Mr. P. Gopal Krishnan, Principal Consultant, Stabaka Consulting, Mr. K. Rajesh Reddy, Banking/Financial Consultant and Dr. Sushma Kaza were in the panel at the latest discussion at Vignana Jyothi Institute of Management (VJIM), Hyderabad’s- “Impact of Demonetization on Indian Economy.”
The objective of the Panel Discussion session was to give students a little more perspective on what is happening in the country in terms of its Currency and the latest changes since November, 2016 and what has been or will be the impact on the economy pertaining to the banning of INR 500 and INR 1000 notes overnight.
Panelist Rajesh Reddy was certain that “this step by the government will not only have an economic impact, but a certain social impact as well”. He also felt there was a lot of planning required till the last mile and Government was expected to be little more critical while taking the step. However, Rajesh supports the step because he believes it is “an important measure towards eradicating corruption, black money and fake currency from the system.”
To add to his thoughts, panelist Gopal Krishnan described India as slightly a complex country. Iterating panelist Reddy’s thought, Gopal mentioned- “social, economic and political systems of India cannot be viewed in isolations.” According to him, a better implementation of the ban could have been done. Infrastructure could have sorted well and things could have been laid down even more systematically. However, he thinks that for this big measure of the Government to be successful, Indian citizens got a lot of responsibility on them. “Indians need to be honest and do their further transactions in white cash.” Otherwise the impact on the marginalised and under privileged section of the society are going to be huge and irreparable. “Indians got to act responsible,” was among his closing remarks.
Dr. Sushma Kaza, Asst. Professor, Economics, VJIM, Hyderabad presented some eye-opening facts and figures which really depicted the past and current scenario of the economy. She compared economies of Australia, USA and India to help the audience show how deep the problem pertaining to currency ad circulation has been. ‘Illiteracy is one of the main problems of India’, she quoted. She strongly believes digitalizing every transaction is the way to go. The systems should be user-friendly and Secured to the T.
The session was a riveting success. Everyone had something to take back home as food for thought. As per the PGDM students of VJIM, Hyderabad- “the panel discussion gave an educated perspective of how the economy could be affected by Demonetization.”