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
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Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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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')) {

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-The Hindu Business Line&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Realising that DeMo pulverised MSMEs, an anxious Centre wants to hurriedly make amends. But loan disbursals may not help&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The spat between the government and the RBI is primarily in the realm of macroeconomic issues like the size of the reserves the central bank should hold and the methods of monitoring loans that could go bad. Yet, the political intensity of the government&amp;rsquo;s moves cannot be missed.&lt;br /&gt;
&lt;br /&gt;
Apart from bringing the never-before-used provision of Section 7 into play, it has also loaded the RBI board with its loyalists. This has allowed the Congress to promptly claim that the ruling party is seeking to tap RBI reserves for an election year spending strategy. And given the credibility of the political class this is a contention that cannot be lightly brushed aside.&lt;br /&gt;
&lt;br /&gt;
The story, though, goes a little deeper than the political rhetoric would suggest. The government&amp;rsquo;s focus on loans to small business could be a long delayed official recognition that the two major economic initiatives of the Modi government &amp;mdash; demonetisation and GST &amp;mdash; have had a debilitating effect on small business. The party apparently now believes that if it does not do something to ease the pain on this class, there will be a price to pay in urban constituencies in 2019.&lt;br /&gt;
&lt;br /&gt;
As with all Indian governments since Indira Gandhi&amp;rsquo;s loan mela days, the instinctive official response is to lend their way out of political trouble. Increasing the access to loans is expected to help small businesses step up their investment on the path to recovery. The trouble is the government may have, once again, got the wrong end of the economic stick. The problems small businesses face are not so much the availability of funds, as the collapse of demand.&lt;br /&gt;
&lt;br /&gt;
When 86 per cent of the currency is withdrawn it is inevitably a major blow to spending. This may well have been one of the short-term pains that Prime Minister Modi spoke of when he announced demonetisation. What the government has not been prepared for is its longer-term effect.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://www.thehindubusinessline.com/opinion/columns/narendar-pani/at-the-wrong-end-of-the-economic-stick-again/article25550410.ece?homepage=true&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
&lt;/div&gt;&#039;,
		&#039;credit_writer&#039; =&gt; &#039;The Hindu Business Line, 20 November, 2018, https://www.thehindubusinessline.com/opinion/columns/narendar-pani/at-the-wrong-end-of-the-economic-stick-again/article25550410.ece?homepage=true&#039;,
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Realising that DeMo pulverised MSMEs, an anxious Centre wants to hurriedly make amends. But loan disbursals may not help

