Has the demonetisation been more of a failure than a success, already? by @anish_george97
Answer by Anish George:
Demonetisation not a failure
Only 6–10% of black money is in cash. Just to eliminate this cash, government can't opt for demonetization. But our government did.
This pic perfectly describes the current situation!
Post demonetisation stats:
- Daily e-wallet transactions has increased from 17 lakhs to 63 lakhs. ( 271% increase)
- Digital payments at state – owned petrol pumps has doubled from 20% to 40%
- Online Rail ticket booking will fetch an insurance worth Rs. 10 lakhs free!! (Some temporary measures to lure Indians towards digital payments)
- Transactions through Rupay cards has increased by 316%.
- Rs. 2 lakh crore was declared by a family post demonetisation. (Bigger than coal block and 2g scam, thrice the amount of IDS) One more person declared 13k crore. (India had a defence bugdet of 2.58 lakh crore.)
In a nutshell, demonetisation will be one of the reason, not to curb black money but to establish India to a world of digital payments.
Let us use this opportunity.
- Temporary increase due to cash crunch. But why temporary? It starts from you.
- 32% population lives in urban areas, which means these people have access to opt for digital payments. So why don't they? There maybe more/less who don't know to use digital options, but we can educate them right? 32% is not a less number. Slowly we can move to rural areas.
- Digital economy will boost transparency.
- Stringent laws has to be implemented to tackle corruption as well as black money Right?
- Some may think I'm Modi fan, yes, I'm a fan of his work. Unlike other leaders he is onto to doing something good for our country.
- Lastly, everything looks good on paper. Implementation is far from our reach for now. But together we can give a thrust to make India digital.
Source: Knappily, TOI