Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 73
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 73
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 74
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 74
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

                trigger_error($message, E_USER_WARNING);

            } else {
$response = object(Cake\Http\Response) {

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-The Times of India&lt;br /&gt;
&lt;br /&gt;
Former economic affairs secretary Shaktikanta Das , who played a key role during the demonetisation drive, spoke to TOI&#039;s Sidhartha &amp;amp; Surojit Gupta, four months after retiring from service in May. He says he does not agree with the criticism that implementation of demonetisation had serious shortcomings. Excerpts:&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* What is your assessment on the state of the economy?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The macroeconomic parameters, except the growth figures which are down in the last quarter at 5.7%, all the other numbers are within the range. Yes inflation has gone up from 2% to 3.6% and now RBI says it could go to 4.2% or perhaps 4.6% in the last quarter. Your inflation target is 4% plus minus 2%, 4.6% is very much within the range. The economy is strong and stable and there is no need for any undue alarm. However, there are certain challenges. The government is addressing those challenges.The economy is going through a churn or manthan, it is going through a process of adjustment with the new paradigm. The long term impact of all this churning is definitely positive.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* How much impact did demonetisation have on growth?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The impact of demonetisation was transient. It is very difficult to estimate the impact without a deeper study. The quarter in which demonetisation happened, growth was 7%. The first quarter of this year was impacted by GST related de-stocking, therefore it is very difficult to determine how much of it is due to demonetisation and how much of the current dip in GDP is due to GST. Let us not forget these are not the only factors which are impacting GDP. There are several other factors. For instance, export incomes are under pressure because of the appreciating rupee and shrinkage of global demand. There is a complexity of factors and among those factors GST and demonetisation are two of the factors, albeit temporary.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* Did demonetisation factor in the impact on growth?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
It was known that it will have a temporary impact on growth and the spillover effects will not linger for too long. That was a factor which was known and the expectation was that things will gradually stabilise once the process of remonetisation is complete. The process of remonetisation got completed fairly fast, infact by end December remonetisation was near complete. The medium-term and long-term gains of demonetisation together with GST were found to outweigh the short-term pain.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* There has been criticism about the implementation of demonetisation. &lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The secrecy aspect was very important for demonetsation The luxury of advance preparation was not available to the banks. But to the credit of the banks they rose to the occasion and remonetisation went on smoothly, except in the first three weeks when Rs 2,000 notes were mostly supplied. The moment Rs 500 notes started coming in around the first week December, the situation stabilised. I would not agree that implementation had any shortfall.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* Critics say that more Rs 2,000 notes should have been printed before going ahead with demonetisation.&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
You cannot go on printing notes and storing it without supplying. That would have raised suspicion as to why the government is printing so many notes and storing it. That would have led to all kinds of speculation. You can go on building up the stock only up to a point, otherwise the secrecy aspect could have got compromised.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* Since 99% of the money has come back into the system. There is criticism that demonetisation failed. Do you agree? &lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
I don&#039;t agree with that view. When the decision was taken, the fact that so much money will come back or so much money will not come back was not a consideration at all. The decision was taken mainly to deal a strong blow to the menace of black money. The fact that 99% of the money has come back into the system, does not automatically make that money white. Till the source of that money is identified the status of high value deposits would be suspect. It will take 2-3 years for the income tax department to complete the process.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* What are your views on a fresh fiscal stimulus to revive growth?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
In 2008 when the financial crisis hit, the government undertook fiscal expansion which produced temporary results but it eventually led to an increase in retail inflation, fiscal deficit rose and the debt to GDP ratio widened. Injecting more money through government expenditure will have only a temporary impact in terms of some additional economic activity but it&#039;s a one-time impact. The adverse consequences are far too high. The gains of fiscal prudence over the last three years should not be sacrificed. 
&lt;/div&gt;
&lt;div align=&quot;justify&quot;&gt;
&amp;nbsp;
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&amp;nbsp;
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&lt;em&gt;The Times of India, 7 October, 2017, please &lt;a href=&quot;https://timesofindia.indiatimes.com/business/india-business/demonetisation-decision-had-factored-in-short-term-impact-on-growth-shaktikanta-das/articleshow/60978593.cms&quot;&gt;click here&lt;/a&gt; to access &lt;/em&gt;
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&amp;nbsp;
&lt;/div&gt;
&lt;div align=&quot;justify&quot;&gt;
&lt;strong&gt;Image Courtesy: The Times of India&lt;/strong&gt; &lt;br /&gt;
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-The Times of India

Former economic affairs secretary Shaktikanta Das , who played a key role during the demonetisation drive, spoke to TOI&#039;s Sidhartha &amp;amp; Surojit Gupta, four months after retiring from service in May. He says he does not agree...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-The Times of India&lt;br /&gt;&lt;br /&gt;Former economic affairs secretary Shaktikanta Das , who played a key role during the demonetisation drive, spoke to TOI&#039;s Sidhartha &amp;amp; Surojit Gupta, four months after retiring from service in May. He says he does not agree with the criticism that implementation of demonetisation had serious shortcomings. Excerpts:&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* What is your assessment on the state of the economy?&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;The macroeconomic parameters, except the growth figures which are down in the last quarter at 5.7%, all the other numbers are within the range. Yes inflation has gone up from 2% to 3.6% and now RBI says it could go to 4.2% or perhaps 4.6% in the last quarter. Your inflation target is 4% plus minus 2%, 4.6% is very much within the range. The economy is strong and stable and there is no need for any undue alarm. However, there are certain challenges. The government is addressing those challenges.The economy is going through a churn or manthan, it is going through a process of adjustment with the new paradigm. The long term impact of all this churning is definitely positive.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* How much impact did demonetisation have on growth?&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;The impact of demonetisation was transient. It is very difficult to estimate the impact without a deeper study. The quarter in which demonetisation happened, growth was 7%. The first quarter of this year was impacted by GST related de-stocking, therefore it is very difficult to determine how much of it is due to demonetisation and how much of the current dip in GDP is due to GST. Let us not forget these are not the only factors which are impacting GDP. There are several other factors. For instance, export incomes are under pressure because of the appreciating rupee and shrinkage of global demand. There is a complexity of factors and among those factors GST and demonetisation are two of the factors, albeit temporary.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* Did demonetisation factor in the impact on growth?&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;It was known that it will have a temporary impact on growth and the spillover effects will not linger for too long. That was a factor which was known and the expectation was that things will gradually stabilise once the process of remonetisation is complete. The process of remonetisation got completed fairly fast, infact by end December remonetisation was near complete. The medium-term and long-term gains of demonetisation together with GST were found to outweigh the short-term pain.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* There has been criticism about the implementation of demonetisation. &lt;br /&gt;&lt;/em&gt;&lt;br /&gt;The secrecy aspect was very important for demonetsation The luxury of advance preparation was not available to the banks. But to the credit of the banks they rose to the occasion and remonetisation went on smoothly, except in the first three weeks when Rs 2,000 notes were mostly supplied. The moment Rs 500 notes started coming in around the first week December, the situation stabilised. I would not agree that implementation had any shortfall.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* Critics say that more Rs 2,000 notes should have been printed before going ahead with demonetisation.&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;You cannot go on printing notes and storing it without supplying. That would have raised suspicion as to why the government is printing so many notes and storing it. That would have led to all kinds of speculation. You can go on building up the stock only up to a point, otherwise the secrecy aspect could have got compromised.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* Since 99% of the money has come back into the system. There is criticism that demonetisation failed. Do you agree? &lt;br /&gt;&lt;/em&gt;&lt;br /&gt;I don&#039;t agree with that view. When the decision was taken, the fact that so much money will come back or so much money will not come back was not a consideration at all. The decision was taken mainly to deal a strong blow to the menace of black money. The fact that 99% of the money has come back into the system, does not automatically make that money white. Till the source of that money is identified the status of high value deposits would be suspect. It will take 2-3 years for the income tax department to complete the process.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* What are your views on a fresh fiscal stimulus to revive growth?&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;In 2008 when the financial crisis hit, the government undertook fiscal expansion which produced temporary results but it eventually led to an increase in retail inflation, fiscal deficit rose and the debt to GDP ratio widened. Injecting more money through government expenditure will have only a temporary impact in terms of some additional economic activity but it&#039;s a one-time impact. The adverse consequences are far too high. The gains of fiscal prudence over the last three years should not be sacrificed. &lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&amp;nbsp;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&amp;nbsp;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&lt;em&gt;The Times of India, 7 October, 2017, please &lt;a href=&quot;https://timesofindia.indiatimes.com/business/india-business/demonetisation-decision-had-factored-in-short-term-impact-on-growth-shaktikanta-das/articleshow/60978593.cms&quot; title=&quot;https://timesofindia.indiatimes.com/business/india-business/demonetisation-decision-had-factored-in-short-term-impact-on-growth-shaktikanta-das/articleshow/60978593.cms&quot;&gt;click here&lt;/a&gt; to access &lt;/em&gt;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&amp;nbsp;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&lt;strong&gt;Image Courtesy: The Times of India&lt;/strong&gt; &lt;br /&gt;&lt;/div&gt;&#039;,
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	&#039;id&#039; =&gt; (int) 34812,
	&#039;title&#039; =&gt; &#039;Shaktikanta Das, former economic affairs secretary, interviewed by Sidhartha &amp;amp; Surojit Gupta&#039;,
	&#039;subheading&#039; =&gt; &#039;&#039;,
	&#039;description&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;
-The Times of India&lt;br /&gt;
&lt;br /&gt;
Former economic affairs secretary Shaktikanta Das , who played a key role during the demonetisation drive, spoke to TOI&#039;s Sidhartha &amp;amp; Surojit Gupta, four months after retiring from service in May. He says he does not agree with the criticism that implementation of demonetisation had serious shortcomings. Excerpts:&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* What is your assessment on the state of the economy?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The macroeconomic parameters, except the growth figures which are down in the last quarter at 5.7%, all the other numbers are within the range. Yes inflation has gone up from 2% to 3.6% and now RBI says it could go to 4.2% or perhaps 4.6% in the last quarter. Your inflation target is 4% plus minus 2%, 4.6% is very much within the range. The economy is strong and stable and there is no need for any undue alarm. However, there are certain challenges. The government is addressing those challenges.The economy is going through a churn or manthan, it is going through a process of adjustment with the new paradigm. The long term impact of all this churning is definitely positive.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* How much impact did demonetisation have on growth?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The impact of demonetisation was transient. It is very difficult to estimate the impact without a deeper study. The quarter in which demonetisation happened, growth was 7%. The first quarter of this year was impacted by GST related de-stocking, therefore it is very difficult to determine how much of it is due to demonetisation and how much of the current dip in GDP is due to GST. Let us not forget these are not the only factors which are impacting GDP. There are several other factors. For instance, export incomes are under pressure because of the appreciating rupee and shrinkage of global demand. There is a complexity of factors and among those factors GST and demonetisation are two of the factors, albeit temporary.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* Did demonetisation factor in the impact on growth?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
It was known that it will have a temporary impact on growth and the spillover effects will not linger for too long. That was a factor which was known and the expectation was that things will gradually stabilise once the process of remonetisation is complete. The process of remonetisation got completed fairly fast, infact by end December remonetisation was near complete. The medium-term and long-term gains of demonetisation together with GST were found to outweigh the short-term pain.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* There has been criticism about the implementation of demonetisation. &lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The secrecy aspect was very important for demonetsation The luxury of advance preparation was not available to the banks. But to the credit of the banks they rose to the occasion and remonetisation went on smoothly, except in the first three weeks when Rs 2,000 notes were mostly supplied. The moment Rs 500 notes started coming in around the first week December, the situation stabilised. I would not agree that implementation had any shortfall.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* Critics say that more Rs 2,000 notes should have been printed before going ahead with demonetisation.&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
You cannot go on printing notes and storing it without supplying. That would have raised suspicion as to why the government is printing so many notes and storing it. That would have led to all kinds of speculation. You can go on building up the stock only up to a point, otherwise the secrecy aspect could have got compromised.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* Since 99% of the money has come back into the system. There is criticism that demonetisation failed. Do you agree? &lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
I don&#039;t agree with that view. When the decision was taken, the fact that so much money will come back or so much money will not come back was not a consideration at all. The decision was taken mainly to deal a strong blow to the menace of black money. The fact that 99% of the money has come back into the system, does not automatically make that money white. Till the source of that money is identified the status of high value deposits would be suspect. It will take 2-3 years for the income tax department to complete the process.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* What are your views on a fresh fiscal stimulus to revive growth?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
In 2008 when the financial crisis hit, the government undertook fiscal expansion which produced temporary results but it eventually led to an increase in retail inflation, fiscal deficit rose and the debt to GDP ratio widened. Injecting more money through government expenditure will have only a temporary impact in terms of some additional economic activity but it&#039;s a one-time impact. The adverse consequences are far too high. The gains of fiscal prudence over the last three years should not be sacrificed. 
