Through, my columns I have already spoken about sufferings faced by the common people and about economic slowdown consequent to the note ban decision. President Pranab Mukherjee has said that currency ban decision was taken to fight corruption and check black money and it may cause temporary disruption in the economy. A slowdown has already been witnessed in the manufacturing sector due to shortage of currency notes after demonetisation. His remark is significant because a day after the prime minister had announced the demonetisation of 500 and 1,000 rupee notes, the former had “welcomed the bold step taken by the government which will help unearth unaccounted money as well as counterfeit currency.”
He also has appealed to the government that steps must be taken that the poor should not be affected due to note ban. India is cash dependent economy and the country is yet not ready for cash less economy due to poor digital infrastructure. I appreciate the concern raised by Pranab Mukherjee for the poor. The lower class and lower middle class of our society is very tolerant and they have suffered the pain of demonetisation
Lack of cash has affected the agricultural sector as farmers are unable to avail credit for carrying out cultivation activities. Even sowing of seeds has been delayed in some regions of the country. RBI also has asked banks to supply 40 per cent of the currency to rural areas.
The realty sector too has been affected due to currency note ban. Since large number of transactions are done in cash hence this sector has to bear the brunt of demonetisation. Many labours working in the construction sites receive payment in cash and they don’t have bank accounts. Those who are keen to open a bank account don’t possess the necessary documents. Together with the shutdowns and large-scale layoffs in informal manufacturing units — again a major source of employment for the rural migrant workforce — the effects of demonetisation on incomes, both internally generated and through remittances, would undoubtedly be far more in rural India.
Indian citizens have immense capability hence our country is bound to develop in future. I have seen that Indians living and working in foreign countries are more disciplined and socially responsible. Through my column, I have been mentioning about asking youth to join national service and make them more socially responsible.
I am warning the youth time and again that economic activity of our country will slow down and GDP will fall between 2 to 5 percent. Therefore they must undergo training to upgrade their skills. Youth must work hard for achieving success. They must follow the instructions of their parents and teachers and don’t waste too much time to watch television programmes. The government is planning to set up skill development service along the lines of IAS and IPS. Why can’t they impart skills to youth from junior level onwards so that by the time they become IAS officer, they already develop skill sets.
(The views expressed by the author in the article are his/her own.)