Lessons from the Fiscal Steps of Demonetization for the Best B School in India

Lessons from the Fiscal Steps of Demonetization for the Best B School in India
As the winter season drags on to a mixed range of emotions and feelings for all people in all walks of life
with regard to recent demonetization of high denomination currency notes of 500 & 1000, even the
best B school in India cannot be left out of this vortex of fascinating happenings. As the central
government recently announced the demonetization of high denomination currency notes of and
introduced high security feature denomination currency notes of 2000 rupees, it has left an array of
emotions. Therefore, how can this step shape and affect the present and future of business and
management schools like JKBS with regard to performance in the short and long term?
There is a serious need to study and analyze the Indian economy over the last few months leading up to
the path breaking strategy of strict fiscal discipline. Though there are mixed feelings to these steps from
welcome, opportune and utter dismissal there are still lessons that even the best B school India can
take away.
It is important to note, that these are uniquely interesting times given the social, economic and political
consequences they could engender or bring forth. Regardless of some seen or unforeseen calculations
and predictions there are bound to be results in the affirmative or otherwise.
Expectations / Possibility of Government Demonetization Policy visa avis National Economic Interest
As an institution committed to equipping future business leaders through capable of response to
challenges in emerging markets with sustainable evolution, growth and innovation these are some
potential emergent lessons from the recent demonetization policy for JKBS business school.
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Lessons from the Fiscal Steps of Demonetization for the Best B School in India
1. Flush out excess hidden ‘black money’ (undeclared, unaccounted and untaxed ill gotten
wealth)
2. Simplify tax payment with simple, clean and accountable tax regime
3. Ease excess bureaucratic hindrances to tax declaration and payment without fear of
repercussions on declaration
4. Increased / stricter accountability and stronger advocacy for business leadership and
management
5. Widen India’s income tax base as a result of modified and simplified methods and means to
pay tax
6. Enforce stronger corruption control measures in both public and private organizations
7. Curb funding to anti-national elements, money launderers including potential terrorists
8. Reduce inflationary tendency on the economy and suck out counterfeit currency
Even though there are evident signs of people feeling burdened and stressed from the governments
step yet there are still more supportive voices for its fiscal move in the best interest of the country. India
is largely a cash economy meaning most transactions are still done in cash payments. It remains to be
seen how this momentum will reinvigorate the rupees value as well as ensure that enough tax is paid
and collected to sustain the central government’s development budget and agenda as opposed to
relying on the swelling national deficit through constant borrowing.
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Website: www.jkbschool.org
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