&lt;/div&gt;
&lt;div align=&quot;justify&quot;&gt;
&amp;nbsp;
&lt;/div&gt;
&lt;div align=&quot;justify&quot;&gt;
&amp;nbsp;
&lt;/div&gt;
&lt;div align=&quot;justify&quot;&gt;
&lt;em&gt;The Times of India, 7 October, 2017, please &lt;a href=&quot;https://timesofindia.indiatimes.com/business/india-business/demonetisation-decision-had-factored-in-short-term-impact-on-growth-shaktikanta-das/articleshow/60978593.cms&quot;&gt;click here&lt;/a&gt; to access &lt;/em&gt;
&lt;/div&gt;
&lt;div align=&quot;justify&quot;&gt;
&amp;nbsp;
&lt;/div&gt;
&lt;div align=&quot;justify&quot;&gt;
&lt;strong&gt;Image Courtesy: The Times of India&lt;/strong&gt; &lt;br /&gt;
&lt;/div&gt;&#039;,
	&#039;credit_writer&#039; =&gt; &#039;The Times of India, 7 October, 2017, https://timesofindia.indiatimes.com/business/india-business/demonetisation-decision-had-factored-in-short-term-impact-on-growth-shaktikanta-das/articleshow/6097859&#039;,
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$metaTitle = &#039;Interviews | Shaktikanta Das, former economic affairs secretary, interviewed by Sidhartha &amp;amp; Surojit Gupta&#039;
$metaKeywords = &#039;Economic Growth,Note Ban,Currency demonetisation,cash crunch,cash deficit,Demonetisation,Shaktikanta Das&#039;
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-The Times of India

Former economic affairs secretary Shaktikanta Das , who played a key role during the demonetisation drive, spoke to TOI&#039;s Sidhartha &amp;amp; Surojit Gupta, four months after retiring from service in May. He says he does not agree...&#039;
$disp = &#039;&lt;div align=&quot;justify&quot;&gt;-The Times of India&lt;br /&gt;&lt;br /&gt;Former economic affairs secretary Shaktikanta Das , who played a key role during the demonetisation drive, spoke to TOI&#039;s Sidhartha &amp;amp; Surojit Gupta, four months after retiring from service in May. He says he does not agree with the criticism that implementation of demonetisation had serious shortcomings. Excerpts:&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* What is your assessment on the state of the economy?&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;The macroeconomic parameters, except the growth figures which are down in the last quarter at 5.7%, all the other numbers are within the range. Yes inflation has gone up from 2% to 3.6% and now RBI says it could go to 4.2% or perhaps 4.6% in the last quarter. Your inflation target is 4% plus minus 2%, 4.6% is very much within the range. The economy is strong and stable and there is no need for any undue alarm. However, there are certain challenges. The government is addressing those challenges.The economy is going through a churn or manthan, it is going through a process of adjustment with the new paradigm. The long term impact of all this churning is definitely positive.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* How much impact did demonetisation have on growth?&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;The impact of demonetisation was transient. It is very difficult to estimate the impact without a deeper study. The quarter in which demonetisation happened, growth was 7%. The first quarter of this year was impacted by GST related de-stocking, therefore it is very difficult to determine how much of it is due to demonetisation and how much of the current dip in GDP is due to GST. Let us not forget these are not the only factors which are impacting GDP. There are several other factors. For instance, export incomes are under pressure because of the appreciating rupee and shrinkage of global demand. There is a complexity of factors and among those factors GST and demonetisation are two of the factors, albeit temporary.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* Did demonetisation factor in the impact on growth?&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;It was known that it will have a temporary impact on growth and the spillover effects will not linger for too long. That was a factor which was known and the expectation was that things will gradually stabilise once the process of remonetisation is complete. The process of remonetisation got completed fairly fast, infact by end December remonetisation was near complete. The medium-term and long-term gains of demonetisation together with GST were found to outweigh the short-term pain.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* There has been criticism about the implementation of demonetisation. &lt;br /&gt;&lt;/em&gt;&lt;br /&gt;The secrecy aspect was very important for demonetsation The luxury of advance preparation was not available to the banks. But to the credit of the banks they rose to the occasion and remonetisation went on smoothly, except in the first three weeks when Rs 2,000 notes were mostly supplied. The moment Rs 500 notes started coming in around the first week December, the situation stabilised. I would not agree that implementation had any shortfall.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* Critics say that more Rs 2,000 notes should have been printed before going ahead with demonetisation.&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;You cannot go on printing notes and storing it without supplying. That would have raised suspicion as to why the government is printing so many notes and storing it. That would have led to all kinds of speculation. You can go on building up the stock only up to a point, otherwise the secrecy aspect could have got compromised.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* Since 99% of the money has come back into the system. There is criticism that demonetisation failed. Do you agree? &lt;br /&gt;&lt;/em&gt;&lt;br /&gt;I don&#039;t agree with that view. When the decision was taken, the fact that so much money will come back or so much money will not come back was not a consideration at all. The decision was taken mainly to deal a strong blow to the menace of black money. The fact that 99% of the money has come back into the system, does not automatically make that money white. Till the source of that money is identified the status of high value deposits would be suspect. It will take 2-3 years for the income tax department to complete the process.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* What are your views on a fresh fiscal stimulus to revive growth?&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;In 2008 when the financial crisis hit, the government undertook fiscal expansion which produced temporary results but it eventually led to an increase in retail inflation, fiscal deficit rose and the debt to GDP ratio widened. Injecting more money through government expenditure will have only a temporary impact in terms of some additional economic activity but it&#039;s a one-time impact. The adverse consequences are far too high. The gains of fiscal prudence over the last three years should not be sacrificed. &lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&amp;nbsp;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&amp;nbsp;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&lt;em&gt;The Times of India, 7 October, 2017, please &lt;a href=&quot;https://timesofindia.indiatimes.com/business/india-business/demonetisation-decision-had-factored-in-short-term-impact-on-growth-shaktikanta-das/articleshow/60978593.cms&quot; title=&quot;https://timesofindia.indiatimes.com/business/india-business/demonetisation-decision-had-factored-in-short-term-impact-on-growth-shaktikanta-das/articleshow/60978593.cms&quot;&gt;click here&lt;/a&gt; to access &lt;/em&gt;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&amp;nbsp;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&lt;strong&gt;Image Courtesy: The Times of India&lt;/strong&gt; &lt;br /&gt;&lt;/div&gt;&#039;
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Former economic affairs secretary Shaktikanta Das , who played a key role during the demonetisation drive, spoke to TOI's Sidhartha &amp; Surojit Gupta, four months after retiring from service in May. He says he does not agree..."/>
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                <strong>Shaktikanta Das, former economic affairs secretary, interviewed by Sidhartha &amp; Surojit Gupta</strong></h1>
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                <div align="justify">-The Times of India<br /><br />Former economic affairs secretary Shaktikanta Das , who played a key role during the demonetisation drive, spoke to TOI's Sidhartha &amp; Surojit Gupta, four months after retiring from service in May. He says he does not agree with the criticism that implementation of demonetisation had serious shortcomings. Excerpts:<br /><br /><em>* What is your assessment on the state of the economy?<br /></em><br />The macroeconomic parameters, except the growth figures which are down in the last quarter at 5.7%, all the other numbers are within the range. Yes inflation has gone up from 2% to 3.6% and now RBI says it could go to 4.2% or perhaps 4.6% in the last quarter. Your inflation target is 4% plus minus 2%, 4.6% is very much within the range. The economy is strong and stable and there is no need for any undue alarm. However, there are certain challenges. The government is addressing those challenges.The economy is going through a churn or manthan, it is going through a process of adjustment with the new paradigm. The long term impact of all this churning is definitely positive.<br /><br /><em>* How much impact did demonetisation have on growth?<br /></em><br />The impact of demonetisation was transient. It is very difficult to estimate the impact without a deeper study. The quarter in which demonetisation happened, growth was 7%. The first quarter of this year was impacted by GST related de-stocking, therefore it is very difficult to determine how much of it is due to demonetisation and how much of the current dip in GDP is due to GST. Let us not forget these are not the only factors which are impacting GDP. There are several other factors. For instance, export incomes are under pressure because of the appreciating rupee and shrinkage of global demand. There is a complexity of factors and among those factors GST and demonetisation are two of the factors, albeit temporary.<br /><br /><em>* Did demonetisation factor in the impact on growth?<br /></em><br />It was known that it will have a temporary impact on growth and the spillover effects will not linger for too long. That was a factor which was known and the expectation was that things will gradually stabilise once the process of remonetisation is complete. The process of remonetisation got completed fairly fast, infact by end December remonetisation was near complete. The medium-term and long-term gains of demonetisation together with GST were found to outweigh the short-term pain.<br /><br /><em>* There has been criticism about the implementation of demonetisation. <br /></em><br />The secrecy aspect was very important for demonetsation The luxury of advance preparation was not available to the banks. But to the credit of the banks they rose to the occasion and remonetisation went on smoothly, except in the first three weeks when Rs 2,000 notes were mostly supplied. The moment Rs 500 notes started coming in around the first week December, the situation stabilised. I would not agree that implementation had any shortfall.<br /><br /><em>* Critics say that more Rs 2,000 notes should have been printed before going ahead with demonetisation.<br /></em><br />You cannot go on printing notes and storing it without supplying. That would have raised suspicion as to why the government is printing so many notes and storing it. That would have led to all kinds of speculation. You can go on building up the stock only up to a point, otherwise the secrecy aspect could have got compromised.<br /><br /><em>* Since 99% of the money has come back into the system. There is criticism that demonetisation failed. Do you agree? <br /></em><br />I don't agree with that view. When the decision was taken, the fact that so much money will come back or so much money will not come back was not a consideration at all. The decision was taken mainly to deal a strong blow to the menace of black money. The fact that 99% of the money has come back into the system, does not automatically make that money white. Till the source of that money is identified the status of high value deposits would be suspect. It will take 2-3 years for the income tax department to complete the process.<br /><br /><em>* What are your views on a fresh fiscal stimulus to revive growth?<br /></em><br />In 2008 when the financial crisis hit, the government undertook fiscal expansion which produced temporary results but it eventually led to an increase in retail inflation, fiscal deficit rose and the debt to GDP ratio widened. Injecting more money through government expenditure will have only a temporary impact in terms of some additional economic activity but it's a one-time impact. The adverse consequences are far too high. The gains of fiscal prudence over the last three years should not be sacrificed. </div><div align="justify">&nbsp;</div><div align="justify">&nbsp;</div><div align="justify"><em>The Times of India, 7 October, 2017, please <a href="https://timesofindia.indiatimes.com/business/india-business/demonetisation-decision-had-factored-in-short-term-impact-on-growth-shaktikanta-das/articleshow/60978593.cms" title="https://timesofindia.indiatimes.com/business/india-business/demonetisation-decision-had-factored-in-short-term-impact-on-growth-shaktikanta-das/articleshow/60978593.cms">click here</a> to access </em></div><div align="justify">&nbsp;</div><div align="justify"><strong>Image Courtesy: The Times of India</strong> <br /></div>               </font>
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		&#039;title&#039; =&gt; &#039;Shaktikanta Das, former economic affairs secretary, interviewed by Sidhartha &amp;amp; Surojit Gupta&#039;,
		&#039;subheading&#039; =&gt; &#039;&#039;,
		&#039;description&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;
-The Times of India&lt;br /&gt;
&lt;br /&gt;
Former economic affairs secretary Shaktikanta Das , who played a key role during the demonetisation drive, spoke to TOI&#039;s Sidhartha &amp;amp; Surojit Gupta, four months after retiring from service in May. He says he does not agree with the criticism that implementation of demonetisation had serious shortcomings. Excerpts:&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* What is your assessment on the state of the economy?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The macroeconomic parameters, except the growth figures which are down in the last quarter at 5.7%, all the other numbers are within the range. Yes inflation has gone up from 2% to 3.6% and now RBI says it could go to 4.2% or perhaps 4.6% in the last quarter. Your inflation target is 4% plus minus 2%, 4.6% is very much within the range. The economy is strong and stable and there is no need for any undue alarm. However, there are certain challenges. The government is addressing those challenges.The economy is going through a churn or manthan, it is going through a process of adjustment with the new paradigm. The long term impact of all this churning is definitely positive.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* How much impact did demonetisation have on growth?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The impact of demonetisation was transient. It is very difficult to estimate the impact without a deeper study. The quarter in which demonetisation happened, growth was 7%. The first quarter of this year was impacted by GST related de-stocking, therefore it is very difficult to determine how much of it is due to demonetisation and how much of the current dip in GDP is due to GST. Let us not forget these are not the only factors which are impacting GDP. There are several other factors. For instance, export incomes are under pressure because of the appreciating rupee and shrinkage of global demand. There is a complexity of factors and among those factors GST and demonetisation are two of the factors, albeit temporary.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* Did demonetisation factor in the impact on growth?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
