10 years on, demonetisation aims still unmet
In short
Ten years after Prime Minister Narendra Modi announced overnight demonetisation of 86% of India’s cash, the issue is back in focus this Deepavali. Data suggests cash is still being used at about the same level, and fake notes have increased.
The reported trends suggest some of those goals have not been met.
What the reporting says
10 years after Prime Minister Narendra Modi announced overnight demonetisation of 86% of India’s cash, data shows some of its stated aims remain largely unmet. The move is being revisited this Deepavali as cash usage is reported to be unchanged and fake notes are rising. The brief points to those data trends as evidence that the policy’s intended shift in cash habits has not materialised as expected.
Why it matters
Ten years after demonetisation was announced, the available data cited in the brief indicates that cash usage has not changed much and fake notes have risen. The event is tied to Prime Minister Narendra Modi’s overnight withdrawal of 86% of the country’s cash. The reported significance is that some of the policy’s stated aims appear to remain unmet, affecting the broader debate over currency use and the policy’s long-term impact.