Around 33% of the people who participated in the survey blamed demonetisation for causing a downturn in the economy
Three years after Prime Minister Narendra Modi announced demonetisation, 66% people in an online survey believe it had a negative impact on the economy and labour employment. Whereas, only 28% of respondents said the decision did not have any adverse effect in a survey carried out by LocalCircles, a citizen engagement platform.
Meanwhile, around 33% of the people who participated in the survey blamed demonetisation for causing a downturn in the economy.
According to a lot of economy watchers, the note ban affected the unorganised sector the hardest resulting in a lot of job losses. The decision to invalidate 86% of the currency in the economy also began a spiral effect where consumption dropped owing to income loss, especially in villages.