IMS Ghaziabad

Special Seminar on “De-Monetization and Digitalization” held on January 18, 2017
Guest of Honour- Dr. J.C.Sharma (IES) & Former Economic Advisor to Ministry of New & Renewable Energy
The “Special Seminar Series” is being initiated under the stewardship of Director IMS, Prof. J. P. Sharma, with the sole objective of encouraging “Quality Discourse” in the campus by inviting “Academic Exponents” of our country.

Prof.J.P.Sharma, in his inaugural address, referred to “De-Monetization and Digitalization” as a hot topic in the country. While tracing the history of currency, he told how Han Dynasty in China introduced the currency and first time paper currency was published in the 7th century. He further told that in India credit cards were introduced in 1980s and subsequently debit cards in 1990s. Worldwide the number of internet users has increased from more than 1 billion in numbers in 2004 to more than 2 billion in by 2010. That shows how it is gaining acceptability in the world.

In his “Seminal Lecture”, Dr. J.C.Sharma broached the topic by saying, “Was it really necessary? Has it propelled digital payments?” In his view, it was a difficult decision and it had tremendous implications on our country and society. In general, people had different opinions about de-monetization. On November 8, 2016, Prime Minister Modi announced banning of Rs. 500 & 1000 denomination notes as legal tender. He questioned the move- whether it has disrupted the economy or was it an innovative disruption? He laid bare facts and figure to cogently argue pros and cons of the “Demonetization”. Dr. Sharma illustrated the facts that out of total money circulation of 17 lakh crores in the country, denominations of 500 and 1000 comprised 86 percent of the total. The reasons cited by the GOI for de-monetization were three pronged- unearthing counterfeit currencies and black money besides controlling terrorist financing and drug trafficking. He also highlighted anticipated economic and political gains by the incumbent government. A timeline for initiating such move by the GOI was also highlighted. Professors of Harward- Laurance Summers and Kenneth Rogoff expressed their doubts about the efficacy of such move. Dr. Sharma also discussed the impact of de-monetization on different sectors ie Growth, Real estate, FMCG, Agriculture etc. he also took up the case of Noida and Gujarat for illustration purpose showing how reverse migration has set in there. Finally, he suggested growth of digital economy (cashless needs) which heavily hinges upon ubiquitous internet connectivity countrywide. . The session was followed by ‘Question & Answer Session’, where volley of questions were raised by students and faculty members too.

At last, the Chairperson of “Special Seminar Series”- Dr. S.K. Dube, expressed “Vote of Thanks”, on behalf of IMS Fraternity, to the Director IMS- Prof. J.P.Sharma, ‘Guest of Honour’- Dr.J.C.Sharma, Programme Chairperson-Dr.Tapan Kumar Nayak; HOD-MCA, Dr.Avadhesh Gupta, and to the fellow colleagues from PGDM & MCA. He also thanked the PGDM I Year students for showing keen interest in the seminar.