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Demonetisation Destroyed 3.5 Million Jobs, Labour Force & Women Worst Affected: CMIE Chief

12.7 million jobs were lost in the month after demonetisation.

Centre for Monitoring Indian Economy (CMIE) chief executive Mahesh Vyas said on Friday that at least 3.5 million people lost their jobs after the Narendra Modi government banned Rs 500 and Rs 1000 currency notes in November, 2016.  

Citing a survey done by CMIE which covers around 1.72 lakh households across the country, Vyas stated thatthe labour force and women were the worst affected by demonetisation

“The story could be anywhere in between, that the initial shock was to the tune of 12.7 million, then it came down to 3.5 million or maybe there was some other factor behind it. But this was an opportunity that came by and since the survey were being held continuously and demonetisation happened in between… we see an impact on employment,” Vyas said during a discussion on employment organised at the India International Centre.

CMIE’s survey was conducted in the four months before and after demonetisation in November 2016, reported The Indian Express. 

According to the survey, the reduction in the labour force was marked around 15 million. This means that people who were unemployed just before demonetisation stopped looking for jobs and the labour force shrank. 

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