Demonetisation was thus a success: FM
The Government of India data says that Demonetisation was a success in terms of reducing the circulation of currency in the economy. As per Finance Minister Nirmala Sitharaman, the shock therapy has also expedited digitization and curbing of counterfeit notes.
"Had the rate of growth of cash followed the historic trend, notes in circulation would have been up to Rs 25.12 lakh crore as of May 2019. Because of the November 2016 step, it is just at Rs 21.71 lakh crore," the government data shows.
Demonetisation is believed to have slowed down economic growth. As per some experts, however, it was GST which did more harm (in the short run).