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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 & 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">
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<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">
</div>
<div align="justify">
<strong>Image Courtesy: The Times of India</strong> <br />
</div>',
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Interviews | Shaktikanta Das, former economic affairs secretary, interviewed by Sidhartha & Surojit Gupta </title>
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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 & Surojit Gupta, four months after retiring from service in May. He says he does not agree..."/>
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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 & Surojit Gupta, four months after retiring from service in May. He says he does not agree..." />
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Interviews </h2>
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<a href="https://im4change.in/interviews/shaktikanta-das-former-economic-affairs-secretary-interviewed-by-sidhartha-surojit-gupta-4682918.html" target="_blank" title="Shaktikanta Das, former economic affairs secretary, interviewed by Sidhartha & Surojit Gupta" style="float: left; margin-right: 10px;">
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<h1 style="font-weight: 700;font-size: 14px;">
<a href="https://im4change.in/interviews/shaktikanta-das-former-economic-affairs-secretary-interviewed-by-sidhartha-surojit-gupta-4682918.html" target="_blank">Shaktikanta Das, former economic affairs secretary, interviewed by Sidhartha & Surojit Gupta</a>
</h1>
<br><small>October 7, 2017</small>
<p style="padding-top: 6px;">
-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...</p>
<a href="https://im4change.in/interviews/shaktikanta-das-former-economic-affairs-secretary-interviewed-by-sidhartha-surojit-gupta-4682918.html"
class="more-link"
style="float: right;" target="_blank">+ More...</a>
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<a href="https://im4change.in/interviews/soli-sorabjee-former-attorney-general-of-india-interviewed-by-anuradha-raman-the-hindu-4682803.html" target="_blank" title="Soli Sorabjee, Former Attorney General of India, interviewed by Anuradha Raman (The Hindu)" style="float: left; margin-right: 10px;">
<img src="https://im4change.in/images/media/im4change_62Soli_Sorabjee_main.jpg" style="max-width:381px" alt="" border="0" class="box_shadow ml5"/>
</a>
<a href="https://im4change.in/interviews/soli-sorabjee-former-attorney-general-of-india-interviewed-by-anuradha-raman-the-hindu-4682803.html" target="_blank"><strong style="" >Soli Sorabjee, Former Attorney General of India, interviewed by Anuradha Raman (The Hindu)</strong></a>
<br><small>September 20, 2017</small>
<p style="padding-top: 6px;">
-The Hindu
The former Attorney General about recent landmark judgments of the Supreme Court, the credibility of the court, and the sedition law
Former Attorney General of India, Soli Sorabjee, was given the Padma Vibhushan 15 years back for his defence of the freedom of expression and...</p>
<a href="https://im4change.in/interviews/soli-sorabjee-former-attorney-general-of-india-interviewed-by-anuradha-raman-the-hindu-4682803.html"
class="more-link"
style="float: right;" target="_blank">+ More...</a>
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<div style="border-bottom: 1px solid rgb(221, 221, 221); padding: 10px 0px; clear: both; min-height: 125px; overflow: hidden;">
<a href="https://im4change.in/interviews/himanshu-an-associate-professor-in-economics-at-delhi039s-jawaharlal-nehru-university-interviewed-by-nitin-sethi-scroll-in-4682758.html" target="_blank" title="Himanshu, an associate professor in economics at Delhi's Jawaharlal Nehru University, interviewed by Nitin Sethi (Scroll.in)" style="float: left; margin-right: 10px;">
<img src="https://im4change.in/images/media/im4change_55Himanshu.jpg" style="max-width:381px" alt="" border="0" class="box_shadow ml5"/>
</a>
<a href="https://im4change.in/interviews/himanshu-an-associate-professor-in-economics-at-delhi039s-jawaharlal-nehru-university-interviewed-by-nitin-sethi-scroll-in-4682758.html" target="_blank"><strong style="" >Himanshu, an associate professor in economics at Delhi's Jawaharlal Nehru University, interviewed by Nitin Sethi (Scroll.in)</strong></a>
<br><small>September 14, 2017</small>
<p style="padding-top: 6px;">
-Scroll.in
JNU professor Himanshu says the economic slowdown is not the result of a one-off event like demonetisation, the slump began almost two years ago.
