IMF indicates salutory effects of demonetisation after some disruptions

IMF
IMF

International Monetary fund indicated that demonetisation may bring positivity to Indian Economy after some disruptions.

“We see salutary benefits from the demonetisation that took place a year ago. And there are potential benefits going forward,” William Murray of the IMF told reporters at the fortnightly IMF news conference.

However Murray said the demonetisation did cause some temporary disruptions in economic activity, primarily, private consumption and small businesses due to cash shortages.

“In the medium term, demonetisation could have possible effects, including through greater formalisation of and the information on economic activities and a more efficient payment system with a greater use of the banking system and digital payments,” Murray said.

The IMF is slated to come out with an update of its projections of India’s growth rate along with the rest of the world in January.

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