In 2012, then Government of India officially stated 22% of its population was below its official poverty limit. Besides, India appeared to be achieving the status of developed country by 2025 with an excellent growth in GDP rate.
Sadly, the PM Narendra Modi's thoughtless decision of imposing demonetization of high currency notes led the things tumbled down. Economists are worrying if the percentage of poverty would get a sudden raise with this irresponsible decision of the union government.
Adverse effects of high notes ban is mostly seen in real estate. Fixed properties such as lands and sites got their prices drastically depreciated. Owing to this factor a common man's properties value has been slashed. A middle class person maybe treated as a poor in near future while some of the millionaires would become common men.
On the other hand, the purchasing capacity of an Indian has also miserably fallen down. There is no one who spend lakhs and crores on any fixed property right now. As the tax system has also got tightened, people are least interested in purchasing lands and sites irrespective of their prices came down to low levels of upto 30% to 50% from the actual 100%. On a whole, it appears the percentage of poverty in India has got a sudden raise in India.