It’s been 5 years since demonetization when PM Modi surprisingly announced to stop the circulation of 500 and 1000 rupees notes in India. It is said the step has been taken forward to support the economy and shift the people to digital platforms.
The argument is still sustainable whether it made a positive impact or was it bad as per GDP perspective. After the demonetization people started focusing on savings and investment. The professionals started to create profiles for EPF, mutual funds, and financial instruments. The economy has witnessed formalization in many other ways.
People started signing up on the E-shram portal, Udyam Aadhaar Portal, to manage their financial, banking, and money-related documentation work. Micro, small and medium enterprises have connected to many government services portals that offered job and business opportunities, finance to run business.
Researched data and reports display that after the demonetization process, most of the things started managing through formal and professional modes. People of every sector are registering their businesses and organizations on a government portal to access the government benefits regarding TAX and savings.
The competition has raised exclusively and the stock market has also seen a rise in barometer performance level. Large organizations have earned the profit but the middle-class people still fail ING difficulties.
As per the general people’s point of view, things have become worse, tax collection was on high and revenue was generating but this demonetization has impacted the lives of the Middle class. Prices are high for gas, Indian oil, petrol, diesel, vegetables, and all the basic living goods and materials. The unemployment rate has also increased.
The 2yrs of covid 19 has made it worse people are trying to get back their life on track.
Manjula Gupta: Chief Business Officer and Editor
Manjula completed his degree in M.TECH, from California, Later she is an editor in many publications, and here she contributes with brands as well as manage our all publication.