says he does not think anyone disputes that demonetisation slowed growth.
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Breaking his silence on the November 8, 2016 decision of Prime Minister Narendra Modi, he says that he does not have a strongly-backed empirical view apart from the fact that the welfare costs, especially on the informal sector, were substantial.
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Refusing claims that almost the entire cash money got deposited in the banks, Jaitley in a Facebook post wrote that confiscation of currency was not an objective of Demonetisation.
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Read the full text of Prime Minister’s address to the nation on 8 November 2016.
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Prime Minister Narendra Modi in a surprise televised announcement on the evening of November 8, 2016 said that the 500 and 1,000 rupee notes would cease to be legal tender.
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Prime Minister Narendra Modi announced the scrapping of Rs 500 and Rs 1,000 notes on November 8 last year, in a surprise move.
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A slowdown in India's growth rate, the bank said, has also affected the growth rate of South Asia.
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The jump in digitisation witnessed in India is not an outcome of demonetisation but because of Reliance Jio's onslaught on data prices, Paytm founder and CEO Vijay Shekhar Sharma said.
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PM Modi on November 8 last year had announced demonetisation of Rs 1,000 and Rs 500 notes in a major assault on black money, fake currency and corruption.
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The Nikkei India Services Purchasing Managers' Index (PMI), which tracks services sector companies on a monthly basis, stood at 46.7 in November, down from 54.5 in October. A reading above 50 means the sector is expanding while a score below this mark signals contraction.
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