Economic development: The country’s former economic adviser has broken his silence for the first time on the note-ban. In his book ‘Off Counsel’ The Challenges of the Modi-Jaitley Economy’, he has talked about various issues of economy including note-ban. However, he did not answer the question in his book that whether or not the information was given to him before the ban was announced.
Arvind wrote in the book that the economy had a rate of 8 per cent in the first 6 quarters before the ban on notes. After the ban, the economy decreased in the 7 quarters and it came down to 6.8 percent.
Former economic adviser of the country writes that the economy slowed due to the ban on notes, no one can deny it. Instead the debate has taken its effect. Whether its impact was 2 percentage points or less.
Note-ban proved wrong for economic development: Arvind Subramanian
He says that not only note-ban , during this time, many other things also influenced the growth of the economy. It also included interest rates, GST implementation and rising oil prices.
Let us know that Prime Minister Narendra Modi had announced the ban on November 8, 2016. After this announcement, old notes of 500 and 1000 rupees were out of circulation.
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