The spat between the government and the RBI is primarily in the realm of macroeconomic issues like the size...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-The Hindu Business Line&lt;br /&gt;&lt;br /&gt;&lt;em&gt;Realising that DeMo pulverised MSMEs, an anxious Centre wants to hurriedly make amends. But loan disbursals may not help&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;The spat between the government and the RBI is primarily in the realm of macroeconomic issues like the size of the reserves the central bank should hold and the methods of monitoring loans that could go bad. Yet, the political intensity of the government&amp;rsquo;s moves cannot be missed.&lt;br /&gt;&lt;br /&gt;Apart from bringing the never-before-used provision of Section 7 into play, it has also loaded the RBI board with its loyalists. This has allowed the Congress to promptly claim that the ruling party is seeking to tap RBI reserves for an election year spending strategy. And given the credibility of the political class this is a contention that cannot be lightly brushed aside.&lt;br /&gt;&lt;br /&gt;The story, though, goes a little deeper than the political rhetoric would suggest. The government&amp;rsquo;s focus on loans to small business could be a long delayed official recognition that the two major economic initiatives of the Modi government &amp;mdash; demonetisation and GST &amp;mdash; have had a debilitating effect on small business. The party apparently now believes that if it does not do something to ease the pain on this class, there will be a price to pay in urban constituencies in 2019.&lt;br /&gt;&lt;br /&gt;As with all Indian governments since Indira Gandhi&amp;rsquo;s loan mela days, the instinctive official response is to lend their way out of political trouble. Increasing the access to loans is expected to help small businesses step up their investment on the path to recovery. The trouble is the government may have, once again, got the wrong end of the economic stick. The problems small businesses face are not so much the availability of funds, as the collapse of demand.&lt;br /&gt;&lt;br /&gt;When 86 per cent of the currency is withdrawn it is inevitably a major blow to spending. This may well have been one of the short-term pains that Prime Minister Modi spoke of when he announced demonetisation. What the government has not been prepared for is its longer-term effect.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://www.thehindubusinessline.com/opinion/columns/narendar-pani/at-the-wrong-end-of-the-economic-stick-again/article25550410.ece?homepage=true&quot; title=&quot;https://www.thehindubusinessline.com/opinion/columns/narendar-pani/at-the-wrong-end-of-the-economic-stick-again/article25550410.ece?homepage=true&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;/div&gt;&#039;,
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&lt;br /&gt;
&lt;em&gt;Realising that DeMo pulverised MSMEs, an anxious Centre wants to hurriedly make amends. But loan disbursals may not help&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The spat between the government and the RBI is primarily in the realm of macroeconomic issues like the size of the reserves the central bank should hold and the methods of monitoring loans that could go bad. Yet, the political intensity of the government&amp;rsquo;s moves cannot be missed.&lt;br /&gt;
&lt;br /&gt;
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&lt;br /&gt;
The story, though, goes a little deeper than the political rhetoric would suggest. The government&amp;rsquo;s focus on loans to small business could be a long delayed official recognition that the two major economic initiatives of the Modi government &amp;mdash; demonetisation and GST &amp;mdash; have had a debilitating effect on small business. The party apparently now believes that if it does not do something to ease the pain on this class, there will be a price to pay in urban constituencies in 2019.&lt;br /&gt;
&lt;br /&gt;
As with all Indian governments since Indira Gandhi&amp;rsquo;s loan mela days, the instinctive official response is to lend their way out of political trouble. Increasing the access to loans is expected to help small businesses step up their investment on the path to recovery. The trouble is the government may have, once again, got the wrong end of the economic stick. The problems small businesses face are not so much the availability of funds, as the collapse of demand.&lt;br /&gt;
&lt;br /&gt;
When 86 per cent of the currency is withdrawn it is inevitably a major blow to spending. This may well have been one of the short-term pains that Prime Minister Modi spoke of when he announced demonetisation. What the government has not been prepared for is its longer-term effect.&lt;br /&gt;
&lt;br /&gt;
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-The Hindu Business Line

Realising that DeMo pulverised MSMEs, an anxious Centre wants to hurriedly make amends. But loan disbursals may not help

The spat between the government and the RBI is primarily in the realm of macroeconomic issues like the size...&#039;
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-The Hindu Business Line

Realising that DeMo pulverised MSMEs, an anxious Centre wants to hurriedly make amends. But loan disbursals may not help

