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Modi's announcement on banning 500 and 1000 currency notes. How would it affect economy?
What was the impact of the demonetization on the Indian job market?
The demonetization led to widespread layoffs and job losses, particularly in the informal sector, which relies heavily on cash transactions. According to the Centre for Monitoring Indian Economy, 1.5 million jobs were lost in the first four months following demonetization. However, the government claims that the move has led to the creation of new jobs as more companies become formalized and join the tax net.