8 November 2016, a significant date in India’s history; when the radical movement of DEMONETIZATION was announced. The step came with promises of its own, real or fake, we still doubt. Today, after 7 months, let us review the same.
Under the O’Zone column, we give the general public a chance to voice their say. So here is what they’ve got to say:
“With just one revolutionary move, the government hit 3 pervasive things in our economy- counterfeit currency, terror funding and parallel economy. Certainly, there were lots of loopholes but some simultaneous steps like increased number of raids by the IT department and lucky draws organized by NITI Aayog maintained the efficiency. There could have been scope for better implementation if the country was any smaller than India. The government did its best, and now it’s time that we do our best.” – Sumita Gupta
“Every change brings with it discomfort, for sure. Same has been with demonetization. I agree that we need to wait for the positive results to show. However, in a country with such diverse needs of a big population, cannot be neglected. My only concern is that the starting of the implementation could have been handled better so that people would not have made use of the loopholes of the programme. But something is better than nothing. And if this programme can help us with even 10% of the economy then I’m ready to appreciate and cooperate.” – Shreya Dasgupta
“It was a bold political move and had its own plus points, no doubt. However, it would’ve been better if the Prime Minister would’ve planned it in more detail. For example, rather than releasing the BHIM app after the move, he could’ve released it as a part of digital India movement, beforehand. This would’ve given people time to get used to a change in mode of payment “ – Ayan Gupta
“An excellent move in thought, however, could’ve been more carefully executed and better planned. It ended up causing more harm than it was ever intended to, and not just economically. Even after nearly 7 months, results are feeble and not up to the mark, and instead of affecting the ones with the black money, it accidentally targeted the poor of our nation. If demonetization were a subject, then I’d say Modiji passed his theory but failed the practical.” – Sanika Savdekar
“Demonetization, a rather shocking step as it came to the most of us. The appeal made by the Prime Minister was that the public should cooperate with him in killing the sources of black money and stop money laundering as much as possible. As speculated soon, reports of long queues, both to withdraw money and exchange currency came into being. To me personally, the principle behind the process was a great one, but the implementation could have been much better…the promotion of e-payment was slow to come up in the early days of the procedure, the government authorized payment apps like the BHIM app were launched much after the impact of demonetization had settled. Thus the implementation, in turn, was flawed in many aspects and that’s what I think the government needs to look forward to improve.” – Aryaman Agrawal
“According to me, demonetization policy will help India to become corrupt-free. Those indulging in taking bribe will refrain from corrupt practices as it will be hard for them to keep their unaccounted cash. This move will help the government to track the black money.
It is a giant step towards the dream of making a digital India.” – Himanshi Rustagi
“I feel that it was a hurried move and though its effect would have been lost if people were informed, banks should have been given a notice in advance. Overall, it was done with good intentions and did eventually work out.” –Aryaman Kaul
What Do You Think Of Demonetization today? Drop Your Views In The Comments Below.