Nov 10, 2016 - Scrapping Rs500, Rs1,000 currency notes was in the works in secret for 6 months

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Sree Vijaykumar
Sree Vijaykumar
From the Editor's Desk
I was at the Forbes India Leadership Awards event in Mumbai (shout out to Florista) when the prime minister made the big announcement on Tuesday. And it was none other than the passionate Vijay Shekhar Sharma of PayTM who broke the news to us on stage (we thought it was a joke). The news certainly made him happy. As for the awards function itself, the oxford style debate between him and Manish Sabharwal (Teamlease) was the highlight of the evening. The topic of the debate was 'Is Ecommerce more hype than reality?' Manish made good arguments around technology (cloud, mobile, etc) not being a differentiator anymore and the fact that investors in ecommerce are far from seeing any returns. Vijay's counterarguments revolved around network effects, the disruption caused by tech led business models and non-intuitive ways in which businesses like Alibaba make money (zero commissions, mostly advertising revenues). Most of us agreed that the hype would turn into reality soon.

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