The recent increase in the ease of doing business ranking released by World Bank is a testimony to this. I would like to mention four clear benefits of this move. Following the footsteps of India, Venezuela also adopted demonetisation in December 2016, but it turned out to be catastrophic. The other reform initiatives of the government have been in the areas of financial inclusion through a series of initiatives on Jan Dhan accounts, Mudra and Suraskha schemes. With the Jan Suraksha schemes a success, the insurance penetration in India increased from 3.3% in 2014 to 3.6% in 2017.

Source: Hindustan Times November 08, 2017 06:44 UTC