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: 150
 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
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
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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: 151
 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
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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 97
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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In an earlier article, Pronab Sen, Country Director, IGC India Central, examined some of the economic consequences of the recent demonetisation of Rs. 1,000 and 500 notes in India, and concluded that the potential damage could be substantial,..."/>
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In an earlier article, Pronab Sen, Country Director, IGC India Central, examined some of the economic consequences of the recent demonetisation of Rs. 1,000 and 500 notes in India, and concluded that the potential damage could be substantial,..." />
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                            <div align="justify">-Ideas for India<br /><br /><em>In an <a href="https://im4change.in/latest-news-updates/shock-and-oh-damn-pronab-sen-4680552.html" title="https://im4change.in/latest-news-updates/shock-and-oh-damn-pronab-sen-4680552.html">earlier article</a>, Pronab Sen, Country Director, IGC India Central, examined some of the economic consequences of the recent demonetisation of Rs. 1,000 and 500 notes in India, and concluded that the potential damage could be substantial, both in terms of growth and equity.<br /><br />In this article, focussing on solutions, he contends that the government now needs to realise that credit for production purposes is at least as, if not more, important than providing liquidity for consumption.<br /></em><br />In an <a href="https://im4change.in/latest-news-updates/shock-and-oh-damn-pronab-sen-4680552.html" title="https://im4change.in/latest-news-updates/shock-and-oh-damn-pronab-sen-4680552.html">earlier article</a>, I had examined some of the economic consequences of the recent demonetisation of Rs. 1,000 and 500 notes in India, and concluded that the potential damage could be substantial, both in terms of growth and equity. However, economists are not, or rather should not be, only storm crows. While pointing out the dangers looming in the future, it is also incumbent on us to suggest ameliorative, if not solutions. Whether these are accepted or not is a different matter altogether, but one should at least try. This article is in that spirit, and should therefore be read as a companion piece to the earlier &ndash; a balm to soothe the impending hurt. &nbsp;<br /><br />The point that I had made earlier was that the demonetisation will have serious supply-side effects involving loss of both production and employment, especially in the informal sector. The measures that have been taken by the government so far are mostly designed to address the demand-side issues in an orderly and equitable manner. This is no doubt essential, but the hope that the liquidity released will rapidly percolate to the production side is seriously questionable. The greater likelihood is that most people will curtail their current consumption and try to rebuild their precautionary cash holdings as quickly as they can. The net result is that the currency in active circulation will be significantly lower than the currency pumped in, which means a continuing lack of liquidity in the informal sector. So what are the alternatives?<br /><br />The first best and most elegant option is to do what should have been done in the first place &ndash; announce that both the old and the new currencies will be legal until 31 December, after which the former will become so much scrap paper. If all the procedural checks that have been imposed are kept intact, as they should, I do not see how this would be less effective in addressing counterfeiting and in penalising black money holders than what is happening now. However, far too much political capital has been invested in the current design, and any back-tracking will involve serious loss of face. As they say: it just ain&rsquo;t gonna happen! Which leaves us then with the &ldquo;Band Aid&rdquo; approach.<br /><br />Please <a href="http://www.ideasforindia.in/Article.aspx?article_id=1726" title="http://www.ideasforindia.in/Article.aspx?article_id=1726">click here</a> to read more. <br /><br /></div>                                                           
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    <br><a href="http://www.ideasforindia.in/Article.aspx?article_id=1726" class="re" target="_blank">Ideas for India, 18 November, 2016, http://www.ideasforindia.in/Article.aspx?article_id=1726</a><div class="clear"></div>
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                            <div align="justify">-Ideas for India<br /><br /><em>In an <a href="https://im4change.in/latest-news-updates/shock-and-oh-damn-pronab-sen-4680552.html" title="https://im4change.in/latest-news-updates/shock-and-oh-damn-pronab-sen-4680552.html">earlier article</a>, Pronab Sen, Country Director, IGC India Central, examined some of the economic consequences of the recent demonetisation of Rs. 1,000 and 500 notes in India, and concluded that the potential damage could be substantial, both in terms of growth and equity.<br /><br />In this article, focussing on solutions, he contends that the government now needs to realise that credit for production purposes is at least as, if not more, important than providing liquidity for consumption.<br /></em><br />In an <a href="https://im4change.in/latest-news-updates/shock-and-oh-damn-pronab-sen-4680552.html" title="https://im4change.in/latest-news-updates/shock-and-oh-damn-pronab-sen-4680552.html">earlier article</a>, I had examined some of the economic consequences of the recent demonetisation of Rs. 1,000 and 500 notes in India, and concluded that the potential damage could be substantial, both in terms of growth and equity. However, economists are not, or rather should not be, only storm crows. While pointing out the dangers looming in the future, it is also incumbent on us to suggest ameliorative, if not solutions. Whether these are accepted or not is a different matter altogether, but one should at least try. This article is in that spirit, and should therefore be read as a companion piece to the earlier &ndash; a balm to soothe the impending hurt. &nbsp;<br /><br />The point that I had made earlier was that the demonetisation will have serious supply-side effects involving loss of both production and employment, especially in the informal sector. The measures that have been taken by the government so far are mostly designed to address the demand-side issues in an orderly and equitable manner. This is no doubt essential, but the hope that the liquidity released will rapidly percolate to the production side is seriously questionable. The greater likelihood is that most people will curtail their current consumption and try to rebuild their precautionary cash holdings as quickly as they can. The net result is that the currency in active circulation will be significantly lower than the currency pumped in, which means a continuing lack of liquidity in the informal sector. So what are the alternatives?<br /><br />The first best and most elegant option is to do what should have been done in the first place &ndash; announce that both the old and the new currencies will be legal until 31 December, after which the former will become so much scrap paper. If all the procedural checks that have been imposed are kept intact, as they should, I do not see how this would be less effective in addressing counterfeiting and in penalising black money holders than what is happening now. However, far too much political capital has been invested in the current design, and any back-tracking will involve serious loss of face. As they say: it just ain&rsquo;t gonna happen! Which leaves us then with the &ldquo;Band Aid&rdquo; approach.<br /><br />Please <a href="http://www.ideasforindia.in/Article.aspx?article_id=1726" title="http://www.ideasforindia.in/Article.aspx?article_id=1726">click here</a> to read more. <br /><br /></div>                                                           
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    <br><a href="http://www.ideasforindia.in/Article.aspx?article_id=1726" class="re" target="_blank">Ideas for India, 18 November, 2016, http://www.ideasforindia.in/Article.aspx?article_id=1726</a><div class="clear"></div>
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In an earlier article, Pronab Sen, Country Director, IGC India Central, examined some of the economic consequences of the recent demonetisation of Rs. 1,000 and 500 notes in India, and concluded that the potential damage could be substantial,..."/>
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-Ideas for India