It was known that it will have a temporary impact on growth and the spillover effects will not linger for too long. That was a factor which was known and the expectation was that things will gradually stabilise once the process of remonetisation is complete. The process of remonetisation got completed fairly fast, infact by end December remonetisation was near complete. The medium-term and long-term gains of demonetisation together with GST were found to outweigh the short-term pain.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* There has been criticism about the implementation of demonetisation. &lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The secrecy aspect was very important for demonetsation The luxury of advance preparation was not available to the banks. But to the credit of the banks they rose to the occasion and remonetisation went on smoothly, except in the first three weeks when Rs 2,000 notes were mostly supplied. The moment Rs 500 notes started coming in around the first week December, the situation stabilised. I would not agree that implementation had any shortfall.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* Critics say that more Rs 2,000 notes should have been printed before going ahead with demonetisation.&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
You cannot go on printing notes and storing it without supplying. That would have raised suspicion as to why the government is printing so many notes and storing it. That would have led to all kinds of speculation. You can go on building up the stock only up to a point, otherwise the secrecy aspect could have got compromised.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* Since 99% of the money has come back into the system. There is criticism that demonetisation failed. Do you agree? &lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
I don&#039;t agree with that view. When the decision was taken, the fact that so much money will come back or so much money will not come back was not a consideration at all. The decision was taken mainly to deal a strong blow to the menace of black money. The fact that 99% of the money has come back into the system, does not automatically make that money white. Till the source of that money is identified the status of high value deposits would be suspect. It will take 2-3 years for the income tax department to complete the process.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* What are your views on a fresh fiscal stimulus to revive growth?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
In 2008 when the financial crisis hit, the government undertook fiscal expansion which produced temporary results but it eventually led to an increase in retail inflation, fiscal deficit rose and the debt to GDP ratio widened. Injecting more money through government expenditure will have only a temporary impact in terms of some additional economic activity but it&#039;s a one-time impact. The adverse consequences are far too high. The gains of fiscal prudence over the last three years should not be sacrificed. 
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&lt;em&gt;The Times of India, 7 October, 2017, please &lt;a href=&quot;https://timesofindia.indiatimes.com/business/india-business/demonetisation-decision-had-factored-in-short-term-impact-on-growth-shaktikanta-das/articleshow/60978593.cms&quot;&gt;click here&lt;/a&gt; to access &lt;/em&gt;
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&lt;div align=&quot;justify&quot;&gt;
&amp;nbsp;
&lt;/div&gt;
&lt;div align=&quot;justify&quot;&gt;
&lt;strong&gt;Image Courtesy: The Times of India&lt;/strong&gt; &lt;br /&gt;
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-The Times of India

Former economic affairs secretary Shaktikanta Das , who played a key role during the demonetisation drive, spoke to TOI&#039;s Sidhartha &amp;amp; Surojit Gupta, four months after retiring from service in May. He says he does not agree...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-The Times of India&lt;br /&gt;&lt;br /&gt;Former economic affairs secretary Shaktikanta Das , who played a key role during the demonetisation drive, spoke to TOI&#039;s Sidhartha &amp;amp; Surojit Gupta, four months after retiring from service in May. He says he does not agree with the criticism that implementation of demonetisation had serious shortcomings. Excerpts:&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* What is your assessment on the state of the economy?&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;The macroeconomic parameters, except the growth figures which are down in the last quarter at 5.7%, all the other numbers are within the range. Yes inflation has gone up from 2% to 3.6% and now RBI says it could go to 4.2% or perhaps 4.6% in the last quarter. Your inflation target is 4% plus minus 2%, 4.6% is very much within the range. The economy is strong and stable and there is no need for any undue alarm. However, there are certain challenges. The government is addressing those challenges.The economy is going through a churn or manthan, it is going through a process of adjustment with the new paradigm. The long term impact of all this churning is definitely positive.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* How much impact did demonetisation have on growth?&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;The impact of demonetisation was transient. It is very difficult to estimate the impact without a deeper study. The quarter in which demonetisation happened, growth was 7%. The first quarter of this year was impacted by GST related de-stocking, therefore it is very difficult to determine how much of it is due to demonetisation and how much of the current dip in GDP is due to GST. Let us not forget these are not the only factors which are impacting GDP. There are several other factors. For instance, export incomes are under pressure because of the appreciating rupee and shrinkage of global demand. There is a complexity of factors and among those factors GST and demonetisation are two of the factors, albeit temporary.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* Did demonetisation factor in the impact on growth?&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;It was known that it will have a temporary impact on growth and the spillover effects will not linger for too long. That was a factor which was known and the expectation was that things will gradually stabilise once the process of remonetisation is complete. The process of remonetisation got completed fairly fast, infact by end December remonetisation was near complete. The medium-term and long-term gains of demonetisation together with GST were found to outweigh the short-term pain.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* There has been criticism about the implementation of demonetisation. &lt;br /&gt;&lt;/em&gt;&lt;br /&gt;The secrecy aspect was very important for demonetsation The luxury of advance preparation was not available to the banks. But to the credit of the banks they rose to the occasion and remonetisation went on smoothly, except in the first three weeks when Rs 2,000 notes were mostly supplied. The moment Rs 500 notes started coming in around the first week December, the situation stabilised. I would not agree that implementation had any shortfall.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* Critics say that more Rs 2,000 notes should have been printed before going ahead with demonetisation.&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;You cannot go on printing notes and storing it without supplying. That would have raised suspicion as to why the government is printing so many notes and storing it. That would have led to all kinds of speculation. You can go on building up the stock only up to a point, otherwise the secrecy aspect could have got compromised.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* Since 99% of the money has come back into the system. There is criticism that demonetisation failed. Do you agree? &lt;br /&gt;&lt;/em&gt;&lt;br /&gt;I don&#039;t agree with that view. When the decision was taken, the fact that so much money will come back or so much money will not come back was not a consideration at all. The decision was taken mainly to deal a strong blow to the menace of black money. The fact that 99% of the money has come back into the system, does not automatically make that money white. Till the source of that money is identified the status of high value deposits would be suspect. It will take 2-3 years for the income tax department to complete the process.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* What are your views on a fresh fiscal stimulus to revive growth?&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;In 2008 when the financial crisis hit, the government undertook fiscal expansion which produced temporary results but it eventually led to an increase in retail inflation, fiscal deficit rose and the debt to GDP ratio widened. Injecting more money through government expenditure will have only a temporary impact in terms of some additional economic activity but it&#039;s a one-time impact. The adverse consequences are far too high. The gains of fiscal prudence over the last three years should not be sacrificed. &lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&amp;nbsp;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&amp;nbsp;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&lt;em&gt;The Times of India, 7 October, 2017, please &lt;a href=&quot;https://timesofindia.indiatimes.com/business/india-business/demonetisation-decision-had-factored-in-short-term-impact-on-growth-shaktikanta-das/articleshow/60978593.cms&quot; title=&quot;https://timesofindia.indiatimes.com/business/india-business/demonetisation-decision-had-factored-in-short-term-impact-on-growth-shaktikanta-das/articleshow/60978593.cms&quot;&gt;click here&lt;/a&gt; to access &lt;/em&gt;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&amp;nbsp;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&lt;strong&gt;Image Courtesy: The Times of India&lt;/strong&gt; &lt;br /&gt;&lt;/div&gt;&#039;,
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	&#039;title&#039; =&gt; &#039;Shaktikanta Das, former economic affairs secretary, interviewed by Sidhartha &amp;amp; Surojit Gupta&#039;,
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-The Times of India&lt;br /&gt;
&lt;br /&gt;
Former economic affairs secretary Shaktikanta Das , who played a key role during the demonetisation drive, spoke to TOI&#039;s Sidhartha &amp;amp; Surojit Gupta, four months after retiring from service in May. He says he does not agree with the criticism that implementation of demonetisation had serious shortcomings. Excerpts:&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* What is your assessment on the state of the economy?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The macroeconomic parameters, except the growth figures which are down in the last quarter at 5.7%, all the other numbers are within the range. Yes inflation has gone up from 2% to 3.6% and now RBI says it could go to 4.2% or perhaps 4.6% in the last quarter. Your inflation target is 4% plus minus 2%, 4.6% is very much within the range. The economy is strong and stable and there is no need for any undue alarm. However, there are certain challenges. The government is addressing those challenges.The economy is going through a churn or manthan, it is going through a process of adjustment with the new paradigm. The long term impact of all this churning is definitely positive.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* How much impact did demonetisation have on growth?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The impact of demonetisation was transient. It is very difficult to estimate the impact without a deeper study. The quarter in which demonetisation happened, growth was 7%. The first quarter of this year was impacted by GST related de-stocking, therefore it is very difficult to determine how much of it is due to demonetisation and how much of the current dip in GDP is due to GST. Let us not forget these are not the only factors which are impacting GDP. There are several other factors. For instance, export incomes are under pressure because of the appreciating rupee and shrinkage of global demand. There is a complexity of factors and among those factors GST and demonetisation are two of the factors, albeit temporary.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* Did demonetisation factor in the impact on growth?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
It was known that it will have a temporary impact on growth and the spillover effects will not linger for too long. That was a factor which was known and the expectation was that things will gradually stabilise once the process of remonetisation is complete. The process of remonetisation got completed fairly fast, infact by end December remonetisation was near complete. The medium-term and long-term gains of demonetisation together with GST were found to outweigh the short-term pain.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* There has been criticism about the implementation of demonetisation. &lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The secrecy aspect was very important for demonetsation The luxury of advance preparation was not available to the banks. But to the credit of the banks they rose to the occasion and remonetisation went on smoothly, except in the first three weeks when Rs 2,000 notes were mostly supplied. The moment Rs 500 notes started coming in around the first week December, the situation stabilised. I would not agree that implementation had any shortfall.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* Critics say that more Rs 2,000 notes should have been printed before going ahead with demonetisation.&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
You cannot go on printing notes and storing it without supplying. That would have raised suspicion as to why the government is printing so many notes and storing it. That would have led to all kinds of speculation. You can go on building up the stock only up to a point, otherwise the secrecy aspect could have got compromised.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* Since 99% of the money has come back into the system. There is criticism that demonetisation failed. Do you agree? &lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
I don&#039;t agree with that view. When the decision was taken, the fact that so much money will come back or so much money will not come back was not a consideration at all. The decision was taken mainly to deal a strong blow to the menace of black money. The fact that 99% of the money has come back into the system, does not automatically make that money white. Till the source of that money is identified the status of high value deposits would be suspect. It will take 2-3 years for the income tax department to complete the process.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* What are your views on a fresh fiscal stimulus to revive growth?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
In 2008 when the financial crisis hit, the government undertook fiscal expansion which produced temporary results but it eventually led to an increase in retail inflation, fiscal deficit rose and the debt to GDP ratio widened. Injecting more money through government expenditure will have only a temporary impact in terms of some additional economic activity but it&#039;s a one-time impact. The adverse consequences are far too high. The gains of fiscal prudence over the last three years should not be sacrificed. 
