8th November 2016 will go down in Indian history as a significant night when the Narendra Modi government decided to scrap Rs.1000 & Rs.500 notes as a step towards cleaning up the black money menace. It’s been almost a week, and the queues in banks to exchange notes and withdraw money are only getting longer. There have also been reports of deaths of people waiting in line for changing their old notes. Opposition including Congress and AAP has been crying for reversal of the order saying it is against common man (we know those cries not for the common man, but for their own sake).
Inshorts IPSOS conducted a nation-wide poll to determine the countries sentiment on demonetization and surprisingly 82% of people supported the government’s decision, 10% were unsupportive and 8% replied with “can’t say”.
Given the fact that this bold step has severely hurt hawala and terrorist organizations, we think it really was a good move for the country’s future. The plan was good, but the implementation leaves a lot to be desired. India being a “cash” driven economy is unable to cope with this massive change and the government should have taken more steps to ensure that people are able to exchange their currency and ATMs are able to dispense required cash. Right now, it’s all chaos, people waiting in lines for hours, most ATMs not functioning and this situation is bound to continue at least for a week.
What do you think about the whole demonetization drive? Let us know in the comments section!