Advantages Of Demonetisation In The Education Sector

It has been two years since Narendra Modi's bold move, demonetisation, starting from the midnight of November 8, 2016, after making a surprise announcement on television that INR 1,000 and INR 500 currency notes would no longer be a legal tender. The change was much needed for a developing country like India and people have accepted it with a kind heart, though they experienced heavy jostling during the times when they faced a cash crunch.

Apart from people, many industries and sectors also became victims of demonetisation and registered a sluggish growth, specifically during the cash crunch. The education sector also experienced both pros and cons during the cash crunch. Let's explore some of the positives that took place during demonetisation.

Keeping Capitation Fee At Bay

The most important positive impact with the demonetisation was the reduction of the capitation fee for admission. During demonetisation, it becomes extremely difficult for educational institutes to collect the capitation fee.

Transparency In Transactions

The cash crunch during demonetisation drove people to transfer tuition fee through online banking, DD or cheque which helped the education sector to turn transparent. After two years of demonetisation, many decided to prefer this mode of payment.

Multiple Ways To Support Tuition Fee

With the impact of demonetisation, many students and their parents started exploring multiple ways to finance the study. This opened doors for the post-education payment option which is similar to education loan. The banks also reduced the student loan rates during this period and continue the same after two years of demonetisation.

Importance Of Scholarships

Demonetisation has emphasized the importance of scholarships for students during the exchange of high-denomination notes. With the impact of the cash crunch, many students opted for scholarships and started giving importance to it.

Increase In Job Opportunities

The demonetisation move had benefited the e-commerce industry more. The e-commerce companies recorded a steep increase in growth rate during demonetisation and expanded its human resource. Apart from e-commerce companies, many start-ups related to digital marketing also registered a positive growth and provided employment.

The Prime Minister's intention behind demonetisation is to keep the counterfeit currency notes, black money and corruption at bay. To fight against these hindrances, the decrease in unemployment and quality education are the most important weapons to reach success.

These were some of the positives impacts of demonetisation on the education sector and we prepared the list based on what we heard during the exchange of high-denomination notes. We welcome you to share your opinions on demonetisation in our comment box.

Also Read: Indian Education Sector- Destroyed By Corruption

 

For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    --Or--
    Select a Field of Study
    Select a Course
    Select UPSC Exam
    Select IBPS Exam
    Select Entrance Exam
    JOIN US ON SOCIAL NETWORKS

    Thousands of Careerindia readers receive our evening newsletter.
    Have you subscribed?

    For great career opportunity, get instant updates on Education, Career & Job
    Careerindia

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Careerindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Careerindia website. However, you can change your cookie settings at any time. Learn more