-IANS It will take time for the economists to figure out whether the fall in the growth rate to 5.7 per cent is the result of the disruption caused by demonetisation and the Goods and Services Tax (GST), but most of the common people will see a connection between the two steps and a slowing down of the economy. For most of them, the GST seems right -- like the uniform civil...
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Raghuram Rajan breaks silence, says he wasn't on board for demonetisation -Rajesh Mahapatra
-Hindustan Times Raghuram Rajan makes the disclosure in his latest book -- I do what I do – which is a compilation of speeches he delivered on a wide range of issues as the RBI governor. Former RBI governor Raghuram Rajan has revealed that he did not favour demonetisation as he felt the short term economic costs associated with such a disruptive decision would outweigh any longer term benefits from it. Rajan...
More »It was the suddenness of demonetisation that added immensely to its costs, and nothing to its benefits -Shankar Raghuraman
-The Times of India blog Whatever its critics may say, there is one unambiguous achievement of the demonetisation drive. The Reserve Bank of India can surely now claim its rightful place in the Guinness or Limca books for the world record in time spent on a single count of currency notes. But what about the other benefits that the finance ministry claimed after RBI announced the results of this mahayajna of...
More »Demonetisation: The chronicle of a failure foretold -C Rammanohar Reddy
-Scroll.in Because the exercise was doomed to fail in its primary objective of rooting out black money, the government kept changing its aims. We have travelled a long way from November 8, 2016, when Prime Minister Narendra Modi told us that the black money held in Rs 500 and Rs 1,000 currency notes would become “worthless pieces of paper”. Now, we are told by the finance ministry that the government expected...
More »Achchhe din's worst day
-The Telegraph The Central Statistics Office reported today that economic growth sank to a three-year low at 5.7 per cent, striking at the core of Prime Minister Narendra Modi's promise of achchhe din. The sharp slowdown is a result of the two biggest disruptive measures taken by the Modi government: demonetisation and the goods and services tax. The double whammy has badly crimped factory output and squeezed the services sector. The GDP growth...
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