Dr V Aditya Srinivas, chief operating officer and chief economist from BSE Brokers Forum and Dr TS Rawal, chartered accountant from Nagpur, spoke during VIA’s seminar on “After effects in India and World Economy with demonetisation policy.” The seminar was conducted by VIA (Vidarbha Industries Association) Economy and Finance Forum at VIA auditorium, Civil Lines, on November 17, 2016. Apart from various members from VIA and other associations, businessmen, budding entrepreneurs, management students, etc also attended the seminar.
“The government recently, in a bold move, demonetised the Indian economy to counter attack black money through which, a parallel economy was being run,” said Dr V Aditya Srinivas.
V Aditiya Srinivas and T S Rawal were of the view that our national GDP would fall below 6% post demonetisation and the huge amounts of hard cash, through which purchases of FMCG (fast moving consumer goods) products were being made, has stopped momentarily. The circulation of our currency has come to a halt since demonetisation, which is slowing down our economy. Also, the workers in the sector of steel, aluminium, construction and real estate are not getting paid and as a result, work in these sectors have stopped.
Dr Tejinder Singh Rawal, said, “Demonetisation is an act of stripping a currency unit of its status as a legal tender. The Supreme Court asked the Centre to file an affidavit giving the details of steps taken to ease inconvenience faced by the citizens due to long queues at banks and ATMs. The government’s move is bold in its intent and massive in its measure. This is Modi’s biggest and historical move as a Prime Minister. The Indian economy just had a massive disruption (of demonetisation) overnight!”
Photos by: Himanshu Pal