The night when the news about demonetization was announced by our Prime Minister, the whole population of India was on the streets seeking a way out of the problem. There a very hectic environment in the campus of all the major petrol pumps of the country. All tried to fill up their tanks using their 500 or 1000 notes.
The next morning, there was a not ending queue in front of all ATMs and banks. The whole India was said to be standing in the queues. The scenario was very uneasy for all the Indians whether it was for an Industrialist or a Banker. No one excluded from the worries of exchanging the notes before the specified deadline.
Effects on Indian Economy
The demonetization was a shock therapy for the Indian Economy. Indian Economy which was considered as the fastest growing economy of the world slowed down where people stood in the queues to exchange the notes. According to some economists, about 90% of the total cash in circulation was returned to the banking system. It was considered to be a very serious issue by many economists including our former Prime Minister Dr. Manmohan Singh. But something went right as well. Many banks had cut their deposit rates accompanied by the lending rates as well, which was responsible for avoiding a great loss.
Employment and Demonetization
Just after the demonetization of the notes, many employers as well as economists predicted that there will be a loss of many employment opportunists. The cash-based Indian Economy was said to face many problems regarding job opportunities and crisis in employment facilities for the youth. Removal of cash from the economy would definitely result in the hike in prices of goods and supplies. This would lead to a certain deflation and lead to further loss of jobs.
This monetization has thoroughly changed our economy from sole. Plastic currency has its own benefits over cash currency, it has affected many sectors in the business sector like printing of currency, disposition of currency and managing all the currency in banks had their costs which are far more higher than plastic currency need, with the virtual payment methods we are able to pay our bills online, we can transact any amount over wire transfer, and most important, plastic currency created every record at each level of transaction which is then beneficial to our taxation system.
So what are the basic requirements of virtual transaction in real world? YES it needs proper accounting and reporting which is necessary for authorities. With the latest introduction to GST, accounting has become crucial for every business which has to be in a proper agenda decided by Government of India.
How Nilaya ICATS Institute helps to understand concepts:
Concept building needs some professional touch, students must be aware of the latest trends in the industry rather than reading some old irrelevant syllabus which does not give them any glance to the present condition of the business world, for that they need proper guidance which. The students have to learn all the tactics and methods to survive in this field. What if they get this proper guidance from people with such an expertise and experience of changing business world? Students should clear some basic concepts and able to visualize the present as well as future of the organization they will be eventually working for.
Concept Building is something that requires a professional approach. A student for getting a better job in terms of designation and money needs someone to guide him and acquaint him to the latest trends in the industry. The student has to learn all the tactics and methods to survive in this field. This is only possible if he acquires his knowledge from a person who carries expertise in this field and has an experience which matters a lot. The student must be clear in concepts and should be able to visualize the future and the present of the company in which he works.
How Nilaya ICATS prepares you for future challenges
Future matters a lot to all of us. We think to do everything possible to better our future than the present. Nilaya ICATS is an institute which is very optimistic in its approach. This optimistic attitude helps students to develop positive vibes and confidence in them. Nilaya ICATS prepares you well for all your future interviews and guarantees a well paid and designated job for every pupil. The institute gives a lot of emphasis on practical training and development of basic ideas related to the field interested. You will never regret your training at the institute which will guarantee you jobs at the best places of the country.
So if you are ready to accept the fact that concepts regarding current situations and future challenges must be clear and if you are ready to learn the latest trends in the business world which will make you a successful human being, you are always welcome to Nilaya ICATS where we have specialized faculty ready to give you this approach and a mindset required to survive in the industry.