Demonetization in India: Impact on employment and job market
Demonetization is a process of withdrawal of a particular form of currency from circulation. The current form of money is pulled out from circulation and retired, to be replaced with new notes or coins. The latest demonetization measures taken by the Indian Government on November 8th 2016, in an endeavor to curb corruption and black money has resulted in a multitude of inadvertent consequences. While the key intention behind this move is praiseworthy, the planning and implementation of the scheme leaves much to be desired from a policy point of view. The move has caused undulating impact throughout the economy, leaving most sectors economically crippled owing to the unforeseen cash crunch. In this context, this paper aims to study the outcomes and probable ramifications of the scheme on economy, specifically on employment and jobs.