What is the stance of the Union Cabinet on demonetization's success
The Union Cabinet claims that the success of demonetization as stated is not true.
The Union Cabinet refutes the claim that demonetization was successful, stating the following reasons:
- It had adverse effects on the economy, leading to a drop in GDP growth.
- Many small businesses suffered due to cash shortages and disruptions in transactions.
- The anticipated benefits in terms of curbing black money and counterfeit currency were not fully realized.
- There was a significant cost involved in currency replacement and implementation challenges.
- The objectives of tackling corruption and terrorism financing through demonetization were not effectively achieved.
Answered
8 months ago