The Demonetization Effect on India

The recent incidents of demonetization in our country followed a state of pandemonium amongst the middle class and the degraded sections of the society as they struggled to cope up with the change brought by the ruling government as the denominations of 500 and 1000 were declared invalid after midnight. This massive step which was likely to cause a severe effect on the economy of the country inculcating additional funds allocated for printing legal tenders and wasting of the old currency that constituted a total of 12 percent of the GDP of the nation.

As stated by the prime minister in his interview to the press This step was taken up to remove the black money that has been creeping over the country for the past 70 years after independence. Over the course of time it appears that the media seems to support the act as an impetus in hitting the backbone of corruption and a global era of development the people too when interviewed given immense support to these actions saying they were willing to go beyond the levels of cooperation and fraternity if the consequences of event were o cause changes in the nation.

But these epochs that created an energy situation in the whole country some may call it surgical strike on the economy away from the prime minister and his political party Bhartiya Janta believe in recruiting the black money stored in the various parts of the nation and yet to be paid in the form of taxes.

But I see the entire scenario in a different way altogether the aftermath of the event lead to long ques behind the banks and a limitation in the depositing and withdrawal amount only made it worse, standing along a cue I could see people (the majority of them included poor farmers, peasants and daily wage workers which I believe I could point out merely by their clothing).

The ones that had nothing to do with the money the government had alleged them for concealing black money 2.5 lakhs rupees this is the threshold the minimum amount the government thinks the honest man can make in India.

A man with a government job can make 65000 or more depending upon the pay scale in addition to the allowances. If one were to do some math he would find out that this man an easily cross a value of one crore in about a score of years would you now like to call this man as corrupt? After wasting all his years of the life of hard work and honesty apparently, the government should look at these issues before the common man who was to benefit from the schedule of the law passed will be the one suffering from it.



Source by Swapnil Upadhyay

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