The last year since demonetization has been a real struggle for many. What’s worse is that even after a year of the experiment by the government, it is still struggling to deal with black money. Contrary to what was intended, the execution had a lot of flaws and loopholes of which many people took an advantage.
The two main promises of the government: a) choking terror funding activities and b) promoting digital economy, have not been fully fulfilled by it. The biggest evidence of the same is the RBI”s notification of receiving nearly 99% notes back. Was all that chaos and struggle of a common man just for that 1% black money?
The digital payment has seen some growth and this can be especially seen in the case of wallets like PayTm. But the intended goal has not been achieved rather a lot of struggle is what the citizens had to go through.
However, the fear of demonetization can be felt in some areas such as household savings which have indirectly killed the Indian Culture of micro-savings.
While many had received the move as welcoming and they mainly are either Modi supporters or the service class people but the worst hit has been the business class and the impact has been so bad that many had lost their jobs due to shutting down of businesses.
Not only this, but many had to even lose their lives as the cost of the experiment, which we mainly believe has been an outcome of poor execution. Nonetheless, this jolt by the Modi government will still take years to recover.