The spat between the government and the RBI is primarily in the realm of macroeconomic issues like the size..."/>
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                <strong>Factors underlying the Centre-RBI conflict -Narendar Pani</strong></h1>
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                <div align="justify">-The Hindu Business Line<br /><br /><em>Realising that DeMo pulverised MSMEs, an anxious Centre wants to hurriedly make amends. But loan disbursals may not help<br /></em><br />The spat between the government and the RBI is primarily in the realm of macroeconomic issues like the size of the reserves the central bank should hold and the methods of monitoring loans that could go bad. Yet, the political intensity of the government&rsquo;s moves cannot be missed.<br /><br />Apart from bringing the never-before-used provision of Section 7 into play, it has also loaded the RBI board with its loyalists. This has allowed the Congress to promptly claim that the ruling party is seeking to tap RBI reserves for an election year spending strategy. And given the credibility of the political class this is a contention that cannot be lightly brushed aside.<br /><br />The story, though, goes a little deeper than the political rhetoric would suggest. The government&rsquo;s focus on loans to small business could be a long delayed official recognition that the two major economic initiatives of the Modi government &mdash; demonetisation and GST &mdash; have had a debilitating effect on small business. The party apparently now believes that if it does not do something to ease the pain on this class, there will be a price to pay in urban constituencies in 2019.<br /><br />As with all Indian governments since Indira Gandhi&rsquo;s loan mela days, the instinctive official response is to lend their way out of political trouble. Increasing the access to loans is expected to help small businesses step up their investment on the path to recovery. The trouble is the government may have, once again, got the wrong end of the economic stick. The problems small businesses face are not so much the availability of funds, as the collapse of demand.<br /><br />When 86 per cent of the currency is withdrawn it is inevitably a major blow to spending. This may well have been one of the short-term pains that Prime Minister Modi spoke of when he announced demonetisation. What the government has not been prepared for is its longer-term effect.<br /><br />Please <a href="https://www.thehindubusinessline.com/opinion/columns/narendar-pani/at-the-wrong-end-of-the-economic-stick-again/article25550410.ece?homepage=true" title="https://www.thehindubusinessline.com/opinion/columns/narendar-pani/at-the-wrong-end-of-the-economic-stick-again/article25550410.ece?homepage=true">click here</a> to read more. <br /></div>               </font>
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</span></span></code>
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-The Hindu Business Line&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Realising that DeMo pulverised MSMEs, an anxious Centre wants to hurriedly make amends. But loan disbursals may not help&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The spat between the government and the RBI is primarily in the realm of macroeconomic issues like the size of the reserves the central bank should hold and the methods of monitoring loans that could go bad. Yet, the political intensity of the government&amp;rsquo;s moves cannot be missed.&lt;br /&gt;
&lt;br /&gt;
Apart from bringing the never-before-used provision of Section 7 into play, it has also loaded the RBI board with its loyalists. This has allowed the Congress to promptly claim that the ruling party is seeking to tap RBI reserves for an election year spending strategy. And given the credibility of the political class this is a contention that cannot be lightly brushed aside.&lt;br /&gt;
&lt;br /&gt;
The story, though, goes a little deeper than the political rhetoric would suggest. The government&amp;rsquo;s focus on loans to small business could be a long delayed official recognition that the two major economic initiatives of the Modi government &amp;mdash; demonetisation and GST &amp;mdash; have had a debilitating effect on small business. The party apparently now believes that if it does not do something to ease the pain on this class, there will be a price to pay in urban constituencies in 2019.&lt;br /&gt;
&lt;br /&gt;
As with all Indian governments since Indira Gandhi&amp;rsquo;s loan mela days, the instinctive official response is to lend their way out of political trouble. Increasing the access to loans is expected to help small businesses step up their investment on the path to recovery. The trouble is the government may have, once again, got the wrong end of the economic stick. The problems small businesses face are not so much the availability of funds, as the collapse of demand.&lt;br /&gt;
&lt;br /&gt;
When 86 per cent of the currency is withdrawn it is inevitably a major blow to spending. This may well have been one of the short-term pains that Prime Minister Modi spoke of when he announced demonetisation. What the government has not been prepared for is its longer-term effect.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://www.thehindubusinessline.com/opinion/columns/narendar-pani/at-the-wrong-end-of-the-economic-stick-again/article25550410.ece?homepage=true&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
&lt;/div&gt;&#039;,
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Realising that DeMo pulverised MSMEs, an anxious Centre wants to hurriedly make amends. But loan disbursals may not help

