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What is the advantage of demonetization of Indian currency?
What were some of the economic and social costs of demonetization?
Demonetization had both short-term and long-term effects on the Indian economy. In the short-term, there were reports of significant job losses, cash shortages, and decreased consumer spending. In the long-term, experts are concerned about the impact that demonetization may have had on India's informal sector - which accounts for the majority of the country's employment - and the broader economic impacts of a sudden shock to the currency system.