2nd anniversary of नोटबंदी
What a coincidence! 2nd anniversary of demonetization was right after toxic Diwali.
What a coincidence! 2nd anniversary of demonetization was right after toxic Diwali.
It was a disaster for Delhi-NCR like other regions:
It affected India’s GDP by 1.5% or INR 225,000 crores.
It affected Delhi’s markets. There was a decline of 34% in earnings.
35 lakh jobs were lost. Economy lost 15 million labourers.
It forced small medium businesses to shut down.
However, there was a silver lining:
Digital payment increased manyfold.
UPI payments grew nearly 500 times.
Debit card usage increased four times.
Mobile wallets grew nearly 10 times.
NDBJ take: It’s costs outweighed its benefits. With power comes great stupidity.
One cringe worthy thing: People celebrating demonetisation