Demonetisation: Will PM Modi's 50 days plan work?

 

At the stroke of not really midnight on November 8, one announcement of Prime Minister Narendra Modi freed the country from 86% currency in circulation and impacted the lives of one and all.

 

Since then it has been 30 days, and everyone is facing the 'temporary hardship' that the PM predicted while announcing the ban of ₹500 and ₹1000 notes.  PM Modi asked for 50 days from Indians while making this announcement and ever since then he has multiple times requested the nation to give 50 days time to demonetisation. 

 

Also READ: 30 Days after demonetisation: Where do we stand?

 

More than half of that 50 days is already over and thankfully, the nation has not faced any serious law and order threat from the common men of India and have decided to suffer in silence or at the best holding funerals of ATMs. 

 

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There is no credible official data, but many people have lost their lives while standing on queues, migrant workers, daily wage earners, have lost the means to their livelihood, multiple sectors that have major shares in GDP has suffered losses as an impact of demonetisation. 

 

The scarcity of cash still exists, and the digital transaction is booming, and the country is fast moving towards cashless economy. The government is also actively promoting digital transactions, and various government departments have been asked to adopt various digital payment methods. 

 

Also READ: Demonetisation: Are we rich enough for digital transactions?

 

Experts and industry specialists from different sectors are advocating that demonetisation will have long-term positive impact on Indian economy and in general, people are in favour of demonetisation. 

 

However, the ATM scenario is unlikely to change even after 50 days as printing and disbursement of the new currency note is a long road that government will have to travel.