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Demonetisation and Social Change

(Vol. 15, No. 2, April-June, 2017) ISSN 0973 – 8444
Political Economy of Demonetisation: Whether Demonetisation or Digital Divide?
D. M. Diwakar1
1Author is Professor of Economics and former Director at A. N. Sinha Institute of Social Studies, Patna. Email id: dmdiwakar@yahoo.co.in
 
Abstract: All of a sudden announcement of demonetisation on November 8, 2016 took every one by surprise, with a claim that this would address the issues of black money, corruption, terror funding and promote growth of the economy. However, it had immediate implications of multiple dimensions ranging from daily consumption, wage earnings, retail business to construction of houses, big business, etc. Although hard data are yet to be released by the Reserve Bank of India, which may help in analyzing macro indicators and the ground realities, using secondary data and published literature on the subject matter, this paper is an attempt to deal with the expectations and impacts of demonetisation on economy which creates a basis for digital divide for the promotion of foreign direct investment in India.
 
Keywords: Black money, Demonetisation, Cashless economy, Political economy, Digital divide.
 
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