In this Mint article, Shamika Ravi, Visiting Fellow at IDFC Institute, weighs in on what demonetization means for the labour market. She writes:
"Demonetisation is forcing employers in the country to reconsider employment contracts. There needs to be a simultaneous push from the formal financial institutions such as banks, payment interfaces such as National Payments Corporation of India and other private firms to facilitate the adoption of new payment methods. Each firm will have to assess its internal fundamentals to evaluate what the short-term costs of going formal entail while achieving operational and dynamic efficiency to remain in business in the long run. This can only be great for their employees and the economy overall."
Read the full article here.