&lt;/div&gt;
&lt;div align=&quot;justify&quot;&gt;
&amp;nbsp;
&lt;/div&gt;
&lt;div align=&quot;justify&quot;&gt;
&amp;nbsp;
&lt;/div&gt;
&lt;div align=&quot;justify&quot;&gt;
&lt;em&gt;The Times of India, 7 October, 2017, please &lt;a href=&quot;https://timesofindia.indiatimes.com/business/india-business/demonetisation-decision-had-factored-in-short-term-impact-on-growth-shaktikanta-das/articleshow/60978593.cms&quot;&gt;click here&lt;/a&gt; to access &lt;/em&gt;
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&lt;div align=&quot;justify&quot;&gt;
&amp;nbsp;
&lt;/div&gt;
&lt;div align=&quot;justify&quot;&gt;
&lt;strong&gt;Image Courtesy: The Times of India&lt;/strong&gt; &lt;br /&gt;
&lt;/div&gt;&#039;,
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-The Times of India

Former economic affairs secretary Shaktikanta Das , who played a key role during the demonetisation drive, spoke to TOI&#039;s Sidhartha &amp;amp; Surojit Gupta, four months after retiring from service in May. He says he does not agree...&#039;
$disp = &#039;&lt;div align=&quot;justify&quot;&gt;-The Times of India&lt;br /&gt;&lt;br /&gt;Former economic affairs secretary Shaktikanta Das , who played a key role during the demonetisation drive, spoke to TOI&#039;s Sidhartha &amp;amp; Surojit Gupta, four months after retiring from service in May. He says he does not agree with the criticism that implementation of demonetisation had serious shortcomings. Excerpts:&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* What is your assessment on the state of the economy?&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;The macroeconomic parameters, except the growth figures which are down in the last quarter at 5.7%, all the other numbers are within the range. Yes inflation has gone up from 2% to 3.6% and now RBI says it could go to 4.2% or perhaps 4.6% in the last quarter. Your inflation target is 4% plus minus 2%, 4.6% is very much within the range. The economy is strong and stable and there is no need for any undue alarm. However, there are certain challenges. The government is addressing those challenges.The economy is going through a churn or manthan, it is going through a process of adjustment with the new paradigm. The long term impact of all this churning is definitely positive.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* How much impact did demonetisation have on growth?&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;The impact of demonetisation was transient. It is very difficult to estimate the impact without a deeper study. The quarter in which demonetisation happened, growth was 7%. The first quarter of this year was impacted by GST related de-stocking, therefore it is very difficult to determine how much of it is due to demonetisation and how much of the current dip in GDP is due to GST. Let us not forget these are not the only factors which are impacting GDP. There are several other factors. For instance, export incomes are under pressure because of the appreciating rupee and shrinkage of global demand. 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But to the credit of the banks they rose to the occasion and remonetisation went on smoothly, except in the first three weeks when Rs 2,000 notes were mostly supplied. The moment Rs 500 notes started coming in around the first week December, the situation stabilised. I would not agree that implementation had any shortfall.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* Critics say that more Rs 2,000 notes should have been printed before going ahead with demonetisation.&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;You cannot go on printing notes and storing it without supplying. That would have raised suspicion as to why the government is printing so many notes and storing it. That would have led to all kinds of speculation. You can go on building up the stock only up to a point, otherwise the secrecy aspect could have got compromised.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* Since 99% of the money has come back into the system. There is criticism that demonetisation failed. Do you agree? &lt;br /&gt;&lt;/em&gt;&lt;br /&gt;I don&#039;t agree with that view. When the decision was taken, the fact that so much money will come back or so much money will not come back was not a consideration at all. The decision was taken mainly to deal a strong blow to the menace of black money. The fact that 99% of the money has come back into the system, does not automatically make that money white. Till the source of that money is identified the status of high value deposits would be suspect. It will take 2-3 years for the income tax department to complete the process.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* What are your views on a fresh fiscal stimulus to revive growth?&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;In 2008 when the financial crisis hit, the government undertook fiscal expansion which produced temporary results but it eventually led to an increase in retail inflation, fiscal deficit rose and the debt to GDP ratio widened. Injecting more money through government expenditure will have only a temporary impact in terms of some additional economic activity but it&#039;s a one-time impact. The adverse consequences are far too high. The gains of fiscal prudence over the last three years should not be sacrificed. &lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&amp;nbsp;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&amp;nbsp;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&lt;em&gt;The Times of India, 7 October, 2017, please &lt;a href=&quot;https://timesofindia.indiatimes.com/business/india-business/demonetisation-decision-had-factored-in-short-term-impact-on-growth-shaktikanta-das/articleshow/60978593.cms&quot; title=&quot;https://timesofindia.indiatimes.com/business/india-business/demonetisation-decision-had-factored-in-short-term-impact-on-growth-shaktikanta-das/articleshow/60978593.cms&quot;&gt;click here&lt;/a&gt; to access &lt;/em&gt;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&amp;nbsp;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&lt;strong&gt;Image Courtesy: The Times of India&lt;/strong&gt; &lt;br /&gt;&lt;/div&gt;&#039;
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-The Times of India

Former economic affairs secretary Shaktikanta Das , who played a key role during the demonetisation drive, spoke to TOI's Sidhartha &amp; Surojit Gupta, four months after retiring from service in May. He says he does not agree..."/>
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                <strong>Shaktikanta Das, former economic affairs secretary, interviewed by Sidhartha &amp; Surojit Gupta</strong></h1>
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                <div align="justify">-The Times of India<br /><br />Former economic affairs secretary Shaktikanta Das , who played a key role during the demonetisation drive, spoke to TOI's Sidhartha &amp; Surojit Gupta, four months after retiring from service in May. He says he does not agree with the criticism that implementation of demonetisation had serious shortcomings. Excerpts:<br /><br /><em>* What is your assessment on the state of the economy?<br /></em><br />The macroeconomic parameters, except the growth figures which are down in the last quarter at 5.7%, all the other numbers are within the range. Yes inflation has gone up from 2% to 3.6% and now RBI says it could go to 4.2% or perhaps 4.6% in the last quarter. Your inflation target is 4% plus minus 2%, 4.6% is very much within the range. The economy is strong and stable and there is no need for any undue alarm. However, there are certain challenges. The government is addressing those challenges.The economy is going through a churn or manthan, it is going through a process of adjustment with the new paradigm. The long term impact of all this churning is definitely positive.<br /><br /><em>* How much impact did demonetisation have on growth?<br /></em><br />The impact of demonetisation was transient. It is very difficult to estimate the impact without a deeper study. The quarter in which demonetisation happened, growth was 7%. The first quarter of this year was impacted by GST related de-stocking, therefore it is very difficult to determine how much of it is due to demonetisation and how much of the current dip in GDP is due to GST. Let us not forget these are not the only factors which are impacting GDP. There are several other factors. For instance, export incomes are under pressure because of the appreciating rupee and shrinkage of global demand. There is a complexity of factors and among those factors GST and demonetisation are two of the factors, albeit temporary.<br /><br /><em>* Did demonetisation factor in the impact on growth?<br /></em><br />It was known that it will have a temporary impact on growth and the spillover effects will not linger for too long. That was a factor which was known and the expectation was that things will gradually stabilise once the process of remonetisation is complete. The process of remonetisation got completed fairly fast, infact by end December remonetisation was near complete. The medium-term and long-term gains of demonetisation together with GST were found to outweigh the short-term pain.<br /><br /><em>* There has been criticism about the implementation of demonetisation. <br /></em><br />The secrecy aspect was very important for demonetsation The luxury of advance preparation was not available to the banks. But to the credit of the banks they rose to the occasion and remonetisation went on smoothly, except in the first three weeks when Rs 2,000 notes were mostly supplied. The moment Rs 500 notes started coming in around the first week December, the situation stabilised. I would not agree that implementation had any shortfall.<br /><br /><em>* Critics say that more Rs 2,000 notes should have been printed before going ahead with demonetisation.<br /></em><br />You cannot go on printing notes and storing it without supplying. That would have raised suspicion as to why the government is printing so many notes and storing it. That would have led to all kinds of speculation. You can go on building up the stock only up to a point, otherwise the secrecy aspect could have got compromised.<br /><br /><em>* Since 99% of the money has come back into the system. There is criticism that demonetisation failed. Do you agree? <br /></em><br />I don't agree with that view. When the decision was taken, the fact that so much money will come back or so much money will not come back was not a consideration at all. The decision was taken mainly to deal a strong blow to the menace of black money. The fact that 99% of the money has come back into the system, does not automatically make that money white. Till the source of that money is identified the status of high value deposits would be suspect. It will take 2-3 years for the income tax department to complete the process.<br /><br /><em>* What are your views on a fresh fiscal stimulus to revive growth?<br /></em><br />In 2008 when the financial crisis hit, the government undertook fiscal expansion which produced temporary results but it eventually led to an increase in retail inflation, fiscal deficit rose and the debt to GDP ratio widened. Injecting more money through government expenditure will have only a temporary impact in terms of some additional economic activity but it's a one-time impact. The adverse consequences are far too high. The gains of fiscal prudence over the last three years should not be sacrificed. </div><div align="justify">&nbsp;</div><div align="justify">&nbsp;</div><div align="justify"><em>The Times of India, 7 October, 2017, please <a href="https://timesofindia.indiatimes.com/business/india-business/demonetisation-decision-had-factored-in-short-term-impact-on-growth-shaktikanta-das/articleshow/60978593.cms" title="https://timesofindia.indiatimes.com/business/india-business/demonetisation-decision-had-factored-in-short-term-impact-on-growth-shaktikanta-das/articleshow/60978593.cms">click here</a> to access </em></div><div align="justify">&nbsp;</div><div align="justify"><strong>Image Courtesy: The Times of India</strong> <br /></div>               </font>
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-The Times of India&lt;br /&gt;
&lt;br /&gt;
Former economic affairs secretary Shaktikanta Das , who played a key role during the demonetisation drive, spoke to TOI&#039;s Sidhartha &amp;amp; Surojit Gupta, four months after retiring from service in May. He says he does not agree with the criticism that implementation of demonetisation had serious shortcomings. Excerpts:&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* What is your assessment on the state of the economy?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The macroeconomic parameters, except the growth figures which are down in the last quarter at 5.7%, all the other numbers are within the range. Yes inflation has gone up from 2% to 3.6% and now RBI says it could go to 4.2% or perhaps 4.6% in the last quarter. Your inflation target is 4% plus minus 2%, 4.6% is very much within the range. The economy is strong and stable and there is no need for any undue alarm. However, there are certain challenges. The government is addressing those challenges.The economy is going through a churn or manthan, it is going through a process of adjustment with the new paradigm. The long term impact of all this churning is definitely positive.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* How much impact did demonetisation have on growth?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The impact of demonetisation was transient. It is very difficult to estimate the impact without a deeper study. The quarter in which demonetisation happened, growth was 7%. The first quarter of this year was impacted by GST related de-stocking, therefore it is very difficult to determine how much of it is due to demonetisation and how much of the current dip in GDP is due to GST. Let us not forget these are not the only factors which are impacting GDP. There are several other factors. For instance, export incomes are under pressure because of the appreciating rupee and shrinkage of global demand. There is a complexity of factors and among those factors GST and demonetisation are two of the factors, albeit temporary.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* Did demonetisation factor in the impact on growth?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
