Shifanaz, Yasmeen, and Shrisanathani
Class 8, Sujana Convent, Bengaluru
On 8th November 2016, the National Democratic Alliance (NDA) Government demonetized high-value currency notes of INR 500 and 1,000. Overnight, 85 percent of the cash in circulation in the country was curtailed. The move, in a bid to control black money, was sudden and had several implications for the common man.
In the weeks that followed, several media reported that people were queuing up in front of ATMs for hours, and some of them even losing their lives to exhaustion and some in desperation. People who relied heavily on cash such as daily wage laborers, and small businesses that have no digital form of currency exchange incurred several losses.
Vegetable markets had no notes in circulation nor did people to celebrate functions like weddings. The Reserve Bank of India, rationed money to people. This also severely curtailed investments.
Although conflicting reports were available in the media on the effects of demonetization, we decided to look into the effects of demonetization on small businesses in Hosa Road, Bengaluru (near our school).
This was an exploratory research project. We interviewed 30 business owners on Hosa Road on what they experienced due to demonetization. We then carefully recorded and tabulated the data. We will provide evidence including interview sheets and photographs used during the research process.