The IMF today said it supports India's efforts to fight corruption through demonetisation, but noted that the transition needs to be managed "prudently" to minimise any disruption.
The demonetisation move of the government, which has led to a cash crunch in the country, is likely to impact the economic activity in the short-term while the growth of GDP next year may decrease.
Demonetisation has created a crisis in the country owing to the severe lack of cash in the hands of consumers. However, it has also given rise to new opportunities or new ways to survive with minimal cash.
NITI Aayog CEO Amitabh Kant said on Friday that shortage of cash due to demonetisation of high denomination bank notes will end by middle of January 2017.
With RBI belying expectations of a rate cut, India Inc today expressed disappointment saying a rate cut was needed to provide a fillip to the flagging industrial economy and stimulate consumption that has been hit by demonetisation.
India's secondary wire market, in particular those located in Raipur and Durgapur, has been witnessing low trade after Prime Minister Narendra Modi announced his demonitisation scheme on November 8.
The decision of the Government of India to demonetise the currency ( 1000 and 500 notes) across the nation has led to currency hardship for airport users and air travellers.
Putting spotlight on structural reforms in India, NITI Aayog Chief Executive Amitabh Kant on Thursday said that the country has taken a series of steps including the GST enactment and demonetisation of 500 and 1000 rupee notes with a focus to achieve sustainable growth rate of 9-10% in the coming three decades.
With the Government aiming to drastically reduce cash transactions in the country with its recent move to demonetise currency notes of Rs.500 and Rs.1,000, and with the recent announcement by the Government to exempt central excise duty on Electronic Data Capture Machine (EDC) or Point of Sale (POS) machines, retailers big or small will now have to shift to accepting plastic money in their daily transactions.
China's November imports grew at 6.7% year-on-year, the fastest pace in over two years, led by a strong pick up in domestic demand of commodities including coal and iron ore, while exports also rose marginally, thereby reflecting a pickup in Chinese and global markets demand.
The Government should best utilise the recent demonetisation move and bring a Budget full with out-of-the-box ideas, economists are reported to have conveyed to the Finance Minister Arun Jaitley.
सरकार के डिजिटल ट्रांजेक्शन बढ़ने के तमाम दावों के बीच देश में करंसी इन सर्कुलेशन (CIC) में रिकॉर्ड बढ़ोतरी हुई है। इंडियन एक्सप्रेस के मुताबिक, नोटबंदी से पहले की तुलना में बाजार में फिलहाल 19.14 प्रतिशत ज्यादा कैश है। मार्च, 2018 में बाजार में 18.29 लाख करोड़ रुपये कीमत की करंसी चलन में थी। एक साल में इसमें तीन लाख करोड़ रुपये का इजाफा हुआ है। अब 21.41 लाख करोड़ रुपये की करंसी चलन में है।