Synopsis
In November 2016 after the demonetisation decision was taken to curb black money and root out corruption, allegations were made that the move will harm the economy. But the financial figures of the last quarter give the answer. I. Post demonetisation, cash withdrawals have been declining rapidly from a peak of Rs 528 billion for the week ended 13th January to Rs 325 billion recently (week ended 24th March). II. Industrial output growth has risen to a 13-month high of 5.7% in November while retail inflation slowed to a 25-month low in December. III. India’s foreign exchange reserves surged for the second consecutive week by $932.4 million to $360.775 billion in the week to January 20,2017 IV. The rupee hit a 16-month peak against the dollar to INR 65.41 per dollar V. The number of persons under the income tax net has increased by 91 lakh post note ban. VI. The CBDT has detected undisclosed income of over Rs 9,334 crores between November 9, 2016, and February 28, 2017. VII. Under Operation Clean Money (OCM), more than 60,000 persons, including 1,300 high-risk persons, have been identified. VIII. Income tax department will issue 700,000 letters seeking information about high-value transactions. IX. Indian economy grew by 7% in the fourth quarter of 2016 and 6.1% in 1st quarter of 2017. X. The real estate sector hit in the fourth quarter, but a strong contribution of the agricultural sector and manufacturing. XI. The purchasing managers’ index (PMI) shows a large rebound. XII. Shell companies provided a strong support system for black money after demonetization are in the process of identification and tax net. XIII. The income tax (I-T) department has begun its second phase of "Operation Black Money". XIV. More than 30 government-to-business services have been brought online, with e-filing, single-windows. XV. Foreign direct investment (FDI) into India increased by 9 per cent to a record level of $43.48 billion in 2016-17 The book entitled ‘Real Impact of Demonetization on Various Sectors of Indian Economy and Society’ covers nine key topics that are essential to assess the impact of demonetizationand its short, medium and long time economic, social and political impact in India. Ch-1: Demonetisation and Remonetisation; Ch-2: Demonetization and Indian Budget 2017; Ch-3: GDP Projection’s Ch-4: Impact on Tax Collation; Ch-5: Impact on Cashless Economy; Ch-6: Impact of Demonetisation on Agriculture; Ch-7: Impact on Economy; Ch-8: Political Impact and Ch-9: Impact on Society.
About the Author
Award winning Key Note Speaker at International Level, Professor Ajit Kumar Roy is an acclaimed researcher and consultant. Prof. Roy obtained his M.Sc. degree in Statistics and joined Agricultural Research Service (ARS) of Indian Council of Agricultural Research (ICAR) as a Scientist (Statistics) in 1976. In recent past was engaged as National Consultant (Impact Assessment), for East &North-Eastern States of India at National Agricultural Innovation Project (World Bank funded) of ICAR. Earlier he had served as a Consultant (Statistics) at Central Agricultural University, Agartala. Earlier had served at CIFA, ICAR, as Principal Scientist and was involved in applied research in the areas of ICT, Statistics, Bioinformatics Analytics, and Economics. At International level, he served as a Computer Specialist at SAARC Agricultural Information Centre (SAIC), Dhaka, Bangladesh for over 3 years. The author with over 45 years of research and teaching experience in Statistical Analysis, Analytics, and information & Knowledge management edited twenty books and several conference proceedings. Besides, published over 100 articles in refereed journals. His recent best-sellers are 'Big Data and Data Science Initiative in India-Upcoming Job Opportunities(Vol.-2);‘Cashless Economy in India-Present Scenario, Potential, Prospect and Challenges Ahead’; Post Demonetization Budget-2017- Expectations, Apprehensions and Reality’; ‘Facts and Figures of Demonetization in India-Reactions, Views and Comments; Big Data and Data Science Initiative in India- Upcoming Job Opportunities: Big data Job Opportunities in India (Big Data-Series-4 Book 1);'Applied Big Data Analytics'; 'Impact of Big Data Analytics on Business, Economy, Health Care and Society'; 'Data Science - A Career Option for 21st Century’; ‘Self Learning of Bioinformatics Online’; ‘Applied Bioinformatics, Statistics and Economics in Fisheries Research’ and ‘Applied Computational Biology and Statistics in Biotechnology and Bioinformatics’; Emerging Technologies of the 21st Century. He is a Member, Organizing Committee Board for the 6th International Conference on 'Biometrics and Biostatistics’ to be held during, November 13-14, 2017 Atlanta, Georgia, USA. Editorial Board Member, Jacobs Journal of Biostatistics, Jacobs Publishers, 900 Great Hills, Trail # 150 w, Austin, Texas. He now works as Visiting Professor, question setter and examiner of four Indian Universities.
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