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India Business News: The amount of cash in circulation in India has more than doubled since the year of demonetisation and the launch of UPI, despite the removal of Rs 200
The currency in circulation has more than doubled from Rs 13.35 lakh crore in March 2017 to Rs 35.15 lakh crore in end March 2024. Significantly the currency in circulation has happened despite the central bank deciding to withdraw the Rs 2000 denomination banknotes from circulation from May 2023 which resulted in the central bank getting 97.83 percent of Rs 3.56 lakh crore worth notes back to the banking system.
The currency in circulation has more than doubled from Rs 13.35 lakh crore in March 2017 to Rs 35.15 crore in end March 2024. Significantly the currency in circulation has happened despite the central bank deciding to withdraw the Rs 2000 denomination banknotes from circulation from May 2023 which resulted in the central bank getting 97.83 percent of Rs 3.56 lakh crore worth notes back to the banking system.
Retail: Metro cities had grown the fastest from Q2 of last fiscal to Q1 of FY24. The aviation sector saw the highest growth of 29.7%, along with the hospitality sector at 12.8% in Q2 of FY24, reflecting an increased demand for travel, said the report. These travels may have been triggered by events such as the World Cup.
"From a demographic perspective, Metro cities which had grown the fastest from Q2-FY23 to Q1-FY24, were outpaced in H1 FY24 by SURU (semi-urban and rural), which saw the fastest consumption growth of 9.2% YoY, triggered by improved discretionary spending and demonstrating tailwinds in the rural economy," said CMS.