The economy is in a trough. The first quarter of 2017-2018 saw the growth of gross domestic product (the total value...</p>
<a href="https://im4change.in/interviews/himanshu-an-associate-professor-in-economics-at-delhi039s-jawaharlal-nehru-university-interviewed-by-nitin-sethi-scroll-in-4682758.html"
class="more-link"
style="float: right;" target="_blank">+ More...</a>
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<a href="https://im4change.in/interviews/lucas-chancel-economist-working-on-inequality-interviewed-by-sanjay-vijayakumar-the-hindu-4682719.html" target="_blank" title="Lucas Chancel, economist working on inequality, interviewed by Sanjay Vijayakumar (The Hindu)" style="float: left; margin-right: 10px;">
<img src="https://im4change.in/images/media/im4change_45Lucas_Chancel.jpg" style="max-width:381px" alt="" border="0" class="box_shadow ml5"/>
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<a href="https://im4change.in/interviews/lucas-chancel-economist-working-on-inequality-interviewed-by-sanjay-vijayakumar-the-hindu-4682719.html" target="_blank"><strong style="" >Lucas Chancel, economist working on inequality, interviewed by Sanjay Vijayakumar (The Hindu)</strong></a>
<br><small>September 10, 2017</small>
<p style="padding-top: 6px;">
-The Hindu
The top 1% of earners captured less than 21% of total income in the late 1930s, before dropping to 6% in the early 1980s and rising to 22% today, says renowned economist Lucas Chancel
According to a research paper by renowned economists Thomas Piketty and...</p>
<a href="https://im4change.in/interviews/lucas-chancel-economist-working-on-inequality-interviewed-by-sanjay-vijayakumar-the-hindu-4682719.html"
class="more-link"
style="float: right;" target="_blank">+ More...</a>
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<a href="https://im4change.in/interviews/justice-retd-ks-puttaswamy-original-petitioner-in-the-right-to-privacy-case-interviewed-by-avinash-bhat-the-hindu-4682632.html" target="_blank" title="Justice (retd) KS Puttaswamy, original petitioner in the right to privacy case, interviewed by Avinash Bhat (The Hindu)" style="float: left; margin-right: 10px;">
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<a href="https://im4change.in/interviews/justice-retd-ks-puttaswamy-original-petitioner-in-the-right-to-privacy-case-interviewed-by-avinash-bhat-the-hindu-4682632.html" target="_blank"><strong style="" >Justice (retd) KS Puttaswamy, original petitioner in the right to privacy case, interviewed by Avinash Bhat (The Hindu)</strong></a>
<br><small>August 29, 2017</small>
<p style="padding-top: 6px;">
-The Hindu
Original petitioner welcomes Supreme Court verdict on privacy
The original petitioner in the right to privacy case is a happy man after Thursday’s verdict from the Supreme Court. In 2012, Justice (retd) K.S. Puttaswamy had approached the apex court as petitioner in a case which...</p>
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Interviews | Shaktikanta Das, former economic affairs secretary, interviewed by Sidhartha & Surojit Gupta </title>
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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..."/>
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<meta property="og:title" content="Interviews | Shaktikanta Das, former economic affairs secretary, interviewed by Sidhartha & Surojit Gupta" />
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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 & Surojit Gupta, four months after retiring from service in May. He says he does not agree..." />
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Interviews </h2>
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<a href="https://im4change.in/interviews/shaktikanta-das-former-economic-affairs-secretary-interviewed-by-sidhartha-surojit-gupta-4682918.html" target="_blank" title="Shaktikanta Das, former economic affairs secretary, interviewed by Sidhartha & Surojit Gupta" style="float: left; margin-right: 10px;">
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<h1 style="font-weight: 700;font-size: 14px;">
<a href="https://im4change.in/interviews/shaktikanta-das-former-economic-affairs-secretary-interviewed-by-sidhartha-surojit-gupta-4682918.html" target="_blank">Shaktikanta Das, former economic affairs secretary, interviewed by Sidhartha & Surojit Gupta</a>
</h1>
<br><small>October 7, 2017</small>
<p style="padding-top: 6px;">
-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...</p>
