‘India continues to use more cash today than it did eight years ago’: Rahul Gandhi on demonetisation anniversary | India News – Times of India

The “incompetent and ill-intentioned” demonetization policy has paved the way for the monopolies by destroying micro, small and medium enterprises (MSMEs) and the informal sector, Rahul Gandhi said on Friday as note-bandi completed eight years.
On November 8, 2016, the BJP-led government took the bold step of demonetizing Rs 500 and Rs 1,000 notes, marking a major step in its fight against black money and corruption.
One of the reasons given by the government at the time was to promote the digital economy and reduce cash transactions to combat corruption and black money.
On his DeMo paved the way for monopolies by destroying MSMEs and the informal sector. Incompetent and ill-intentioned policies that create an environment of fear for businesses will stifle India’s economic potential.”

“What is needed is a new deal that promotes fairness and freedom to unlock the energy of honest businesses across the country,” he added.
The Congress leader also shared a graph showing how cash held by the public has fallen from 11 per cent of GDP in 2013-2014 to 8 per cent in 2016-2017 and has now risen to 14 per cent of GDP in 2020-2021.
Cash held by the public now stands at 12 percent of GDP in 2022-23, the graph showed.