India was affected but not at micro level during 2008 crises. But this time something is seriously wrong.
Things are not at all working the way they should work.
I have not witnessed any move from this government that does not represent what our previous governments were doing.
Nothing has changed. Demonetisation was not a brave move. Brave move would have been to include middle class population in main stream by lifting income tax law for few years.
One way government is not lowering the patrol prices and thus filling its revenue pockets and on another move it has killed many businesses.
Though Demonetisation could be a game changing move but how?
For example, If I go completely cashless and accept digital payment, 2% I have to pay to middlemen.
I am not talking about cheques, that is not option. Lot of them bounce lot of time.
How can we go digital when 2% or higher fee is charged by banks and middlemen. Think of grocery stores which have an average margin of 2%-4% on majority of items.
The next move is expected not from government but from RBI to lower the transaction cost.
Regarding economic crises, it is short term and India is going through it.