INTERVIEW-THE EFFECT OF DEMONITIZATION ON THE THREE CLASSES
I have asked the same questions regarding demonetization to the people belonging from Upper class, Middle class and Lower class background to know the impact of demonetization on them according to their social status. I also tried to get a better understanding of the problems faced by each of them and their verdict on this controversial move.
The first person I interviewed was Mr. R.K Tandon. He is the owner of the 3-star Ritz Hotel in Lucknow.
Q1. Do you think that a step like demonetization was necessary?
A. “No, our economy was growing at a good rate of 7.5%. Demonetization is a very drastic step which even the developed countries keep as their last option in the time of crises. …show more content…
“No, the Government was not even clear with the guidelines. The whole system was in a state of chaos. Even our previous RBI Governor Mr. Rajan told the Government that this move was not called for but still the Government continued with it.”
Q3. What impact did this step had on your life and job ?
A. “For 3 months my business suffered. The number of guest drastically reduced. I have a staff to pay. It was a very bad time for business. It was after new year that things got better. I was very tensed during this period. I even had to let go a few staff members.”
Q4. In your opinion has the government successfully achieved it’s goal of tracking and removing black money from the economy?
A. “ The Government has failed because still 99% of the black money is present in our economy. The government didn’t analyze their move prior to the implementation. As a result everyone suffered.”
Q5. The reports show that the GDP has fallen down to 6% even though the Government promised a even better growth rate. Do you think the Government used this step only as a tool to win elections in various State?
A. “I completely agree, it truly was used as a tool and it was successful also as they formed Government in 4 out of 5 …show more content…
So yes demonetization was needed.”
Q2.Do you think that the Government was ready for such a move?
A. “No, the guidelines given were vague and kept on changing everyday. It created a situation panic and chaos. Because of which hundreds of people lost their lives.”
Q3. What impact did this step had on your life and job ?
A. “Well I am a professor at a Government University so it had no effect on my job. But I did had to stand in long queses outside banks and yes those 2 months were difficult. The pain was worth it because I was helping my country in the fight against black money”.
Q4. In your opinion has the government successfully achieved it’s goal of tracking and removing black money from the economy?
A. “Well not completely but surely to some extent. After this move people are scared to keep black money.”
Q5. The reports show that the GDP has fallen down to 6% even though the Government promised a even better growth rate. Do you think the Government used this step only as a tool to win elections in various State?
A. “No, people supported the Government because it is the only government till date which took action against black
I have asked the same questions regarding demonetization to the people belonging from Upper class, Middle class and Lower class background to know the impact of demonetization on them according to their social status. I also tried to get a better understanding of the problems faced by each of them and their verdict on this controversial move.
The first person I interviewed was Mr. R.K Tandon. He is the owner of the 3-star Ritz Hotel in Lucknow.
Q1. Do you think that a step like demonetization was necessary?
A. “No, our economy was growing at a good rate of 7.5%. Demonetization is a very drastic step which even the developed countries keep as their last option in the time of crises. …show more content…
“No, the Government was not even clear with the guidelines. The whole system was in a state of chaos. Even our previous RBI Governor Mr. Rajan told the Government that this move was not called for but still the Government continued with it.”
Q3. What impact did this step had on your life and job ?
A. “For 3 months my business suffered. The number of guest drastically reduced. I have a staff to pay. It was a very bad time for business. It was after new year that things got better. I was very tensed during this period. I even had to let go a few staff members.”
Q4. In your opinion has the government successfully achieved it’s goal of tracking and removing black money from the economy?
A. “ The Government has failed because still 99% of the black money is present in our economy. The government didn’t analyze their move prior to the implementation. As a result everyone suffered.”
Q5. The reports show that the GDP has fallen down to 6% even though the Government promised a even better growth rate. Do you think the Government used this step only as a tool to win elections in various State?
A. “I completely agree, it truly was used as a tool and it was successful also as they formed Government in 4 out of 5 …show more content…
So yes demonetization was needed.”
Q2.Do you think that the Government was ready for such a move?
A. “No, the guidelines given were vague and kept on changing everyday. It created a situation panic and chaos. Because of which hundreds of people lost their lives.”
Q3. What impact did this step had on your life and job ?
A. “Well I am a professor at a Government University so it had no effect on my job. But I did had to stand in long queses outside banks and yes those 2 months were difficult. The pain was worth it because I was helping my country in the fight against black money”.
Q4. In your opinion has the government successfully achieved it’s goal of tracking and removing black money from the economy?
A. “Well not completely but surely to some extent. After this move people are scared to keep black money.”
Q5. The reports show that the GDP has fallen down to 6% even though the Government promised a even better growth rate. Do you think the Government used this step only as a tool to win elections in various State?
A. “No, people supported the Government because it is the only government till date which took action against black