Code was added correctly Verify settings India Today Editors Roundtable: Was DeMo more pain than gain? Niti Aayog vice-chairman explains

India Today Editors Roundtable: Was DeMo more pain than gain? Niti Aayog vice-chairman explains

India Today Editors Roundtable: Was DeMo more pain than gain? Niti Aayog vice-chairman explains

India Today Editors Roundtable: Was DeMo more pain than gain? Niti Aayog vice-chairman explains

At India Today's Editors Roundtable, Niti Aayog vice-chairman Rajiv Kumar backed demonetisation and claimed that the move has broken the back of the black money market.
When Prime Minister Narendra Modi, in a televised address to the nation on November 8, 2016, announced a revamp of country's currency system banning old Rs 500, 1000 notes, he hailed it as a step that will wipe out black money.
Months later, the Reserve Bank of India (RBI) on Wednesday (August 30), in its annual report, said that almost all the junked money returned to the banking system.
Demonetised notes - both Rs 500 and Rs 1,000 - worth Rs 15.28 lakh crore were deposited in banks, the RBI data said. This was 99 per cent of the total value (Rs 15.28) of the Rs 500 and Rs 1,000 that were in circulation before the demonetisation exercise.
The RBI's report has triggered a huge debate whether the whole demonetisation exercise was one massive failure or it will have far reaching consequences.
At India Today's Editors Roundtable, Niti Aayog vice-chairman Rajiv Kumar backed demonetisation and claimed that the move has broken the back of the black money market.

HERE'S WHAT RAJIV KUMAR, VICE-CHAIRMAN, NITI AAYOG, SAID:

I don't know how do you quantify the pain because I have not yet seen anything firm about the pain. There are some of conjectures about one per cent or half per cent drop in the GDP but that's not the pain.
Demonetisation was more than worthwhile economically. I always supported it even before all these numbers came out.
It has helped to bring down inflation. It has brought down the real estate, housing prices. Houses have become affordable for the neo-middle class.
For the first time, you've got an economy which has got much greater transparency. Black (money) became grey and will become government's assets going forward.

Yes, the RBI didn't get a windfall gain as was expected but the fact remains that this informal economy (black money) has shrunk.

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