It was known that it will have a temporary impact on growth and the spillover effects will not linger for too long. That was a factor which was known and the expectation was that things will gradually stabilise once the process of remonetisation is complete. The process of remonetisation got completed fairly fast, infact by end December remonetisation was near complete. The medium-term and long-term gains of demonetisation together with GST were found to outweigh the short-term pain.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* There has been criticism about the implementation of demonetisation. &lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The secrecy aspect was very important for demonetsation The luxury of advance preparation was not available to the banks. But to the credit of the banks they rose to the occasion and remonetisation went on smoothly, except in the first three weeks when Rs 2,000 notes were mostly supplied. The moment Rs 500 notes started coming in around the first week December, the situation stabilised. I would not agree that implementation had any shortfall.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* Critics say that more Rs 2,000 notes should have been printed before going ahead with demonetisation.&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
You cannot go on printing notes and storing it without supplying. That would have raised suspicion as to why the government is printing so many notes and storing it. That would have led to all kinds of speculation. You can go on building up the stock only up to a point, otherwise the secrecy aspect could have got compromised.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* Since 99% of the money has come back into the system. There is criticism that demonetisation failed. Do you agree? &lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
I don&#039;t agree with that view. When the decision was taken, the fact that so much money will come back or so much money will not come back was not a consideration at all. The decision was taken mainly to deal a strong blow to the menace of black money. The fact that 99% of the money has come back into the system, does not automatically make that money white. Till the source of that money is identified the status of high value deposits would be suspect. It will take 2-3 years for the income tax department to complete the process.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* What are your views on a fresh fiscal stimulus to revive growth?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
In 2008 when the financial crisis hit, the government undertook fiscal expansion which produced temporary results but it eventually led to an increase in retail inflation, fiscal deficit rose and the debt to GDP ratio widened. Injecting more money through government expenditure will have only a temporary impact in terms of some additional economic activity but it&#039;s a one-time impact. The adverse consequences are far too high. The gains of fiscal prudence over the last three years should not be sacrificed. 
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-The Times of India

Former economic affairs secretary Shaktikanta Das , who played a key role during the demonetisation drive, spoke to TOI&#039;s Sidhartha &amp;amp; Surojit Gupta, four months after retiring from service in May. He says he does not agree...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-The Times of India&lt;br /&gt;&lt;br /&gt;Former economic affairs secretary Shaktikanta Das , who played a key role during the demonetisation drive, spoke to TOI&#039;s Sidhartha &amp;amp; Surojit Gupta, four months after retiring from service in May. He says he does not agree with the criticism that implementation of demonetisation had serious shortcomings. Excerpts:&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* What is your assessment on the state of the economy?&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;The macroeconomic parameters, except the growth figures which are down in the last quarter at 5.7%, all the other numbers are within the range. Yes inflation has gone up from 2% to 3.6% and now RBI says it could go to 4.2% or perhaps 4.6% in the last quarter. Your inflation target is 4% plus minus 2%, 4.6% is very much within the range. The economy is strong and stable and there is no need for any undue alarm. However, there are certain challenges. The government is addressing those challenges.The economy is going through a churn or manthan, it is going through a process of adjustment with the new paradigm. The long term impact of all this churning is definitely positive.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* How much impact did demonetisation have on growth?&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;The impact of demonetisation was transient. It is very difficult to estimate the impact without a deeper study. The quarter in which demonetisation happened, growth was 7%. The first quarter of this year was impacted by GST related de-stocking, therefore it is very difficult to determine how much of it is due to demonetisation and how much of the current dip in GDP is due to GST. Let us not forget these are not the only factors which are impacting GDP. There are several other factors. For instance, export incomes are under pressure because of the appreciating rupee and shrinkage of global demand. There is a complexity of factors and among those factors GST and demonetisation are two of the factors, albeit temporary.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* Did demonetisation factor in the impact on growth?&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;It was known that it will have a temporary impact on growth and the spillover effects will not linger for too long. That was a factor which was known and the expectation was that things will gradually stabilise once the process of remonetisation is complete. The process of remonetisation got completed fairly fast, infact by end December remonetisation was near complete. The medium-term and long-term gains of demonetisation together with GST were found to outweigh the short-term pain.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* There has been criticism about the implementation of demonetisation. &lt;br /&gt;&lt;/em&gt;&lt;br /&gt;The secrecy aspect was very important for demonetsation The luxury of advance preparation was not available to the banks. But to the credit of the banks they rose to the occasion and remonetisation went on smoothly, except in the first three weeks when Rs 2,000 notes were mostly supplied. The moment Rs 500 notes started coming in around the first week December, the situation stabilised. I would not agree that implementation had any shortfall.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* Critics say that more Rs 2,000 notes should have been printed before going ahead with demonetisation.&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;You cannot go on printing notes and storing it without supplying. That would have raised suspicion as to why the government is printing so many notes and storing it. That would have led to all kinds of speculation. You can go on building up the stock only up to a point, otherwise the secrecy aspect could have got compromised.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* Since 99% of the money has come back into the system. There is criticism that demonetisation failed. Do you agree? &lt;br /&gt;&lt;/em&gt;&lt;br /&gt;I don&#039;t agree with that view. When the decision was taken, the fact that so much money will come back or so much money will not come back was not a consideration at all. The decision was taken mainly to deal a strong blow to the menace of black money. The fact that 99% of the money has come back into the system, does not automatically make that money white. Till the source of that money is identified the status of high value deposits would be suspect. It will take 2-3 years for the income tax department to complete the process.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* What are your views on a fresh fiscal stimulus to revive growth?&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;In 2008 when the financial crisis hit, the government undertook fiscal expansion which produced temporary results but it eventually led to an increase in retail inflation, fiscal deficit rose and the debt to GDP ratio widened. Injecting more money through government expenditure will have only a temporary impact in terms of some additional economic activity but it&#039;s a one-time impact. The adverse consequences are far too high. The gains of fiscal prudence over the last three years should not be sacrificed. &lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&amp;nbsp;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&amp;nbsp;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&lt;em&gt;The Times of India, 7 October, 2017, please &lt;a href=&quot;https://timesofindia.indiatimes.com/business/india-business/demonetisation-decision-had-factored-in-short-term-impact-on-growth-shaktikanta-das/articleshow/60978593.cms&quot; title=&quot;https://timesofindia.indiatimes.com/business/india-business/demonetisation-decision-had-factored-in-short-term-impact-on-growth-shaktikanta-das/articleshow/60978593.cms&quot;&gt;click here&lt;/a&gt; to access &lt;/em&gt;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&amp;nbsp;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&lt;strong&gt;Image Courtesy: The Times of India&lt;/strong&gt; &lt;br /&gt;&lt;/div&gt;&#039;,
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	&#039;title&#039; =&gt; &#039;Shaktikanta Das, former economic affairs secretary, interviewed by Sidhartha &amp;amp; Surojit Gupta&#039;,
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-The Times of India&lt;br /&gt;
&lt;br /&gt;
Former economic affairs secretary Shaktikanta Das , who played a key role during the demonetisation drive, spoke to TOI&#039;s Sidhartha &amp;amp; Surojit Gupta, four months after retiring from service in May. He says he does not agree with the criticism that implementation of demonetisation had serious shortcomings. Excerpts:&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* What is your assessment on the state of the economy?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The macroeconomic parameters, except the growth figures which are down in the last quarter at 5.7%, all the other numbers are within the range. Yes inflation has gone up from 2% to 3.6% and now RBI says it could go to 4.2% or perhaps 4.6% in the last quarter. Your inflation target is 4% plus minus 2%, 4.6% is very much within the range. The economy is strong and stable and there is no need for any undue alarm. However, there are certain challenges. The government is addressing those challenges.The economy is going through a churn or manthan, it is going through a process of adjustment with the new paradigm. The long term impact of all this churning is definitely positive.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* How much impact did demonetisation have on growth?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The impact of demonetisation was transient. It is very difficult to estimate the impact without a deeper study. The quarter in which demonetisation happened, growth was 7%. The first quarter of this year was impacted by GST related de-stocking, therefore it is very difficult to determine how much of it is due to demonetisation and how much of the current dip in GDP is due to GST. Let us not forget these are not the only factors which are impacting GDP. There are several other factors. For instance, export incomes are under pressure because of the appreciating rupee and shrinkage of global demand. There is a complexity of factors and among those factors GST and demonetisation are two of the factors, albeit temporary.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* Did demonetisation factor in the impact on growth?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
It was known that it will have a temporary impact on growth and the spillover effects will not linger for too long. That was a factor which was known and the expectation was that things will gradually stabilise once the process of remonetisation is complete. The process of remonetisation got completed fairly fast, infact by end December remonetisation was near complete. The medium-term and long-term gains of demonetisation together with GST were found to outweigh the short-term pain.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* There has been criticism about the implementation of demonetisation. &lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The secrecy aspect was very important for demonetsation The luxury of advance preparation was not available to the banks. But to the credit of the banks they rose to the occasion and remonetisation went on smoothly, except in the first three weeks when Rs 2,000 notes were mostly supplied. The moment Rs 500 notes started coming in around the first week December, the situation stabilised. I would not agree that implementation had any shortfall.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* Critics say that more Rs 2,000 notes should have been printed before going ahead with demonetisation.&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
You cannot go on printing notes and storing it without supplying. That would have raised suspicion as to why the government is printing so many notes and storing it. That would have led to all kinds of speculation. You can go on building up the stock only up to a point, otherwise the secrecy aspect could have got compromised.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* Since 99% of the money has come back into the system. There is criticism that demonetisation failed. Do you agree? &lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
I don&#039;t agree with that view. When the decision was taken, the fact that so much money will come back or so much money will not come back was not a consideration at all. The decision was taken mainly to deal a strong blow to the menace of black money. The fact that 99% of the money has come back into the system, does not automatically make that money white. Till the source of that money is identified the status of high value deposits would be suspect. It will take 2-3 years for the income tax department to complete the process.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;* What are your views on a fresh fiscal stimulus to revive growth?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
In 2008 when the financial crisis hit, the government undertook fiscal expansion which produced temporary results but it eventually led to an increase in retail inflation, fiscal deficit rose and the debt to GDP ratio widened. Injecting more money through government expenditure will have only a temporary impact in terms of some additional economic activity but it&#039;s a one-time impact. The adverse consequences are far too high. The gains of fiscal prudence over the last three years should not be sacrificed. 