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	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-The Hindu Business Line&lt;br /&gt;&lt;br /&gt;&lt;em&gt;Realising that DeMo pulverised MSMEs, an anxious Centre wants to hurriedly make amends. But loan disbursals may not help&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;The spat between the government and the RBI is primarily in the realm of macroeconomic issues like the size of the reserves the central bank should hold and the methods of monitoring loans that could go bad. Yet, the political intensity of the government&amp;rsquo;s moves cannot be missed.&lt;br /&gt;&lt;br /&gt;Apart from bringing the never-before-used provision of Section 7 into play, it has also loaded the RBI board with its loyalists. This has allowed the Congress to promptly claim that the ruling party is seeking to tap RBI reserves for an election year spending strategy. And given the credibility of the political class this is a contention that cannot be lightly brushed aside.&lt;br /&gt;&lt;br /&gt;The story, though, goes a little deeper than the political rhetoric would suggest. The government&amp;rsquo;s focus on loans to small business could be a long delayed official recognition that the two major economic initiatives of the Modi government &amp;mdash; demonetisation and GST &amp;mdash; have had a debilitating effect on small business. The party apparently now believes that if it does not do something to ease the pain on this class, there will be a price to pay in urban constituencies in 2019.&lt;br /&gt;&lt;br /&gt;As with all Indian governments since Indira Gandhi&amp;rsquo;s loan mela days, the instinctive official response is to lend their way out of political trouble. Increasing the access to loans is expected to help small businesses step up their investment on the path to recovery. The trouble is the government may have, once again, got the wrong end of the economic stick. The problems small businesses face are not so much the availability of funds, as the collapse of demand.&lt;br /&gt;&lt;br /&gt;When 86 per cent of the currency is withdrawn it is inevitably a major blow to spending. This may well have been one of the short-term pains that Prime Minister Modi spoke of when he announced demonetisation. What the government has not been prepared for is its longer-term effect.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://www.thehindubusinessline.com/opinion/columns/narendar-pani/at-the-wrong-end-of-the-economic-stick-again/article25550410.ece?homepage=true&quot; title=&quot;https://www.thehindubusinessline.com/opinion/columns/narendar-pani/at-the-wrong-end-of-the-economic-stick-again/article25550410.ece?homepage=true&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;/div&gt;&#039;,
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&lt;br /&gt;
&lt;em&gt;Realising that DeMo pulverised MSMEs, an anxious Centre wants to hurriedly make amends. But loan disbursals may not help&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
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&lt;br /&gt;
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&lt;br /&gt;
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&lt;br /&gt;
As with all Indian governments since Indira Gandhi&amp;rsquo;s loan mela days, the instinctive official response is to lend their way out of political trouble. Increasing the access to loans is expected to help small businesses step up their investment on the path to recovery. The trouble is the government may have, once again, got the wrong end of the economic stick. The problems small businesses face are not so much the availability of funds, as the collapse of demand.&lt;br /&gt;
&lt;br /&gt;
When 86 per cent of the currency is withdrawn it is inevitably a major blow to spending. This may well have been one of the short-term pains that Prime Minister Modi spoke of when he announced demonetisation. What the government has not been prepared for is its longer-term effect.&lt;br /&gt;
&lt;br /&gt;
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Realising that DeMo pulverised MSMEs, an anxious Centre wants to hurriedly make amends. But loan disbursals may not help

The spat between the government and the RBI is primarily in the realm of macroeconomic issues like the size...&#039;
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-The Hindu Business Line

Realising that DeMo pulverised MSMEs, an anxious Centre wants to hurriedly make amends. But loan disbursals may not help

