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DEMONETIZATION- A DEMON IN THE ECONOMY??
Demonetization- This very word has wrecked havoc on every single person lately. Ever since our Prime Minister abruptly invalidated the high value currency notes of Rs 1000 and Rs 500, the country is going through mixed reactions. The common man does not seem to understand whether to fight against the drive of black money or maintain the status quo.
As far as I can recall, after ‘ache din aane wale hain’, which was the punch line of BJP during elections ‘demonetization’ is the only word that is heard nationwide. ‘Kya sach me ache din aa gaye??’
If it is looked from my perspective, i.e. from a common man’s point of view, who is not a black marketer (I am mentioning this because currently the entire population of the country has been divided into two halves- one who hoards black money and other who doesn’t) – “haan ache din aa gaye hain !!!!
Demonetization is not a demon rather a blessing in disguise.
Undoubtedly, it was a surgical strike within the country, but the intention behind this was innocent for innocent people and tough for the corrupt. This colossal decision of demonetization announced by Prime Minister was never easy for him, because in a country like India, where a worker as menial as ‘babu’ is corrupt and you have to pay him under the table to get the smallest of tasks done. After the digitalization, I hope now a ‘babu’ will dare not accept bribe through Paytm!!
People are no doubt experiencing problems of sudden cash crunch and waiting in long queues to get the money exchanged but these are the same people who have no issues in standing in the queue in front of movie theaters or even liquor shops, can’t they take a little pain associated with such a huge movement in the interests of their country. People must believe that these present pains will definitely reap in future gains; we just need to act with patience.
It is not easy to become a cashless economy from 80% cash economy in the blink of an eye but it is not tough a task also. Reduction in cash transactions will help multiply digital and plastic transactions like credit card, cheques and mobile wallets and provide a boost to Digital India. It will also reduce the mounting fiscal deficit of the government as more money flows into the banking channels; which will lead to rising infrastructural activities, reduced tax rates, lower lending rates. This will help in decreasing the soaring rate of inflation.
Apart from the obvious and known benefits of demonetization; I believe the main and one of the vital reasons of this decisive step of Prime Minister is to promote India digitally worldwide and also to empower the young people of our country. That is because nearly 65% of Indian population is under the age of 35 and we being digitally strong (as we consider ourselves) can use this situation as an opportunity to make our country grow by shifting to digital currency and participate directly into the country’s economic development. We have to make this our weapon and fight back. Is this act of supporting our country in times of need is less patriotic? I don’t think so!![/vc_column_text][/vc_column][/vc_row]