Is demonetisation a success or failure in India?
The data on Income tax returns filed also confirms the success of the demonetisation of the scheme. It surged 14.5 per cent in FY 2016 and then jumped 20.5 per cent in FY 2017, the year of demonetisation. In the subsequent year FY 2018, income tax returns filed surged further 23.1 per cent to 68.7 million.
Was demonetization success or failure?
Demonetization: Still Haunts Indian Economy 500/- and Rs. 1000/- currency notes has ended. However, the analysis in India and abroad has claimed that demonetization of November 2016 has failed to do what it was supposed to do and its impact has turned out to be more protracted than initially expected.
Was demonetisation a successful move in India?
If we analyse the key objectives of Demonetization, it has remained a success and has been termed as the greatest financial reform that aims to curb the black money, corruption and counterfeit currency notes. All the people who are not involved in malpractices welcomed the demonetization as the right move.
How has demonetisation affected the Indian economy?
An even bigger question about the long-term gains of demonetisation for the economy comes from the fact that GDP growth rate started declining sharply in the post-demonetisation years. India’s GDP growth rate increased consistently from 5.2\% in 2011-12 to 8.3\% in 2016-17.
How much money returned after demonetisation?
According to the RBI data, almost the entire chunk of money (more than 99 per cent) that was invalidated came to the banking system. Of the Rs 15.41 lakh crore worth invalidated notes, notes worth Rs 15.31 lakh crore have returned.
Is demonetisation useful?
While demonetisation imposed short-term costs, there have been important benefits via the above-mentioned increase in direct tax collections as a proportion of GDP, and the sharp, persistent rise in digital payments, said KV Subramanian, chief economic adviser to the government, in this Livemint article.
Was demonetization a good move?
HDFC Bank Managing Director (MD) Aditya Puri Sunday said the demonetisation in 2016 was a good move to boost economy in the long run, though the measure had brought hardship to the people at the initial stage. As a part of this plan, it would also double the number of branches in Sikkim to 18, the HDFC MD said.