In an earlier article, Pronab Sen, Country Director, IGC India Central, examined some of the economic consequences of the recent demonetisation of Rs. 1,000 and 500 notes in India, and concluded that the potential damage could be substantial,..." />
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                            <div align="justify">-Ideas for India<br /><br /><em>In an <a href="https://im4change.in/latest-news-updates/shock-and-oh-damn-pronab-sen-4680552.html" title="https://im4change.in/latest-news-updates/shock-and-oh-damn-pronab-sen-4680552.html">earlier article</a>, Pronab Sen, Country Director, IGC India Central, examined some of the economic consequences of the recent demonetisation of Rs. 1,000 and 500 notes in India, and concluded that the potential damage could be substantial, both in terms of growth and equity.<br /><br />In this article, focussing on solutions, he contends that the government now needs to realise that credit for production purposes is at least as, if not more, important than providing liquidity for consumption.<br /></em><br />In an <a href="https://im4change.in/latest-news-updates/shock-and-oh-damn-pronab-sen-4680552.html" title="https://im4change.in/latest-news-updates/shock-and-oh-damn-pronab-sen-4680552.html">earlier article</a>, I had examined some of the economic consequences of the recent demonetisation of Rs. 1,000 and 500 notes in India, and concluded that the potential damage could be substantial, both in terms of growth and equity. However, economists are not, or rather should not be, only storm crows. While pointing out the dangers looming in the future, it is also incumbent on us to suggest ameliorative, if not solutions. Whether these are accepted or not is a different matter altogether, but one should at least try. This article is in that spirit, and should therefore be read as a companion piece to the earlier &ndash; a balm to soothe the impending hurt. &nbsp;<br /><br />The point that I had made earlier was that the demonetisation will have serious supply-side effects involving loss of both production and employment, especially in the informal sector. The measures that have been taken by the government so far are mostly designed to address the demand-side issues in an orderly and equitable manner. This is no doubt essential, but the hope that the liquidity released will rapidly percolate to the production side is seriously questionable. The greater likelihood is that most people will curtail their current consumption and try to rebuild their precautionary cash holdings as quickly as they can. The net result is that the currency in active circulation will be significantly lower than the currency pumped in, which means a continuing lack of liquidity in the informal sector. So what are the alternatives?<br /><br />The first best and most elegant option is to do what should have been done in the first place &ndash; announce that both the old and the new currencies will be legal until 31 December, after which the former will become so much scrap paper. If all the procedural checks that have been imposed are kept intact, as they should, I do not see how this would be less effective in addressing counterfeiting and in penalising black money holders than what is happening now. However, far too much political capital has been invested in the current design, and any back-tracking will involve serious loss of face. As they say: it just ain&rsquo;t gonna happen! Which leaves us then with the &ldquo;Band Aid&rdquo; approach.<br /><br />Please <a href="http://www.ideasforindia.in/Article.aspx?article_id=1726" title="http://www.ideasforindia.in/Article.aspx?article_id=1726">click here</a> to read more. <br /><br /></div>                                                           
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    <br><a href="http://www.ideasforindia.in/Article.aspx?article_id=1726" class="re" target="_blank">Ideas for India, 18 November, 2016, http://www.ideasforindia.in/Article.aspx?article_id=1726</a><div class="clear"></div>
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Picking up the pieces -Pronab Sen