The spat between the government and the RBI is primarily in the realm of macroeconomic issues like the size..."/>
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                <strong>Factors underlying the Centre-RBI conflict -Narendar Pani</strong></h1>
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                <div align="justify">-The Hindu Business Line<br /><br /><em>Realising that DeMo pulverised MSMEs, an anxious Centre wants to hurriedly make amends. But loan disbursals may not help<br /></em><br />The spat between the government and the RBI is primarily in the realm of macroeconomic issues like the size of the reserves the central bank should hold and the methods of monitoring loans that could go bad. Yet, the political intensity of the government&rsquo;s moves cannot be missed.<br /><br />Apart from bringing the never-before-used provision of Section 7 into play, it has also loaded the RBI board with its loyalists. This has allowed the Congress to promptly claim that the ruling party is seeking to tap RBI reserves for an election year spending strategy. And given the credibility of the political class this is a contention that cannot be lightly brushed aside.<br /><br />The story, though, goes a little deeper than the political rhetoric would suggest. The government&rsquo;s focus on loans to small business could be a long delayed official recognition that the two major economic initiatives of the Modi government &mdash; demonetisation and GST &mdash; have had a debilitating effect on small business. The party apparently now believes that if it does not do something to ease the pain on this class, there will be a price to pay in urban constituencies in 2019.<br /><br />As with all Indian governments since Indira Gandhi&rsquo;s loan mela days, the instinctive official response is to lend their way out of political trouble. Increasing the access to loans is expected to help small businesses step up their investment on the path to recovery. The trouble is the government may have, once again, got the wrong end of the economic stick. The problems small businesses face are not so much the availability of funds, as the collapse of demand.<br /><br />When 86 per cent of the currency is withdrawn it is inevitably a major blow to spending. This may well have been one of the short-term pains that Prime Minister Modi spoke of when he announced demonetisation. What the government has not been prepared for is its longer-term effect.<br /><br />Please <a href="https://www.thehindubusinessline.com/opinion/columns/narendar-pani/at-the-wrong-end-of-the-economic-stick-again/article25550410.ece?homepage=true" title="https://www.thehindubusinessline.com/opinion/columns/narendar-pani/at-the-wrong-end-of-the-economic-stick-again/article25550410.ece?homepage=true">click here</a> to read more. <br /></div>               </font>
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-The Hindu Business Line&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Realising that DeMo pulverised MSMEs, an anxious Centre wants to hurriedly make amends. But loan disbursals may not help&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The spat between the government and the RBI is primarily in the realm of macroeconomic issues like the size of the reserves the central bank should hold and the methods of monitoring loans that could go bad. Yet, the political intensity of the government&amp;rsquo;s moves cannot be missed.&lt;br /&gt;
&lt;br /&gt;
Apart from bringing the never-before-used provision of Section 7 into play, it has also loaded the RBI board with its loyalists. This has allowed the Congress to promptly claim that the ruling party is seeking to tap RBI reserves for an election year spending strategy. And given the credibility of the political class this is a contention that cannot be lightly brushed aside.&lt;br /&gt;
&lt;br /&gt;
The story, though, goes a little deeper than the political rhetoric would suggest. The government&amp;rsquo;s focus on loans to small business could be a long delayed official recognition that the two major economic initiatives of the Modi government &amp;mdash; demonetisation and GST &amp;mdash; have had a debilitating effect on small business. The party apparently now believes that if it does not do something to ease the pain on this class, there will be a price to pay in urban constituencies in 2019.&lt;br /&gt;
&lt;br /&gt;
As with all Indian governments since Indira Gandhi&amp;rsquo;s loan mela days, the instinctive official response is to lend their way out of political trouble. Increasing the access to loans is expected to help small businesses step up their investment on the path to recovery. The trouble is the government may have, once again, got the wrong end of the economic stick. The problems small businesses face are not so much the availability of funds, as the collapse of demand.&lt;br /&gt;
&lt;br /&gt;
When 86 per cent of the currency is withdrawn it is inevitably a major blow to spending. This may well have been one of the short-term pains that Prime Minister Modi spoke of when he announced demonetisation. What the government has not been prepared for is its longer-term effect.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://www.thehindubusinessline.com/opinion/columns/narendar-pani/at-the-wrong-end-of-the-economic-stick-again/article25550410.ece?homepage=true&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
&lt;/div&gt;&#039;,
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Realising that DeMo pulverised MSMEs, an anxious Centre wants to hurriedly make amends. But loan disbursals may not help

