Impact of Demonetization on the Indian Economy
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Abstract
Demonetization is the procedure for eliminating a monetary unit's legal tender status. In an
effort to combat black money, corruption, and counterfeit money, the Indian government
executed demonetization by banning the 500 and 1,000-rupee notes in November 2016. The
decision provoked mixed responses, with some applauding the government's audacity and
others criticizing it for seriously disrupting the economy. The impacts of demonetization on the
Indian economy, including their implications on GDP, inflation, employment, and other
economic indices, are thoroughly looked at in this paper. Demonetization impacted the Indian
economy in the near term, the research finds, but its long-term repercussions are yet unknown
but they can be assumed. (Veerakumar, 2017) This study uses data from 2015 to 2017 to
provide a longitudinal analysis of the effects of demonetization on the Indian economy.
Statistical techniques including regression analysis, t-tests, and time-series breakdown are used
in the analysis. This paper will also discuss reviews of different individuals on demonetization
as well as the people who were arrested during this time period.
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