This is just half baked info to suit your perspective. The currency in circulation needs to be measured as % to GDP and also relative to volume of digital transactions If GDP is growing 7%, while CIC lags and digital multiplies, then the effect of demo on cash is clearly visible
Modi's demonetization after 900 days. Indians have almost entirely readopted cash. The demonetization gap—the difference between India's current banknote count and where it probably would have been without demonetization—has shrunk to a speck. All that effort, for what?pic.twitter.com/LI2LhSqZ17
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I'll tweet out a cash-to-GDP chart once the fourth quarter GDP numbers come out at the end of the month.
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Cash to nominal GDP, please.
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Was it a stated goal to replace cash with other forms of money? Not particularly; thus it's not a failure that this didn't happen. Failure is that they didn't catch counterfeits nor strand "black money", as you correctly pointed out over a year ago.
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"Was it a stated goal to replace cash with other forms of money?" Not at the outset. Digitization was an after-the-fact attempt to justify demonetization.
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The onus was to go digital. PM was openly promoting use of PayTM. Fact remains that demonetisation only helped fill bank coffers who in return reduced % on savings, FD and other returns... It was boon for a select few, suffering for the rest
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Yes. Western crack pot academics convinced modi to do this so that more Indians would open bank accounts
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Caveat: the log scale would make a large gap appear smaller as you go higher on the y-axis. Would love to see this plotted on a natural scale on the y-axis.
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Why's it a log scale?
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Where's this data from?
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Think similar data was released by RBI or Fin Min. idk where this particular graph is from
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Data is from the RBI's data warehouse. Log scale is to bring out the data.
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One of the outcomes Modi had not planned for - many bankers took hefty cuts to enable conversion from old to new currency! Distribution of wealth!
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How ignorant of reality would you have to be to not foresee that?
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