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	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-The Hindu Business Line&lt;br /&gt;&lt;br /&gt;&lt;em&gt;Realising that DeMo pulverised MSMEs, an anxious Centre wants to hurriedly make amends. But loan disbursals may not help&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;The spat between the government and the RBI is primarily in the realm of macroeconomic issues like the size of the reserves the central bank should hold and the methods of monitoring loans that could go bad. Yet, the political intensity of the government&amp;rsquo;s moves cannot be missed.&lt;br /&gt;&lt;br /&gt;Apart from bringing the never-before-used provision of Section 7 into play, it has also loaded the RBI board with its loyalists. This has allowed the Congress to promptly claim that the ruling party is seeking to tap RBI reserves for an election year spending strategy. And given the credibility of the political class this is a contention that cannot be lightly brushed aside.&lt;br /&gt;&lt;br /&gt;The story, though, goes a little deeper than the political rhetoric would suggest. The government&amp;rsquo;s focus on loans to small business could be a long delayed official recognition that the two major economic initiatives of the Modi government &amp;mdash; demonetisation and GST &amp;mdash; have had a debilitating effect on small business. The party apparently now believes that if it does not do something to ease the pain on this class, there will be a price to pay in urban constituencies in 2019.&lt;br /&gt;&lt;br /&gt;As with all Indian governments since Indira Gandhi&amp;rsquo;s loan mela days, the instinctive official response is to lend their way out of political trouble. Increasing the access to loans is expected to help small businesses step up their investment on the path to recovery. The trouble is the government may have, once again, got the wrong end of the economic stick. The problems small businesses face are not so much the availability of funds, as the collapse of demand.&lt;br /&gt;&lt;br /&gt;When 86 per cent of the currency is withdrawn it is inevitably a major blow to spending. This may well have been one of the short-term pains that Prime Minister Modi spoke of when he announced demonetisation. What the government has not been prepared for is its longer-term effect.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://www.thehindubusinessline.com/opinion/columns/narendar-pani/at-the-wrong-end-of-the-economic-stick-again/article25550410.ece?homepage=true&quot; title=&quot;https://www.thehindubusinessline.com/opinion/columns/narendar-pani/at-the-wrong-end-of-the-economic-stick-again/article25550410.ece?homepage=true&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;/div&gt;&#039;,
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&lt;br /&gt;
&lt;em&gt;Realising that DeMo pulverised MSMEs, an anxious Centre wants to hurriedly make amends. But loan disbursals may not help&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The spat between the government and the RBI is primarily in the realm of macroeconomic issues like the size of the reserves the central bank should hold and the methods of monitoring loans that could go bad. Yet, the political intensity of the government&amp;rsquo;s moves cannot be missed.&lt;br /&gt;
&lt;br /&gt;
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&lt;br /&gt;
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&lt;br /&gt;
As with all Indian governments since Indira Gandhi&amp;rsquo;s loan mela days, the instinctive official response is to lend their way out of political trouble. Increasing the access to loans is expected to help small businesses step up their investment on the path to recovery. The trouble is the government may have, once again, got the wrong end of the economic stick. The problems small businesses face are not so much the availability of funds, as the collapse of demand.&lt;br /&gt;
&lt;br /&gt;
When 86 per cent of the currency is withdrawn it is inevitably a major blow to spending. This may well have been one of the short-term pains that Prime Minister Modi spoke of when he announced demonetisation. What the government has not been prepared for is its longer-term effect.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://www.thehindubusinessline.com/opinion/columns/narendar-pani/at-the-wrong-end-of-the-economic-stick-again/article25550410.ece?homepage=true&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
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-The Hindu Business Line

Realising that DeMo pulverised MSMEs, an anxious Centre wants to hurriedly make amends. But loan disbursals may not help

The spat between the government and the RBI is primarily in the realm of macroeconomic issues like the size...&#039;
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-The Hindu Business Line

Realising that DeMo pulverised MSMEs, an anxious Centre wants to hurriedly make amends. But loan disbursals may not help

