Socio-Economic and Psychological Impact of Demonetization in Rural Punjab
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Date
2018
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Punjab Agricultural University, Ludhiana
Abstract
The present study was conducted in Ludhiana district to analyse the impact of demonetization
in rural area of Punjab with the following objectives: (i) to examine socio-economic
characteristics of the respondents; (ii) to assess the hardships faced by the farmers and
labourers due to demonetization; (iii) to examine the socio-economic and psychological
impact of demonetization on farmers and labourers. Based on 210 respondents, consisting
farmers and labourers, from two blocks of Ludhiana district, study led to the conclusion that
respondents experienced many hardships after demonetization. 65.00 per cent in case of
farmers and 86.67 per cent in case of labourers managed to get cash for agricultural
operations and other daily needs after ten days of demonetization. About 87.00 per cent of
labourers and 58.33 per cent of farmers reported about worst experience of standing in long
queues post demonetization. Further 61.00 per cent of the respondents in case of farmers and
87.00 per cent in case of labourers reported that cash was inadequate to meet their daily
requirements. With regard to educational, social and psychological problems, study indicated
that about 51.00 per cent of the farm families and 80.00 per cent of the labourer families faced
problems after demonetization which were visible in the form of difficulty in paying school
fees of children, squeezing social expenditure and suffering of mental tension and sleeping
disorders etc. Other problems which emerged from the study were: delay in sowing operation
of crops, inadequate fertilizers (in case of farmers) and insecurity of job and even
discontinuity of jobs (in case of labourers). Most of the respondents perceived demonetization
as not generating the desired results such as curbing black money or benefitting the society at
all. Proving adequate time before demonetization, giving adequate knowledge about new
technology, lessening the hardships of demonetization were some of the important
suggestions given by the respondents.
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