&lt;/div&gt;
&lt;div align=&quot;justify&quot;&gt;
&amp;nbsp;
&lt;/div&gt;
&lt;div align=&quot;justify&quot;&gt;
&amp;nbsp;
&lt;/div&gt;
&lt;div align=&quot;justify&quot;&gt;
&lt;em&gt;The Times of India, 7 October, 2017, please &lt;a href=&quot;https://timesofindia.indiatimes.com/business/india-business/demonetisation-decision-had-factored-in-short-term-impact-on-growth-shaktikanta-das/articleshow/60978593.cms&quot;&gt;click here&lt;/a&gt; to access &lt;/em&gt;
&lt;/div&gt;
&lt;div align=&quot;justify&quot;&gt;
&amp;nbsp;
&lt;/div&gt;
&lt;div align=&quot;justify&quot;&gt;
&lt;strong&gt;Image Courtesy: The Times of India&lt;/strong&gt; &lt;br /&gt;
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-The Times of India

Former economic affairs secretary Shaktikanta Das , who played a key role during the demonetisation drive, spoke to TOI&#039;s Sidhartha &amp;amp; Surojit Gupta, four months after retiring from service in May. He says he does not agree...&#039;
$disp = &#039;&lt;div align=&quot;justify&quot;&gt;-The Times of India&lt;br /&gt;&lt;br /&gt;Former economic affairs secretary Shaktikanta Das , who played a key role during the demonetisation drive, spoke to TOI&#039;s Sidhartha &amp;amp; Surojit Gupta, four months after retiring from service in May. He says he does not agree with the criticism that implementation of demonetisation had serious shortcomings. Excerpts:&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* What is your assessment on the state of the economy?&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;The macroeconomic parameters, except the growth figures which are down in the last quarter at 5.7%, all the other numbers are within the range. Yes inflation has gone up from 2% to 3.6% and now RBI says it could go to 4.2% or perhaps 4.6% in the last quarter. Your inflation target is 4% plus minus 2%, 4.6% is very much within the range. The economy is strong and stable and there is no need for any undue alarm. However, there are certain challenges. The government is addressing those challenges.The economy is going through a churn or manthan, it is going through a process of adjustment with the new paradigm. The long term impact of all this churning is definitely positive.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* How much impact did demonetisation have on growth?&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;The impact of demonetisation was transient. It is very difficult to estimate the impact without a deeper study. The quarter in which demonetisation happened, growth was 7%. The first quarter of this year was impacted by GST related de-stocking, therefore it is very difficult to determine how much of it is due to demonetisation and how much of the current dip in GDP is due to GST. Let us not forget these are not the only factors which are impacting GDP. There are several other factors. For instance, export incomes are under pressure because of the appreciating rupee and shrinkage of global demand. There is a complexity of factors and among those factors GST and demonetisation are two of the factors, albeit temporary.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* Did demonetisation factor in the impact on growth?&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;It was known that it will have a temporary impact on growth and the spillover effects will not linger for too long. That was a factor which was known and the expectation was that things will gradually stabilise once the process of remonetisation is complete. The process of remonetisation got completed fairly fast, infact by end December remonetisation was near complete. The medium-term and long-term gains of demonetisation together with GST were found to outweigh the short-term pain.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* There has been criticism about the implementation of demonetisation. &lt;br /&gt;&lt;/em&gt;&lt;br /&gt;The secrecy aspect was very important for demonetsation The luxury of advance preparation was not available to the banks. But to the credit of the banks they rose to the occasion and remonetisation went on smoothly, except in the first three weeks when Rs 2,000 notes were mostly supplied. The moment Rs 500 notes started coming in around the first week December, the situation stabilised. I would not agree that implementation had any shortfall.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* Critics say that more Rs 2,000 notes should have been printed before going ahead with demonetisation.&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;You cannot go on printing notes and storing it without supplying. That would have raised suspicion as to why the government is printing so many notes and storing it. That would have led to all kinds of speculation. You can go on building up the stock only up to a point, otherwise the secrecy aspect could have got compromised.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* Since 99% of the money has come back into the system. There is criticism that demonetisation failed. Do you agree? &lt;br /&gt;&lt;/em&gt;&lt;br /&gt;I don&#039;t agree with that view. When the decision was taken, the fact that so much money will come back or so much money will not come back was not a consideration at all. The decision was taken mainly to deal a strong blow to the menace of black money. The fact that 99% of the money has come back into the system, does not automatically make that money white. Till the source of that money is identified the status of high value deposits would be suspect. It will take 2-3 years for the income tax department to complete the process.&lt;br /&gt;&lt;br /&gt;&lt;em&gt;* What are your views on a fresh fiscal stimulus to revive growth?&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;In 2008 when the financial crisis hit, the government undertook fiscal expansion which produced temporary results but it eventually led to an increase in retail inflation, fiscal deficit rose and the debt to GDP ratio widened. Injecting more money through government expenditure will have only a temporary impact in terms of some additional economic activity but it&#039;s a one-time impact. The adverse consequences are far too high. The gains of fiscal prudence over the last three years should not be sacrificed. &lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&amp;nbsp;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&amp;nbsp;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&lt;em&gt;The Times of India, 7 October, 2017, please &lt;a href=&quot;https://timesofindia.indiatimes.com/business/india-business/demonetisation-decision-had-factored-in-short-term-impact-on-growth-shaktikanta-das/articleshow/60978593.cms&quot; title=&quot;https://timesofindia.indiatimes.com/business/india-business/demonetisation-decision-had-factored-in-short-term-impact-on-growth-shaktikanta-das/articleshow/60978593.cms&quot;&gt;click here&lt;/a&gt; to access &lt;/em&gt;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&amp;nbsp;&lt;/div&gt;&lt;div align=&quot;justify&quot;&gt;&lt;strong&gt;Image Courtesy: The Times of India&lt;/strong&gt; &lt;br /&gt;&lt;/div&gt;&#039;
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                <strong>Shaktikanta Das, former economic affairs secretary, interviewed by Sidhartha &amp; Surojit Gupta</strong></h1>
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                <div align="justify">-The Times of India<br /><br />Former economic affairs secretary Shaktikanta Das , who played a key role during the demonetisation drive, spoke to TOI's Sidhartha &amp; Surojit Gupta, four months after retiring from service in May. He says he does not agree with the criticism that implementation of demonetisation had serious shortcomings. Excerpts:<br /><br /><em>* What is your assessment on the state of the economy?<br /></em><br />The macroeconomic parameters, except the growth figures which are down in the last quarter at 5.7%, all the other numbers are within the range. Yes inflation has gone up from 2% to 3.6% and now RBI says it could go to 4.2% or perhaps 4.6% in the last quarter. Your inflation target is 4% plus minus 2%, 4.6% is very much within the range. The economy is strong and stable and there is no need for any undue alarm. However, there are certain challenges. The government is addressing those challenges.The economy is going through a churn or manthan, it is going through a process of adjustment with the new paradigm. The long term impact of all this churning is definitely positive.<br /><br /><em>* How much impact did demonetisation have on growth?<br /></em><br />The impact of demonetisation was transient. It is very difficult to estimate the impact without a deeper study. The quarter in which demonetisation happened, growth was 7%. The first quarter of this year was impacted by GST related de-stocking, therefore it is very difficult to determine how much of it is due to demonetisation and how much of the current dip in GDP is due to GST. Let us not forget these are not the only factors which are impacting GDP. There are several other factors. For instance, export incomes are under pressure because of the appreciating rupee and shrinkage of global demand. There is a complexity of factors and among those factors GST and demonetisation are two of the factors, albeit temporary.<br /><br /><em>* Did demonetisation factor in the impact on growth?<br /></em><br />It was known that it will have a temporary impact on growth and the spillover effects will not linger for too long. That was a factor which was known and the expectation was that things will gradually stabilise once the process of remonetisation is complete. The process of remonetisation got completed fairly fast, infact by end December remonetisation was near complete. The medium-term and long-term gains of demonetisation together with GST were found to outweigh the short-term pain.<br /><br /><em>* There has been criticism about the implementation of demonetisation. <br /></em><br />The secrecy aspect was very important for demonetsation The luxury of advance preparation was not available to the banks. But to the credit of the banks they rose to the occasion and remonetisation went on smoothly, except in the first three weeks when Rs 2,000 notes were mostly supplied. The moment Rs 500 notes started coming in around the first week December, the situation stabilised. I would not agree that implementation had any shortfall.<br /><br /><em>* Critics say that more Rs 2,000 notes should have been printed before going ahead with demonetisation.<br /></em><br />You cannot go on printing notes and storing it without supplying. That would have raised suspicion as to why the government is printing so many notes and storing it. That would have led to all kinds of speculation. You can go on building up the stock only up to a point, otherwise the secrecy aspect could have got compromised.<br /><br /><em>* Since 99% of the money has come back into the system. There is criticism that demonetisation failed. Do you agree? <br /></em><br />I don't agree with that view. When the decision was taken, the fact that so much money will come back or so much money will not come back was not a consideration at all. The decision was taken mainly to deal a strong blow to the menace of black money. The fact that 99% of the money has come back into the system, does not automatically make that money white. Till the source of that money is identified the status of high value deposits would be suspect. It will take 2-3 years for the income tax department to complete the process.<br /><br /><em>* What are your views on a fresh fiscal stimulus to revive growth?<br /></em><br />In 2008 when the financial crisis hit, the government undertook fiscal expansion which produced temporary results but it eventually led to an increase in retail inflation, fiscal deficit rose and the debt to GDP ratio widened. Injecting more money through government expenditure will have only a temporary impact in terms of some additional economic activity but it's a one-time impact. The adverse consequences are far too high. The gains of fiscal prudence over the last three years should not be sacrificed. </div><div align="justify">&nbsp;</div><div align="justify">&nbsp;</div><div align="justify"><em>The Times of India, 7 October, 2017, please <a href="https://timesofindia.indiatimes.com/business/india-business/demonetisation-decision-had-factored-in-short-term-impact-on-growth-shaktikanta-das/articleshow/60978593.cms" title="https://timesofindia.indiatimes.com/business/india-business/demonetisation-decision-had-factored-in-short-term-impact-on-growth-shaktikanta-das/articleshow/60978593.cms">click here</a> to access </em></div><div align="justify">&nbsp;</div><div align="justify"><strong>Image Courtesy: The Times of India</strong> <br /></div>               </font>
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		'title' => 'Shaktikanta Das, former economic affairs secretary, interviewed by Sidhartha & Surojit Gupta',
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-The Times of India<br />
<br />
Former economic affairs secretary Shaktikanta Das , who played a key role during the demonetisation drive, spoke to TOI's Sidhartha &amp; Surojit Gupta, four months after retiring from service in May. He says he does not agree with the criticism that implementation of demonetisation had serious shortcomings. Excerpts:<br />
<br />
<em>* What is your assessment on the state of the economy?<br />
</em><br />
The macroeconomic parameters, except the growth figures which are down in the last quarter at 5.7%, all the other numbers are within the range. Yes inflation has gone up from 2% to 3.6% and now RBI says it could go to 4.2% or perhaps 4.6% in the last quarter. Your inflation target is 4% plus minus 2%, 4.6% is very much within the range. The economy is strong and stable and there is no need for any undue alarm. However, there are certain challenges. The government is addressing those challenges.The economy is going through a churn or manthan, it is going through a process of adjustment with the new paradigm. The long term impact of all this churning is definitely positive.<br />
<br />
<em>* How much impact did demonetisation have on growth?<br />
</em><br />
