It has been three years to the most disturbing decision for the economy in India done by the Modi Government. Three years of unstable economy, three years of Demonetization,which was announced on the night of November 8 in year 2016 when 86 percent of the currency was declared to be invalid. The currency notes of rupees 1,000 and 500 were no longer of use, within the few days declaration. Prime Minister Narendra Modi said it was a decision taken to tackle the black money and counter the terror funding done at as an inside job in Kashmir.
Many citizens considered it as a negative step taken by the government and had left a negative impact on the Indian economy. Many businessmen had faced troubles and now people were actually thinking twice before spending a lot on the secondary goods. It is noted that only 28 per cent of people are in support with the demonetization act, according to an online survey. People besides these supporters have blamed the government for the economic slowdown of the country.
The Indian economy was almost getting recovered in the period of 2017-18 but again saw a downfall and since then the GDP growth has continually declining for almost five consecutive quarters. India’s GDP has now decreased from 8.8% which was in before demonetization, to 5% in the year 2019. It is also being said that since the Modi government has come into the power the GDP growth has declined by 3.19 %.