The spat between the government and the RBI is primarily in the realm of macroeconomic issues like the size..."/>
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                <strong>Factors underlying the Centre-RBI conflict -Narendar Pani</strong></h1>
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                <div align="justify">-The Hindu Business Line<br /><br /><em>Realising that DeMo pulverised MSMEs, an anxious Centre wants to hurriedly make amends. But loan disbursals may not help<br /></em><br />The spat between the government and the RBI is primarily in the realm of macroeconomic issues like the size of the reserves the central bank should hold and the methods of monitoring loans that could go bad. Yet, the political intensity of the government&rsquo;s moves cannot be missed.<br /><br />Apart from bringing the never-before-used provision of Section 7 into play, it has also loaded the RBI board with its loyalists. This has allowed the Congress to promptly claim that the ruling party is seeking to tap RBI reserves for an election year spending strategy. And given the credibility of the political class this is a contention that cannot be lightly brushed aside.<br /><br />The story, though, goes a little deeper than the political rhetoric would suggest. The government&rsquo;s focus on loans to small business could be a long delayed official recognition that the two major economic initiatives of the Modi government &mdash; demonetisation and GST &mdash; have had a debilitating effect on small business. The party apparently now believes that if it does not do something to ease the pain on this class, there will be a price to pay in urban constituencies in 2019.<br /><br />As with all Indian governments since Indira Gandhi&rsquo;s loan mela days, the instinctive official response is to lend their way out of political trouble. Increasing the access to loans is expected to help small businesses step up their investment on the path to recovery. The trouble is the government may have, once again, got the wrong end of the economic stick. The problems small businesses face are not so much the availability of funds, as the collapse of demand.<br /><br />When 86 per cent of the currency is withdrawn it is inevitably a major blow to spending. This may well have been one of the short-term pains that Prime Minister Modi spoke of when he announced demonetisation. What the government has not been prepared for is its longer-term effect.<br /><br />Please <a href="https://www.thehindubusinessline.com/opinion/columns/narendar-pani/at-the-wrong-end-of-the-economic-stick-again/article25550410.ece?homepage=true" title="https://www.thehindubusinessline.com/opinion/columns/narendar-pani/at-the-wrong-end-of-the-economic-stick-again/article25550410.ece?homepage=true">click here</a> to read more. <br /></div>               </font>
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-The Hindu Business Line<br />
<br />
<em>Realising that DeMo pulverised MSMEs, an anxious Centre wants to hurriedly make amends. But loan disbursals may not help<br />
</em><br />
The spat between the government and the RBI is primarily in the realm of macroeconomic issues like the size of the reserves the central bank should hold and the methods of monitoring loans that could go bad. Yet, the political intensity of the government&rsquo;s moves cannot be missed.<br />
<br />
Apart from bringing the never-before-used provision of Section 7 into play, it has also loaded the RBI board with its loyalists. This has allowed the Congress to promptly claim that the ruling party is seeking to tap RBI reserves for an election year spending strategy. And given the credibility of the political class this is a contention that cannot be lightly brushed aside.<br />
<br />
The story, though, goes a little deeper than the political rhetoric would suggest. The government&rsquo;s focus on loans to small business could be a long delayed official recognition that the two major economic initiatives of the Modi government &mdash; demonetisation and GST &mdash; have had a debilitating effect on small business. The party apparently now believes that if it does not do something to ease the pain on this class, there will be a price to pay in urban constituencies in 2019.<br />
<br />
As with all Indian governments since Indira Gandhi&rsquo;s loan mela days, the instinctive official response is to lend their way out of political trouble. Increasing the access to loans is expected to help small businesses step up their investment on the path to recovery. The trouble is the government may have, once again, got the wrong end of the economic stick. The problems small businesses face are not so much the availability of funds, as the collapse of demand.<br />
<br />
When 86 per cent of the currency is withdrawn it is inevitably a major blow to spending. This may well have been one of the short-term pains that Prime Minister Modi spoke of when he announced demonetisation. What the government has not been prepared for is its longer-term effect.<br />
<br />
Please <a href="https://www.thehindubusinessline.com/opinion/columns/narendar-pani/at-the-wrong-end-of-the-economic-stick-again/article25550410.ece?homepage=true">click here</a> to read more. <br />
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Realising that DeMo pulverised MSMEs, an anxious Centre wants to hurriedly make amends. But loan disbursals may not help