The impact of demonetisation was transient. It is very difficult to estimate the impact without a deeper study. The quarter in which demonetisation happened, growth was 7%. The first quarter of this year was impacted by GST related de-stocking, therefore it is very difficult to determine how much of it is due to demonetisation and how much of the current dip in GDP is due to GST. Let us not forget these are not the only factors which are impacting GDP. There are several other factors. For instance, export incomes are under pressure because of the appreciating rupee and shrinkage of global demand. There is a complexity of factors and among those factors GST and demonetisation are two of the factors, albeit temporary.<br />
<br />
<em>* Did demonetisation factor in the impact on growth?<br />
</em><br />
It was known that it will have a temporary impact on growth and the spillover effects will not linger for too long. That was a factor which was known and the expectation was that things will gradually stabilise once the process of remonetisation is complete. The process of remonetisation got completed fairly fast, infact by end December remonetisation was near complete. The medium-term and long-term gains of demonetisation together with GST were found to outweigh the short-term pain.<br />
<br />
<em>* There has been criticism about the implementation of demonetisation. <br />
</em><br />
The secrecy aspect was very important for demonetsation The luxury of advance preparation was not available to the banks. But to the credit of the banks they rose to the occasion and remonetisation went on smoothly, except in the first three weeks when Rs 2,000 notes were mostly supplied. The moment Rs 500 notes started coming in around the first week December, the situation stabilised. I would not agree that implementation had any shortfall.<br />
<br />
<em>* Critics say that more Rs 2,000 notes should have been printed before going ahead with demonetisation.<br />
</em><br />
You cannot go on printing notes and storing it without supplying. That would have raised suspicion as to why the government is printing so many notes and storing it. That would have led to all kinds of speculation. You can go on building up the stock only up to a point, otherwise the secrecy aspect could have got compromised.<br />
<br />
<em>* Since 99% of the money has come back into the system. There is criticism that demonetisation failed. Do you agree? <br />
</em><br />
I don't agree with that view. When the decision was taken, the fact that so much money will come back or so much money will not come back was not a consideration at all. The decision was taken mainly to deal a strong blow to the menace of black money. The fact that 99% of the money has come back into the system, does not automatically make that money white. Till the source of that money is identified the status of high value deposits would be suspect. It will take 2-3 years for the income tax department to complete the process.<br />
<br />
<em>* What are your views on a fresh fiscal stimulus to revive growth?<br />
</em><br />
In 2008 when the financial crisis hit, the government undertook fiscal expansion which produced temporary results but it eventually led to an increase in retail inflation, fiscal deficit rose and the debt to GDP ratio widened. Injecting more money through government expenditure will have only a temporary impact in terms of some additional economic activity but it's a one-time impact. The adverse consequences are far too high. The gains of fiscal prudence over the last three years should not be sacrificed. 
</div>
<div align="justify">
&nbsp;
</div>
<div align="justify">
&nbsp;
</div>
<div align="justify">
<em>The Times of India, 7 October, 2017, please <a href="https://timesofindia.indiatimes.com/business/india-business/demonetisation-decision-had-factored-in-short-term-impact-on-growth-shaktikanta-das/articleshow/60978593.cms">click here</a> to access </em>
</div>
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&nbsp;
</div>
<div align="justify">
<strong>Image Courtesy: The Times of India</strong> <br />
</div>',
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-The Times of India

Former economic affairs secretary Shaktikanta Das , who played a key role during the demonetisation drive, spoke to TOI's Sidhartha &amp; Surojit Gupta, four months after retiring from service in May. He says he does not agree...',
	'disp' => '<div align="justify">-The Times of India<br /><br />Former economic affairs secretary Shaktikanta Das , who played a key role during the demonetisation drive, spoke to TOI's Sidhartha &amp; Surojit Gupta, four months after retiring from service in May. He says he does not agree with the criticism that implementation of demonetisation had serious shortcomings. Excerpts:<br /><br /><em>* What is your assessment on the state of the economy?<br /></em><br />The macroeconomic parameters, except the growth figures which are down in the last quarter at 5.7%, all the other numbers are within the range. Yes inflation has gone up from 2% to 3.6% and now RBI says it could go to 4.2% or perhaps 4.6% in the last quarter. Your inflation target is 4% plus minus 2%, 4.6% is very much within the range. The economy is strong and stable and there is no need for any undue alarm. However, there are certain challenges. The government is addressing those challenges.The economy is going through a churn or manthan, it is going through a process of adjustment with the new paradigm. The long term impact of all this churning is definitely positive.<br /><br /><em>* How much impact did demonetisation have on growth?<br /></em><br />The impact of demonetisation was transient. It is very difficult to estimate the impact without a deeper study. The quarter in which demonetisation happened, growth was 7%. The first quarter of this year was impacted by GST related de-stocking, therefore it is very difficult to determine how much of it is due to demonetisation and how much of the current dip in GDP is due to GST. Let us not forget these are not the only factors which are impacting GDP. There are several other factors. For instance, export incomes are under pressure because of the appreciating rupee and shrinkage of global demand. There is a complexity of factors and among those factors GST and demonetisation are two of the factors, albeit temporary.<br /><br /><em>* Did demonetisation factor in the impact on growth?<br /></em><br />It was known that it will have a temporary impact on growth and the spillover effects will not linger for too long. That was a factor which was known and the expectation was that things will gradually stabilise once the process of remonetisation is complete. The process of remonetisation got completed fairly fast, infact by end December remonetisation was near complete. The medium-term and long-term gains of demonetisation together with GST were found to outweigh the short-term pain.<br /><br /><em>* There has been criticism about the implementation of demonetisation. <br /></em><br />The secrecy aspect was very important for demonetsation The luxury of advance preparation was not available to the banks. But to the credit of the banks they rose to the occasion and remonetisation went on smoothly, except in the first three weeks when Rs 2,000 notes were mostly supplied. The moment Rs 500 notes started coming in around the first week December, the situation stabilised. I would not agree that implementation had any shortfall.<br /><br /><em>* Critics say that more Rs 2,000 notes should have been printed before going ahead with demonetisation.<br /></em><br />You cannot go on printing notes and storing it without supplying. That would have raised suspicion as to why the government is printing so many notes and storing it. That would have led to all kinds of speculation. You can go on building up the stock only up to a point, otherwise the secrecy aspect could have got compromised.<br /><br /><em>* Since 99% of the money has come back into the system. There is criticism that demonetisation failed. Do you agree? <br /></em><br />I don't agree with that view. When the decision was taken, the fact that so much money will come back or so much money will not come back was not a consideration at all. The decision was taken mainly to deal a strong blow to the menace of black money. The fact that 99% of the money has come back into the system, does not automatically make that money white. Till the source of that money is identified the status of high value deposits would be suspect. It will take 2-3 years for the income tax department to complete the process.<br /><br /><em>* What are your views on a fresh fiscal stimulus to revive growth?<br /></em><br />In 2008 when the financial crisis hit, the government undertook fiscal expansion which produced temporary results but it eventually led to an increase in retail inflation, fiscal deficit rose and the debt to GDP ratio widened. Injecting more money through government expenditure will have only a temporary impact in terms of some additional economic activity but it's a one-time impact. The adverse consequences are far too high. The gains of fiscal prudence over the last three years should not be sacrificed. </div><div align="justify">&nbsp;</div><div align="justify">&nbsp;</div><div align="justify"><em>The Times of India, 7 October, 2017, please <a href="https://timesofindia.indiatimes.com/business/india-business/demonetisation-decision-had-factored-in-short-term-impact-on-growth-shaktikanta-das/articleshow/60978593.cms" title="https://timesofindia.indiatimes.com/business/india-business/demonetisation-decision-had-factored-in-short-term-impact-on-growth-shaktikanta-das/articleshow/60978593.cms">click here</a> to access </em></div><div align="justify">&nbsp;</div><div align="justify"><strong>Image Courtesy: The Times of India</strong> <br /></div>',
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-The Times of India<br />
<br />
Former economic affairs secretary Shaktikanta Das , who played a key role during the demonetisation drive, spoke to TOI's Sidhartha &amp; Surojit Gupta, four months after retiring from service in May. He says he does not agree with the criticism that implementation of demonetisation had serious shortcomings. Excerpts:<br />
<br />
<em>* What is your assessment on the state of the economy?<br />
</em><br />
The macroeconomic parameters, except the growth figures which are down in the last quarter at 5.7%, all the other numbers are within the range. Yes inflation has gone up from 2% to 3.6% and now RBI says it could go to 4.2% or perhaps 4.6% in the last quarter. Your inflation target is 4% plus minus 2%, 4.6% is very much within the range. The economy is strong and stable and there is no need for any undue alarm. However, there are certain challenges. The government is addressing those challenges.The economy is going through a churn or manthan, it is going through a process of adjustment with the new paradigm. The long term impact of all this churning is definitely positive.<br />
<br />
<em>* How much impact did demonetisation have on growth?<br />
</em><br />
The impact of demonetisation was transient. It is very difficult to estimate the impact without a deeper study. The quarter in which demonetisation happened, growth was 7%. The first quarter of this year was impacted by GST related de-stocking, therefore it is very difficult to determine how much of it is due to demonetisation and how much of the current dip in GDP is due to GST. Let us not forget these are not the only factors which are impacting GDP. There are several other factors. For instance, export incomes are under pressure because of the appreciating rupee and shrinkage of global demand. There is a complexity of factors and among those factors GST and demonetisation are two of the factors, albeit temporary.<br />
<br />
<em>* Did demonetisation factor in the impact on growth?<br />
</em><br />
It was known that it will have a temporary impact on growth and the spillover effects will not linger for too long. That was a factor which was known and the expectation was that things will gradually stabilise once the process of remonetisation is complete. The process of remonetisation got completed fairly fast, infact by end December remonetisation was near complete. The medium-term and long-term gains of demonetisation together with GST were found to outweigh the short-term pain.<br />
<br />
<em>* There has been criticism about the implementation of demonetisation. <br />
</em><br />
The secrecy aspect was very important for demonetsation The luxury of advance preparation was not available to the banks. But to the credit of the banks they rose to the occasion and remonetisation went on smoothly, except in the first three weeks when Rs 2,000 notes were mostly supplied. The moment Rs 500 notes started coming in around the first week December, the situation stabilised. I would not agree that implementation had any shortfall.<br />
<br />
<em>* Critics say that more Rs 2,000 notes should have been printed before going ahead with demonetisation.<br />
</em><br />
You cannot go on printing notes and storing it without supplying. That would have raised suspicion as to why the government is printing so many notes and storing it. That would have led to all kinds of speculation. You can go on building up the stock only up to a point, otherwise the secrecy aspect could have got compromised.<br />
<br />
<em>* Since 99% of the money has come back into the system. There is criticism that demonetisation failed. Do you agree? <br />
</em><br />
I don't agree with that view. When the decision was taken, the fact that so much money will come back or so much money will not come back was not a consideration at all. The decision was taken mainly to deal a strong blow to the menace of black money. The fact that 99% of the money has come back into the system, does not automatically make that money white. Till the source of that money is identified the status of high value deposits would be suspect. It will take 2-3 years for the income tax department to complete the process.<br />
<br />
<em>* What are your views on a fresh fiscal stimulus to revive growth?<br />
</em><br />
In 2008 when the financial crisis hit, the government undertook fiscal expansion which produced temporary results but it eventually led to an increase in retail inflation, fiscal deficit rose and the debt to GDP ratio widened. Injecting more money through government expenditure will have only a temporary impact in terms of some additional economic activity but it's a one-time impact. The adverse consequences are far too high. The gains of fiscal prudence over the last three years should not be sacrificed. 
