In the wake and aftermath of demonetisation of current high denomination currency notes by the Central Government of India and confusion that surrounds it, regarded as one of the most landmark economic decisions in the Indian history. A presentation on this subject describing the decision and modus operandi was given by Mr. Gaveen George on 12th December 2016. This presentation was organised by Keli Adelaide - Book Club.
A Populist politician chose to implement chaos in a land not famed for order. In a surprise, TV address Narendra Modi, the Indian prime minister, announced that all 500- and 1,000-rupee notes would be withdrawn immediately from circulation. It was justified as a move designed to fight corruption and target people who have been dodging taxes by holding stockpiles of cash, known in India as “black money”.
While giving the presentation, Gavin gave an elaborate account of the move and reasons behind taking the step plus the hardships common man is facing on the ground.
Gavin spoke about advantages and disadvantages of the move for the Indian economy. Session was highly interactive, attendees shared their views and debated on the current facts vis a vis predictions made before and now by the pro movement economists. Concerns and views of all members revolved around the old saying which is “It is a surgery done without administering the patient the dose of anaesthesia”
The sole purpose of the presentation was to remove doubts and anxiety and create stronger hope on smooth sail in near future from the current turbulent state nation India is in.
Following notes of the presenter gives deeper understanding of this compelling subject called “demonetization” tour highlights on the history of such execution and impact intensity then, brief statistics of different industries economy before and after demonetization, execution process, polarising effects and possible outcomes.
Topic of discussion: Demonetisation