Published on Nov 19, 2016   Modified on Nov 19, 2016

-Ideas for India In an earlier article, Pronab Sen, Country Director, IGC India Central, examined some of the economic consequences of the recent demonetisation of Rs. 1,000 and 500 notes in India, and concluded that the potential damage could be substantial, both in terms of growth and equity. In this article, focussing on solutions, he contends that the government now needs to realise that credit for production purposes is at least as, if not more, important than providing liquidity for consumption. In an earlier article, I had examined some of the economic consequences of the recent demonetisation of Rs. 1,000 and 500 notes in India, and concluded that the potential damage could be substantial, both in terms of growth and equity. However, economists are not, or rather should not be, only storm crows. While pointing out the dangers looming in the future, it is also incumbent on us to suggest ameliorative, if not solutions. Whether these are accepted or not is a different matter altogether, but one should at least try. This article is in that spirit, and should therefore be read as a companion piece to the earlier – a balm to soothe the impending hurt.   The point that I had made earlier was that the demonetisation will have serious supply-side effects involving loss of both production and employment, especially in the informal sector. The measures that have been taken by the government so far are mostly designed to address the demand-side issues in an orderly and equitable manner. This is no doubt essential, but the hope that the liquidity released will rapidly percolate to the production side is seriously questionable. The greater likelihood is that most people will curtail their current consumption and try to rebuild their precautionary cash holdings as quickly as they can. The net result is that the currency in active circulation will be significantly lower than the currency pumped in, which means a continuing lack of liquidity in the informal sector. So what are the alternatives? The first best and most elegant option is to do what should have been done in the first place – announce that both the old and the new currencies will be legal until 31 December, after which the former will become so much scrap paper. If all the procedural checks that have been imposed are kept intact, as they should, I do not see how this would be less effective in addressing counterfeiting and in penalising black money holders than what is happening now. However, far too much political capital has been invested in the current design, and any back-tracking will involve serious loss of face. As they say: it just ain’t gonna happen! Which leaves us then with the “Band Aid” approach. Please click here to read more.

Ideas for India, 18 November, 2016, http://www.ideasforindia.in/Article.aspx?article_id=1726

Tagged with: Informal Credit informal economy informal employment Informal Workers Traditional Business cash crunch Currency demonetisation Demonetisation farming Agriculture Informal Trade

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