Demonetization - One Year Later!
Photo by <a href="https://visualhunt.com/author/6349d1">Dr PS Sahana * Kadamtala Howrah</a> on <a href="https://visualhunt.com/re/34b8b6">Visualhunt.com</a> / <a href="http://creativecommons.org/licenses/by/2.0/"> CC BY</a>
Just wondering, if we should be chucking credit cards/debits cards in the air, acting as confetti for celebrations. On second thoughts, let me keep them safe, as making a new one could cost another couple of hundred rupees.
Where were you on the evening of Nov 8, 2016? I'd suppose a lot of you, were leading normal, mundane lives, watching TV or surfing the internet, or basically doing what you all love.
#Demonetization - a thoughtful, yet hurriedly implemented economic decision by the Government took the nation by storm. In just couple of hours, 86 percent of Indian currency was devalued, leading to mass hysteria and people sweating about what would happen to their hard earned money. While the working class bit their lips, thinking of the possible consequences of such an economic reform; the looters, black money hoarders and individuals who earned crores of money, through illicit means were left speechless by such a decision. Since this move (banning 1000 and 500 rupee notes) was informed by the Prime Minister, on National TV at 8pm, queuing up at banks was out of the question.
I remember pacifying myself with just INR 15/- in my physical wallet, and thinking of my meal the next day; however that's when e-wallets and debit cards came to the rescue.
Overnight, a lot of us, were made to take fiscal decisions which would bring us closer to digital transactions online. PayTM, MobiKwik, FreeCharge cashed on this opportunity, and have successfully created a niche, where customer experience and safety is paramount.
I must admit, my dependence on cash has reduced by 75 percent, and I enjoy the process of paying through online methods, much more than before. The digital dream on India, is truly on its way.
In terms of economic reforms, #Demonetization did inconvenience millions of people, however the ones who weathered serpentine queues at ATMs for new notes, at banks to exchange their old notes, and went on an austerity drive due to the transaction limit at teller machines/over-the-counter notes exchange have continued towards their normal lives, having been empowered with digital means. Weeding out black money completely couldn't happen, yet it brought shivers down their spines, and returned back a lot of cash, which was laundered abroad earlier. I'm still waiting for the 15 lakhs cash into accounts of millions of Indians, that PM Modi had mentioned about. Well, let's hope something closer to that happens. #optimismrules
In retrospect, I'd like to believe #Demonetization was a bold move, taken by the Government with the long term interest of the citizens and the nation in view. Looking for instant gratification would be foolishness, and I commend the team that has pushed for such a sweeping reform, which unfortunately hasn't ticked off all the boxes it intended to. Yet, be sure at your heart, that it has made the average Indian very cognizant of the positive capabilities of the Government, and has instilled a sense of pride, towards nation building.
Countries/corporate institutions investing in India, now trust the economic climate of the nation, and are assured of the opportunities that India offers to them. Countries are looking at the nation, with lots of promise, and know that the outcome will be encouraging considering the talent and spending propensity of people.
#Demonetization has made every Indian adopt and trust technology, become digital savvy and fashioned the rise of a "New India," that dares to be different!
However, there is still a lot for the current Government to achieve, in terms of aligning the fiscal situation of the nation. Goods and Service Tax (GST), and related tax structural reforms are intended to bring sweeping changes in our beautiful nation.
For citizens, it's time we participate and listen to the #MannKiBaat (Heart-to-Heart Talk) of PM Modi, and remain active contributors in representing our nation well, at the global stage.
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