The spat between the government and the RBI is primarily in the realm of macroeconomic issues like the size...',
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-The Hindu Business Line<br />
<br />
<em>Realising that DeMo pulverised MSMEs, an anxious Centre wants to hurriedly make amends. But loan disbursals may not help<br />
</em><br />
The spat between the government and the RBI is primarily in the realm of macroeconomic issues like the size of the reserves the central bank should hold and the methods of monitoring loans that could go bad. Yet, the political intensity of the government&rsquo;s moves cannot be missed.<br />
<br />
Apart from bringing the never-before-used provision of Section 7 into play, it has also loaded the RBI board with its loyalists. This has allowed the Congress to promptly claim that the ruling party is seeking to tap RBI reserves for an election year spending strategy. And given the credibility of the political class this is a contention that cannot be lightly brushed aside.<br />
<br />
The story, though, goes a little deeper than the political rhetoric would suggest. The government&rsquo;s focus on loans to small business could be a long delayed official recognition that the two major economic initiatives of the Modi government &mdash; demonetisation and GST &mdash; have had a debilitating effect on small business. The party apparently now believes that if it does not do something to ease the pain on this class, there will be a price to pay in urban constituencies in 2019.<br />
<br />
As with all Indian governments since Indira Gandhi&rsquo;s loan mela days, the instinctive official response is to lend their way out of political trouble. Increasing the access to loans is expected to help small businesses step up their investment on the path to recovery. The trouble is the government may have, once again, got the wrong end of the economic stick. The problems small businesses face are not so much the availability of funds, as the collapse of demand.<br />
<br />
When 86 per cent of the currency is withdrawn it is inevitably a major blow to spending. This may well have been one of the short-term pains that Prime Minister Modi spoke of when he announced demonetisation. What the government has not been prepared for is its longer-term effect.<br />
<br />
Please <a href="https://www.thehindubusinessline.com/opinion/columns/narendar-pani/at-the-wrong-end-of-the-economic-stick-again/article25550410.ece?homepage=true">click here</a> to read more. <br />
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Realising that DeMo pulverised MSMEs, an anxious Centre wants to hurriedly make amends. But loan disbursals may not help

The spat between the government and the RBI is primarily in the realm of macroeconomic issues like the size...'
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Factors underlying the Centre-RBI conflict -Narendar Pani

-The Hindu Business Line Realising that DeMo pulverised MSMEs, an anxious Centre wants to hurriedly make amends. But loan disbursals may not help The spat between the government and the RBI is primarily in the realm of macroeconomic issues like the size of the reserves the central bank should hold and the methods of monitoring loans that could go bad. Yet, the political intensity of the government’s moves cannot be missed. Apart from bringing the never-before-used provision of Section 7 into play, it has also loaded the RBI board with its loyalists. This has allowed the Congress to promptly claim that the ruling party is seeking to tap RBI reserves for an election year spending strategy. And given the credibility of the political class this is a contention that cannot be lightly brushed aside. The story, though, goes a little deeper than the political rhetoric would suggest. The government’s focus on loans to small business could be a long delayed official recognition that the two major economic initiatives of the Modi government — demonetisation and GST — have had a debilitating effect on small business. The party apparently now believes that if it does not do something to ease the pain on this class, there will be a price to pay in urban constituencies in 2019. As with all Indian governments since Indira Gandhi’s loan mela days, the instinctive official response is to lend their way out of political trouble. Increasing the access to loans is expected to help small businesses step up their investment on the path to recovery. The trouble is the government may have, once again, got the wrong end of the economic stick. The problems small businesses face are not so much the availability of funds, as the collapse of demand. When 86 per cent of the currency is withdrawn it is inevitably a major blow to spending. This may well have been one of the short-term pains that Prime Minister Modi spoke of when he announced demonetisation. What the government has not been prepared for is its longer-term effect. Please click here to read more.