Five years of Demonetisation, cash use at the record of 14.5% GDP

Demonetisation

Demonetisation

MUMBAI: The ratio of the currency circulation, for the portion of GDP, has now touched a new record of 14.5% for the 2020-21 fiscal. This surge rose to a new demand because the pandemic had hit the increase for the cash, which led to the shrunk in the GDP. At the same time, the surge among every form through digital payments goes on with the fifth anniversary of the demonetization.The post-pandemic increase in the circulation of the currency is further described as the “dash to cash”, due to the uncertainty. This situation of “dash to cash”has been experienced by nations such as the US, Spain, Italy, Germany, France, Brazil, Russia, and Turkey. 

On the other hand, the digital mode of payments has increased nearly three times, since what they were in FY18. The RBI digital payment index has risen from 100 which was in 2018 to as of now it is270. This index has captured the spread of the digital while taking into account growth with the payments infrastructure. With the key objectives of the demonetization, India has acquired an established position. Not just this, there have also been drops in the fake currencies. Counterfeit notes detected continued to fall from 310,000 in FY19 to 290,000 in FY20 and 200,000 in FY21. There are also indications that the economy is getting more formalized. 

The informal economy has further shrunk to 20% of GDP, from 40% a few years back, according to the economy.

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