Why People Are Panic About Narendra Modi’s Announcement?
Today’s amazing news is Prime Minister Narendra Modi’s announcement last night, which Rupee notes of denominations 500 and 1000, will be withdrawn, triggered unnecessary panic.
The Prime Minister assured the nation last night that his government’s measure will not hurt the poor and the middle class. “Black money leads to inflation which adversely affects the poor and the middle classes more than others,” he said.
As per the news, In July 2010, the World Bank estimated the size of India’s shadow economy at 23.2% of the GDP figure of 2007. And the government said while announcing the scrapping of Rs 500 and Rs 1,000 notes that the measure would curtail that shadow economy which would, in turn, reduce inflation as well as conspicuous consumption.