5 Years Later, Did Demonetisation Fulfil Its Promises?
After 5 years of midnight demonetization of Rs 500 and Rs 1000 currency notes, Indians are still paying the price. The announcement made by the PM on 8th of November 2016 at 8 pm was like a death knell for the small businesses who depended heavily on the cash economy. Small industry showed signs of recovery in 2017-18 but again collapsed after the introduction of GST and its myriad compliances.
For the 11 subsequent quarters manufacturing could not attain a double-digit growth, a must for the health of the industrial sector.