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<a href="https://im4change.in/interviews/soli-sorabjee-former-attorney-general-of-india-interviewed-by-anuradha-raman-the-hindu-4682803.html" target="_blank" title="Soli Sorabjee, Former Attorney General of India, interviewed by Anuradha Raman (The Hindu)" style="float: left; margin-right: 10px;">
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<a href="https://im4change.in/interviews/soli-sorabjee-former-attorney-general-of-india-interviewed-by-anuradha-raman-the-hindu-4682803.html" target="_blank"><strong style="" >Soli Sorabjee, Former Attorney General of India, interviewed by Anuradha Raman (The Hindu)</strong></a>
<br><small>September 20, 2017</small>
<p style="padding-top: 6px;">
-The Hindu
The former Attorney General about recent landmark judgments of the Supreme Court, the credibility of the court, and the sedition law
Former Attorney General of India, Soli Sorabjee, was given the Padma Vibhushan 15 years back for his defence of the freedom of expression and...</p>
<a href="https://im4change.in/interviews/soli-sorabjee-former-attorney-general-of-india-interviewed-by-anuradha-raman-the-hindu-4682803.html"
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style="float: right;" target="_blank">+ More...</a>
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<a href="https://im4change.in/interviews/himanshu-an-associate-professor-in-economics-at-delhi039s-jawaharlal-nehru-university-interviewed-by-nitin-sethi-scroll-in-4682758.html" target="_blank" title="Himanshu, an associate professor in economics at Delhi's Jawaharlal Nehru University, interviewed by Nitin Sethi (Scroll.in)" style="float: left; margin-right: 10px;">
<img src="https://im4change.in/images/media/im4change_55Himanshu.jpg" style="max-width:381px" alt="" border="0" class="box_shadow ml5"/>
</a>
<a href="https://im4change.in/interviews/himanshu-an-associate-professor-in-economics-at-delhi039s-jawaharlal-nehru-university-interviewed-by-nitin-sethi-scroll-in-4682758.html" target="_blank"><strong style="" >Himanshu, an associate professor in economics at Delhi's Jawaharlal Nehru University, interviewed by Nitin Sethi (Scroll.in)</strong></a>
<br><small>September 14, 2017</small>
<p style="padding-top: 6px;">
-Scroll.in
JNU professor Himanshu says the economic slowdown is not the result of a one-off event like demonetisation, the slump began almost two years ago.
The economy is in a trough. The first quarter of 2017-2018 saw the growth of gross domestic product (the total value...</p>
<a href="https://im4change.in/interviews/himanshu-an-associate-professor-in-economics-at-delhi039s-jawaharlal-nehru-university-interviewed-by-nitin-sethi-scroll-in-4682758.html"
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<a href="https://im4change.in/interviews/lucas-chancel-economist-working-on-inequality-interviewed-by-sanjay-vijayakumar-the-hindu-4682719.html" target="_blank"><strong style="" >Lucas Chancel, economist working on inequality, interviewed by Sanjay Vijayakumar (The Hindu)</strong></a>
<br><small>September 10, 2017</small>
<p style="padding-top: 6px;">
-The Hindu
The top 1% of earners captured less than 21% of total income in the late 1930s, before dropping to 6% in the early 1980s and rising to 22% today, says renowned economist Lucas Chancel
According to a research paper by renowned economists Thomas Piketty and...</p>
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<a href="https://im4change.in/interviews/justice-retd-ks-puttaswamy-original-petitioner-in-the-right-to-privacy-case-interviewed-by-avinash-bhat-the-hindu-4682632.html" target="_blank"><strong style="" >Justice (retd) KS Puttaswamy, original petitioner in the right to privacy case, interviewed by Avinash Bhat (The Hindu)</strong></a>
<br><small>August 29, 2017</small>
<p style="padding-top: 6px;">
-The Hindu
Original petitioner welcomes Supreme Court verdict on privacy
The original petitioner in the right to privacy case is a happy man after Thursday’s verdict from the Supreme Court. In 2012, Justice (retd) K.S. Puttaswamy had approached the apex court as petitioner in a case which...</p>
<a href="https://im4change.in/interviews/justice-retd-ks-puttaswamy-original-petitioner-in-the-right-to-privacy-case-interviewed-by-avinash-bhat-the-hindu-4682632.html"
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Interviews | Shaktikanta Das, former economic affairs secretary, interviewed by Sidhartha & Surojit Gupta </title>
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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..."/>
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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..." />
