More IT and banking jobs may be created for more and more and more banking and online transactions happening as a result of demonetization. Online accounts need technological infrastructure and maintenance and more people may be hired to perform such works in the future. This would generate employment opportunities for young professionals. India is fast becoming digital as a result of demonetization.
Black money was one of the reasons for inflation in India. Tax evaded income in the hands of the people would make the demand of goods go high in the market while the supplies remain the same. With a crackdown on black money through demonetization, the inflation is going to be under control in the future and the common man is going to benefit the most from this.
As a result of demonetization, defaulters in the areas like property tax, bank loans, electricity and telephone bills are rushing to pay in cash fearing if they didnít do so the cash may become useless.
Additionally, government has implemented GST that would widen the tax net, make tax evasion almost impossible and is set to catalyse the economy. It is supposed to lift the growth rate by 2%. GST has reduced cascading tax effects from Indian consumers and thatís going to benefit them in future. The businessmen have to file taxes in a simple manner online leaving no room for harassment at the hands of tax authorities. It is set to increase the overall efficacy in logistics as now there is going to be one tax in the nation that is the destination based tax. Also, as per the provisions in GST, less developed states get a boost. Multiplicity of taxes is eliminated as a result of GST and as a result of this consumers are going to benefit from increased market competition.
In spite of the fact that the people are facing a lot of inconveniences, and are losing their patience, there is still a lot of support for this major step taken by the Prime Minister Narendra Modi.