</div>
<div align="justify">
&nbsp;
</div>
<div align="justify">
&nbsp;
</div>
<div align="justify">
<em>The Times of India, 7 October, 2017, please <a href="https://timesofindia.indiatimes.com/business/india-business/demonetisation-decision-had-factored-in-short-term-impact-on-growth-shaktikanta-das/articleshow/60978593.cms">click here</a> to access </em>
</div>
<div align="justify">
&nbsp;
</div>
<div align="justify">
<strong>Image Courtesy: The Times of India</strong> <br />
</div>',
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-The Times of India

Former economic affairs secretary Shaktikanta Das , who played a key role during the demonetisation drive, spoke to TOI's Sidhartha &amp; Surojit Gupta, four months after retiring from service in May. He says he does not agree...'
$disp = '<div align="justify">-The Times of India<br /><br />Former economic affairs secretary Shaktikanta Das , who played a key role during the demonetisation drive, spoke to TOI's Sidhartha &amp; Surojit Gupta, four months after retiring from service in May. He says he does not agree with the criticism that implementation of demonetisation had serious shortcomings. Excerpts:<br /><br /><em>* What is your assessment on the state of the economy?<br /></em><br />The macroeconomic parameters, except the growth figures which are down in the last quarter at 5.7%, all the other numbers are within the range. Yes inflation has gone up from 2% to 3.6% and now RBI says it could go to 4.2% or perhaps 4.6% in the last quarter. Your inflation target is 4% plus minus 2%, 4.6% is very much within the range. The economy is strong and stable and there is no need for any undue alarm. However, there are certain challenges. The government is addressing those challenges.The economy is going through a churn or manthan, it is going through a process of adjustment with the new paradigm. The long term impact of all this churning is definitely positive.<br /><br /><em>* How much impact did demonetisation have on growth?<br /></em><br />The impact of demonetisation was transient. It is very difficult to estimate the impact without a deeper study. The quarter in which demonetisation happened, growth was 7%. The first quarter of this year was impacted by GST related de-stocking, therefore it is very difficult to determine how much of it is due to demonetisation and how much of the current dip in GDP is due to GST. Let us not forget these are not the only factors which are impacting GDP. There are several other factors. For instance, export incomes are under pressure because of the appreciating rupee and shrinkage of global demand. There is a complexity of factors and among those factors GST and demonetisation are two of the factors, albeit temporary.<br /><br /><em>* Did demonetisation factor in the impact on growth?<br /></em><br />It was known that it will have a temporary impact on growth and the spillover effects will not linger for too long. That was a factor which was known and the expectation was that things will gradually stabilise once the process of remonetisation is complete. The process of remonetisation got completed fairly fast, infact by end December remonetisation was near complete. The medium-term and long-term gains of demonetisation together with GST were found to outweigh the short-term pain.<br /><br /><em>* There has been criticism about the implementation of demonetisation. <br /></em><br />The secrecy aspect was very important for demonetsation The luxury of advance preparation was not available to the banks. But to the credit of the banks they rose to the occasion and remonetisation went on smoothly, except in the first three weeks when Rs 2,000 notes were mostly supplied. The moment Rs 500 notes started coming in around the first week December, the situation stabilised. I would not agree that implementation had any shortfall.<br /><br /><em>* Critics say that more Rs 2,000 notes should have been printed before going ahead with demonetisation.<br /></em><br />You cannot go on printing notes and storing it without supplying. That would have raised suspicion as to why the government is printing so many notes and storing it. That would have led to all kinds of speculation. You can go on building up the stock only up to a point, otherwise the secrecy aspect could have got compromised.<br /><br /><em>* Since 99% of the money has come back into the system. There is criticism that demonetisation failed. Do you agree? <br /></em><br />I don't agree with that view. When the decision was taken, the fact that so much money will come back or so much money will not come back was not a consideration at all. The decision was taken mainly to deal a strong blow to the menace of black money. The fact that 99% of the money has come back into the system, does not automatically make that money white. Till the source of that money is identified the status of high value deposits would be suspect. It will take 2-3 years for the income tax department to complete the process.<br /><br /><em>* What are your views on a fresh fiscal stimulus to revive growth?<br /></em><br />In 2008 when the financial crisis hit, the government undertook fiscal expansion which produced temporary results but it eventually led to an increase in retail inflation, fiscal deficit rose and the debt to GDP ratio widened. Injecting more money through government expenditure will have only a temporary impact in terms of some additional economic activity but it's a one-time impact. The adverse consequences are far too high. The gains of fiscal prudence over the last three years should not be sacrificed. </div><div align="justify">&nbsp;</div><div align="justify">&nbsp;</div><div align="justify"><em>The Times of India, 7 October, 2017, please <a href="https://timesofindia.indiatimes.com/business/india-business/demonetisation-decision-had-factored-in-short-term-impact-on-growth-shaktikanta-das/articleshow/60978593.cms" title="https://timesofindia.indiatimes.com/business/india-business/demonetisation-decision-had-factored-in-short-term-impact-on-growth-shaktikanta-das/articleshow/60978593.cms">click here</a> to access </em></div><div align="justify">&nbsp;</div><div align="justify"><strong>Image Courtesy: The Times of India</strong> <br /></div>'
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Shaktikanta Das, former economic affairs secretary, interviewed by Sidhartha & Surojit Gupta

-The Times of India Former economic affairs secretary Shaktikanta Das , who played a key role during the demonetisation drive, spoke to TOI's Sidhartha & Surojit Gupta, four months after retiring from service in May. He says he does not agree with the criticism that implementation of demonetisation had serious shortcomings. Excerpts: * What is your assessment on the state of the economy? The macroeconomic parameters, except the growth figures which are down in the last quarter at 5.7%, all the other numbers are within the range. Yes inflation has gone up from 2% to 3.6% and now RBI says it could go to 4.2% or perhaps 4.6% in the last quarter. Your inflation target is 4% plus minus 2%, 4.6% is very much within the range. The economy is strong and stable and there is no need for any undue alarm. However, there are certain challenges. The government is addressing those challenges.The economy is going through a churn or manthan, it is going through a process of adjustment with the new paradigm. The long term impact of all this churning is definitely positive. * How much impact did demonetisation have on growth? The impact of demonetisation was transient. It is very difficult to estimate the impact without a deeper study. The quarter in which demonetisation happened, growth was 7%. The first quarter of this year was impacted by GST related de-stocking, therefore it is very difficult to determine how much of it is due to demonetisation and how much of the current dip in GDP is due to GST. Let us not forget these are not the only factors which are impacting GDP. There are several other factors. For instance, export incomes are under pressure because of the appreciating rupee and shrinkage of global demand. There is a complexity of factors and among those factors GST and demonetisation are two of the factors, albeit temporary. * Did demonetisation factor in the impact on growth? It was known that it will have a temporary impact on growth and the spillover effects will not linger for too long. That was a factor which was known and the expectation was that things will gradually stabilise once the process of remonetisation is complete. The process of remonetisation got completed fairly fast, infact by end December remonetisation was near complete. The medium-term and long-term gains of demonetisation together with GST were found to outweigh the short-term pain. * There has been criticism about the implementation of demonetisation. The secrecy aspect was very important for demonetsation The luxury of advance preparation was not available to the banks. But to the credit of the banks they rose to the occasion and remonetisation went on smoothly, except in the first three weeks when Rs 2,000 notes were mostly supplied. The moment Rs 500 notes started coming in around the first week December, the situation stabilised. I would not agree that implementation had any shortfall. * Critics say that more Rs 2,000 notes should have been printed before going ahead with demonetisation. You cannot go on printing notes and storing it without supplying. That would have raised suspicion as to why the government is printing so many notes and storing it. That would have led to all kinds of speculation. You can go on building up the stock only up to a point, otherwise the secrecy aspect could have got compromised. * Since 99% of the money has come back into the system. There is criticism that demonetisation failed. Do you agree? I don't agree with that view. When the decision was taken, the fact that so much money will come back or so much money will not come back was not a consideration at all. The decision was taken mainly to deal a strong blow to the menace of black money. The fact that 99% of the money has come back into the system, does not automatically make that money white. Till the source of that money is identified the status of high value deposits would be suspect. It will take 2-3 years for the income tax department to complete the process. * What are your views on a fresh fiscal stimulus to revive growth? In 2008 when the financial crisis hit, the government undertook fiscal expansion which produced temporary results but it eventually led to an increase in retail inflation, fiscal deficit rose and the debt to GDP ratio widened. Injecting more money through government expenditure will have only a temporary impact in terms of some additional economic activity but it's a one-time impact. The adverse consequences are far too high. The gains of fiscal prudence over the last three years should not be sacrificed.     The Times of India, 7 October, 2017, please click here to access   Image Courtesy: The Times of India