-Hindustan Times Plight of the migrants: Jobless labourers return home after demonetisation Twenty-three-year-old Avinash Kumar is planning to postpone his sister’s marriage. The money he had saved, working at a sweatshop in New Delhi’s Mongolpuri, is all but gone. Kumar lost his job in about two weeks from the time Prime Minister Narendra Modi announced a ban on Rs 500 and Rs 1,000 notes, in a move that he termed as the biggest-ever...
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Utsa Patnaik, professor emeritus at Jawaharlal Nehru University, interviewed by TK Rajalakshmi
-Frontline.in Interview with Utsa Patnaik, professor emerita of economics, Jawaharlal Nehru University. By T.K. RAJALAKSHMI THE FALLOUT of the decision of the National Democratic Alliance government to demonetise currency of higher denominations has been felt across all sections of people. There are concerns that it will lead to an overall economic slowdown given the acute shortage of currency for industrial and agricultural operations. The impact on agriculture and those dependent on agriculture...
More »Veggie wholesale rates crash, retail prices only dip in cities -Subodh Varma
-The Times of India In the finely balanced but lucrative economy of vegetable and fruit trade, demonetisation has had a bizarre effect. In distant rural areas, local vegetable prices — both wholesale and retail — have crashed as the oxygen of currency has been suddenly sucked out. Since the whole economy depended on cash, from transport to mandis to purchase prices, this is unsurprising. But in cities, where there is more liquidity,...
More »Demonetisation hits MSMEs hard, output plunges to 50% of capacity; labour unrest fears haunt sector -Abheri Raychaudhuri
-The Financial Express Ahmedabad: With production having slowed down to about 50% for most micro, small and medium enterprises (MSMEs) since the demonetisation of R500 and R1,000 notes by the Centre, a spectre of unrest is beginning to haunt labour-intensive sectors such as the textile and chemicals units in Gujarat. “There are two lakh registered MSME units in Gujarat, several of which form ancillary units for the textile industry such as for...
More »Slumber fear grips economy
-The Telegraph The pundits have started to crunch numbers to assess the immediate impact of the Narendra Modi government's demonetisation drive on the economy, businesses and households - and the picture doesn't look too good. A consensus has started to emerge that the economy will take a hard knock in the short term with GDP growth likely to contract by 0.7 to 1 percentage point over the next year. The maximum impact...
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