Did demonetisation convince cash-dependant India to switch to digital transactions and mobile wallets? How did it impact the banking sector?
On the one year anniversary of prime minister Narendra Modi’s demonetisation announcement, experts and politicians on all sides have been debating whether they risky policy was a success or a failure.
The decision to demonetise Rs 500 and Rs 1000 currency notes was part of the government’s overarching agenda to crack down on black money and move towards a cashless economy.
Did demonetisation convince cash-dependant India to switch to digital transactions and mobile wallets? How did it impact the banking sector? Or the real estate market?
These 11 charts show demonetisation’s impact on the economy:
What demonetisation shock and GST reform did to your money:
…and how the November 8 decision gave India growth pangs…
People dealt with the government’s note ban gamble…
People said no to cash and made digital payments part of their lives:
They put away their wallets and went mobile:
In stock markets, bulls kept faith:
Consumer goods demand picked up:
Banks resumed helping small businesses:
While auto sales rose as well:
But the realty sector was still reeling:
And the shine is coming off gold imports: