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Demonetization: Economic impact on different sectors in India

Author Affiliations

  • 1RTMNU, Nagpur, MS, India
  • 2Jiwaji University, Gwalior, MP, India
  • 3Dept. of Economics, MLB Govt. College of Excellence, Gwalior, MP, India
  • 4Jiwaji University, Gwalior, MP, India

Int. Res. J. Social Sci., Volume 7, Issue (11), Pages 8-11, November,14 (2018)


The alteration of legal tender by an administration to control illegitimate actions and transactions is well-known as demonetization. The divisive plan of demonetization commenced by India on 8th Nov 2016, by announcing the Rs. 500 and Rs. 1000 notes not as permissible tender. The Government of India through this significant move sought to deal with four main issues: redundant ascend of black money, forged money distribution, corruption and aiding of fanatic actions in the nation. The life of Indian people with this declaration of Prime Minister Narender Modi, came to a halt; an individual having numerous inferior currency notes unexpectedly grow to be prosperous to fulfill day to day requisites whereas the metropolitan middle class dependent on e-banking had no ready money in hand and devoted hours in line outside ATMs and banks to get hold of cash. The prosperous people who had suspiciously saved Crores in their homes, within a few hours turn out to be indigents. This had an extra special blow on slowing behind the escalation rate of the Indian financial system also. The impact of Demonetization was primarily on ten segments of the financial system in India as; Building, Manufacturing, Real Estates, Agriculture, Tourism and Hospitality, Financial, Aviation, Telecom, Healthcare and Automobile. The most horrible affected segments were Financial and Real Estate, Construction, Tourism and Hospitality. All the way through this paper short-term and long-term financial blow of demonetization on a variety of sectors of India are highlighted.


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