No study on effect of note-ban: Nirmala

Government has not done any study on the impact of demonetisation on the Indian economy, especially on micro, small and medium industries and on employment. This was disclosed by Finance Minister Nirmala Sitharaman in reply to a question by Congress member Digvijaya Singh in the Rajya Sabha.

"The government has not undertaken any specific study to find out the impact of demonetisation on the Indian economy, particularly MSME industries and on employment," she said. The demonetisation decision of the Modi government 1.0 in 2016 had created a huge controversy.

The Opposition, especially the Congress, slammed it saying the decision had brought down the GDP growth rate by two per cent and had wreaked havoc on the small scale industries and the informal sector. The government had however rubbished these claims and said the decision had a beneficial effect on the economy.