The demonetisation of ₹500 and ₹1,000 currency notes from November 8, 2016 (86% of the currency in circulation), has been one of the most significant monetary decisions taken by any Indian government. There are several dimensions of this decision such as slowdown of the economy, liquidity crunch and hardships, greater transparency and shift from cash to digital economy, reduction in black money and corruption, counterfeit currency or fake notes, countering terror funding and so on.
The World Bank estimated the size of the shadow economy for India at 23% of the Gross Domestic Product (GDP) in 2010. There are sharply contrasting viewpoints on the benefits and demerits of this move and as it is an unprecedented “experiment”, the actual outcome will be known only in the next 3-6 months.
One of the sectors which has been most impacted by this major development is the gems and jewellery industry and in this article, I have attempted to analyse the implications for the industry and the way forward.
Industry needs to improve its governance & perception
Diese Geschichte stammt aus der January 2017-Ausgabe von Solitaire International.
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Diese Geschichte stammt aus der January 2017-Ausgabe von Solitaire International.
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