Demonetisation: 80% Indians

see cash crunch as no big deal,

hail PM Modi's notebandi
Long queues at ATMs and banks have wreaked havoc, the underprivileged being the worst hit, but
most people see the brighter side

The long queues at bank branches and ATM centres, and the so-called banking crisis
following Prime Minister Narendra Modis announcement two weeks ago that Rs 500 and
Rs 1,000 were ceasing to be legal tender, do not seem to have eroded Indians faith in their
PM or his intent to cleanse the economic system of black money.
According to a nationwide survey conducted by C-Voter, 80-86 per cent Indians admit to the
inconvenience caused, but hail demonetisation as a great move in the direction of
combating the black money menace.
Since Modis late-evening address to the nation on November 8, when he
announced demonetisation of Rs 500 and Rs 1,000 currency notes, serpentine queues
have been seen at ATMs and banks; the mess has affected the underprivileged in small
towns and villages the most.
The survey conducted among half the total parliamentary constituencies on Monday by CVoter, an international polling agency, shows that almost 86 per cent respondents in urban
and rural areas say the inconvenience is totally worth it. However, the NDA government's
decision has been endorsed the most by the higher income groups, with 90.6 per cent of
them saying the move is good. Only 12.6 per cent respondents across income groups
thought the difficulties caused were an "unmanageable disaster."
The Centre has been facing backlash from the Opposition parties, which have united to
condemn demonetisation. Critics have labelled the move unplanned and hastily
implemented. Nevertheless, according to the survey, a broad consensus emerges
that demonetisation was 'well implemented'. This sentiment was reflected among 71 per
cent of those surveyed in urban areas, 65.1 per cent in semi-rural zones and 59.4 per cent
rural respondents.
According to 38 per cent respondents in urban, 35.5 per cent in semi-urban and 36.8 per
cent in rural belts, the problems caused by demonetisation are 'little, easily manageable'.
Also, 55 per cent respondents do not want the prime minister to succumb to political
pressure and roll back this courageous move.
While the Centre has made a bold attempt to impose a tight leash on corrupt citizens

and black money hoarders, some economists have maintained dark projections for the
Indian economy.
On Tuesday, Lawrence 'Larry' Summers, a former chief economist of the World Bank and
ex-economic advisor to the US President said, "Modi's demonetisation move is 'unlikely to
have lasting benefits'".
The economic consequences of the Narendra Modi governments decision
on demonetisation have been debated extensively.
Many other veteran economists have criticised the move, nonetheless, Modi has his voters'
support, as apparent from the survey.
Reacting to C-Voter's survey, social media was immediately abuzz with the latest
development. Here too, Prime Minister's move has been hailed. One twitter user said that
with this survey, debate on what people think should end.
http://www.business-standard.com/article/economy-policy/demonetisation-cashcrunch-ain-t-a-big-deal-80-indians-hail-pm-modi-s-currency-ban116112300162_1.html