Demonetization in India Disrupted Economy But Fell Short of Curbing Black Money and Corruption
-
Demonetization in India in 2016 aimed to curb black money, combat corruption, and address counterfeit currency.
-
It led to reduced consumer spending and disrupted supply chains, lowering India's GDP growth rate.
-
The informal sector was hit hard due to heavy reliance on cash transactions. SMEs faced cash flow issues.
-
Citizens endured hardships like long queues at banks and ATMs to exchange old notes.
-
Despite disruptions, demonetization did not significantly curb black money or corruption as intended. Comprehensive reforms needed.