Demonetisation cut cash in economy by 20%, says government
Describing demonetisation's impact on Indian economy, Chief Economic Adviser Arvind Subramanian on Friday said there has been a 20% reduction in cash in the economy. "The cash-to-GDP ratio has come down by 1.6 percentage points," he added. Pointing to the addition of new taxpayers, he further said there has been a "regime shift in terms of macroeconomic stability since demonetisation".