Demonetisation has surely triggered recession in economy as people are panicked but its shock impact will stay only for a short period as it has potential to revolutionise economy in the long run, experts claimed on Friday here.
“Market is feeling the pinch of demonetisation and a recession-like mood is prevailing in all sectors,” said experts who debated the issue under the umbrella of Group of Thinkers (GoT) which is floated by a bunch of intellectuals of Central India.
They claimed, “The decision is revolutionary and in the long term it would highly productive despite Indian rupee has plunged all time low and Sensex has shed nearly 2,000 points since Prime Minister Narendra Modi shocked the nation on November 8 when he outlawed `500 and `1,000 banknotes.”
GoT holds open debates and discussions on major issues and Friday’s debate was titled “Is demonetisation a game-changer or economic blunderIJ”
GoT basically feeds inputs to policy makers. The group is founded by senior journalist Sujeet Kumar and it is made up of bureaucrats, business persons, activists, politicians and diplomats.
Participating in the debate, Vijay Budhia, a businessman, admitted demonetisation had put a brake on economy and it would take months for economy to come out from the shock but long run prospects looks brilliant.
The debaters were unanimous that Government’s demonetisation decision was proving a master stroke in a fight against terror funding, black money, leftist insurgency and corruption.