An initiative that was taken by PM Modi in the year 2016 made the whole country shocked. No one was able to understand what all happened in just a few seconds when the announcement was made. Social media was flooded with messages and information, actually the whole country become stir with this decision of PM Modi. For the first time in history, that was the day when the middle class men was sleeping and the high class people were tired of thinking and counting the trash they were holding for many years legally or illegally.
Some made efforts to stop their currency from dying by investing in gold, real estate and the others contacted their blood relations and some of them to their pals. Long queues started growing in front of the financial institutions. The most surprising thing to notice was the temples were also crowded. The temples being crowded by people showed a different scenario, the citizens with their illegal trash were donating their money as Chadawas in the temples. Some parked their cash in the Jhan Dhan Accounts. Observing all the actions taken by people in order to stop their cash from dying, some of the strict actions were taken by PM Modi.
Digital marketing companies
On the one hand all the disturbance was happening in the economy. But on the other hand there were companies that taken the advantage of the whole situation to the fullest. Digital banking companies got a rise in the challenge by setting up their shops in convenient places and allowed people to sign up and use money whenever they wish to. Paytm was the one that got high revenues in the terrible situation and helped everyone in its own way.
The main agenda of this move was to cut back the black money, corruption and the fake money nuisance. By this move everyone was disturbed even their daily routines too but however some accepted it as a great move. The ways that were being practiced by the citizens to transform their currency was the most interesting part of the demonetization. Somehow, our PM Modi managed to stop the corruption, and transformation of illegal trash of the India citizens. Overall demonetization disturbed the Indian Society/Economy. Now, let’s see what might be the effects to be observed in the upcoming years.
Expeted Outcomes of Demonetization
Chances are high that the people will now have low expenditure power and would be a hard task faced by many to purchase luxurious goods. No flamboyance expenditures by people on marriages or ceremonies. This way our society will grow less in materialistic things and real estate sector might be falling. The necessity goods would become cheaper, so that it falls easily under everyone’s pocket. The great move that was impossible to happen ever will surely show effects. And corruption to some extent would definitely come to control. The gap between what things must have and the things that are not much necessary will get a way. Difficulties have been faced by many but the results would be really good.