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Interviews </h2>
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<a href="https://im4change.in/interviews/shaktikanta-das-former-economic-affairs-secretary-interviewed-by-sidhartha-surojit-gupta-4682918.html" target="_blank" title="Shaktikanta Das, former economic affairs secretary, interviewed by Sidhartha & Surojit Gupta" style="float: left; margin-right: 10px;">
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<h1 style="font-weight: 700;font-size: 14px;">
<a href="https://im4change.in/interviews/shaktikanta-das-former-economic-affairs-secretary-interviewed-by-sidhartha-surojit-gupta-4682918.html" target="_blank">Shaktikanta Das, former economic affairs secretary, interviewed by Sidhartha & Surojit Gupta</a>
</h1>
<br><small>October 7, 2017</small>
<p style="padding-top: 6px;">
-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...</p>
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<a href="https://im4change.in/interviews/soli-sorabjee-former-attorney-general-of-india-interviewed-by-anuradha-raman-the-hindu-4682803.html" target="_blank"><strong style="" >Soli Sorabjee, Former Attorney General of India, interviewed by Anuradha Raman (The Hindu)</strong></a>
<br><small>September 20, 2017</small>
<p style="padding-top: 6px;">
-The Hindu
The former Attorney General about recent landmark judgments of the Supreme Court, the credibility of the court, and the sedition law
Former Attorney General of India, Soli Sorabjee, was given the Padma Vibhushan 15 years back for his defence of the freedom of expression and...</p>
<a href="https://im4change.in/interviews/soli-sorabjee-former-attorney-general-of-india-interviewed-by-anuradha-raman-the-hindu-4682803.html"
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<br><small>September 14, 2017</small>
<p style="padding-top: 6px;">
-Scroll.in
JNU professor Himanshu says the economic slowdown is not the result of a one-off event like demonetisation, the slump began almost two years ago.
The economy is in a trough. The first quarter of 2017-2018 saw the growth of gross domestic product (the total value...</p>
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<br><small>September 10, 2017</small>
<p style="padding-top: 6px;">
-The Hindu
The top 1% of earners captured less than 21% of total income in the late 1930s, before dropping to 6% in the early 1980s and rising to 22% today, says renowned economist Lucas Chancel
According to a research paper by renowned economists Thomas Piketty and...</p>
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<br><small>August 29, 2017</small>
<p style="padding-top: 6px;">
-The Hindu
Original petitioner welcomes Supreme Court verdict on privacy
The original petitioner in the right to privacy case is a happy man after Thursday’s verdict from the Supreme Court. In 2012, Justice (retd) K.S. Puttaswamy had approached the apex court as petitioner in a case which...</p>
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Interviews | 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...
-The Hindu
The former Attorney General about recent landmark judgments of the Supreme Court, the credibility of the court, and the sedition law
Former Attorney General of India, Soli Sorabjee, was given the Padma Vibhushan 15 years back for his defence of the freedom of expression and...
-Scroll.in
JNU professor Himanshu says the economic slowdown is not the result of a one-off event like demonetisation, the slump began almost two years ago.
The economy is in a trough. The first quarter of 2017-2018 saw the growth of gross domestic product (the total value...
-The Hindu
The top 1% of earners captured less than 21% of total income in the late 1930s, before dropping to 6% in the early 1980s and rising to 22% today, says renowned economist Lucas Chancel
According to a research paper by renowned economists Thomas Piketty and...
-The Hindu
Original petitioner welcomes Supreme Court verdict on privacy
The original petitioner in the right to privacy case is a happy man after Thursday’s verdict from the Supreme Court. In 2012, Justice (retd) K.S. Puttaswamy had approached the apex court as petitioner in a case which...
Soli Sorabjee, Former Attorney General of India, interviewed by Anuradha Raman (The Hindu)
Himanshu, an associate professor in economics at Delhi's Jawaharlal Nehru University, interviewed by Nitin Sethi (Scroll.in)
Lucas Chancel, economist working on inequality, interviewed by Sanjay Vijayakumar (The Hindu)
Justice (retd) KS Puttaswamy, original petitioner in the right to privacy case, interviewed by Avinash Bhat (The Hindu)
