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Tuesday, January 10

Demonetization effect -60 days & latter

Prime Minister Sri Narendra Modi must be complemented for a bold demonetization step.Its almost 60 days & the promised deadline of 50 days to ensure enough availability of cash at banks & ATM'S has been met.This has further enhanced the creditability of PM & his government.Long ques are a thing of the past.Our PM has been criticized for this step but I think it was the right decision & yes short term problems have been faced by the public due to cash cruntch & non availability of digital or online payments. It is due to lack of knowledge & apprehension that online payments are not safe.I have used many payment options like Net Banking,wallet payments like PAYTM etc. & NEFT & IMPS mode apart from card swapping.I must say its very easy,safe & fast.
Yes there has been short term loss in business & manufacturing which may result in lower GDP but its impact will be negligible & economy will be back on track by March 2017. To boost economy interest rates must be brought down to 7-8% & vice versa on savings.This will promote growth& spending as well as consumption resulting in higher GDP.GOI will earn higher revenue by way of increased collection of VAT & excise duty & this money can be used for infrastructure spending,social & education sectors & the agriculture sectors.
My recipe to prescribe withdraw Rs2000/ ruppe notes at the earliest maybe in next 6 months to curb black money & corruption including terrorism funding.Good Luck Modi ji

About the Author

V P Marwah

Author & Editor

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