-NDTV New Delhi/ Jhansi: It is 8 in the morning and for 60-year-old mason Amir Khan, a migrant from Uttar Pradesh's drought-hit Bundelkhand region, it looks like the day will involve yet another futile wait for work on a South Delhi road - the third such day in succession. Mr Khan is one among thousands from Bundelkhand who work as daily wagers in bigger cities each year, sending back money to help...
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No, the poor aren't sleeping peacefully -Salil Tripathi
-Livemint.com The rich and the middle class have their digital wallets and credit cards; they can afford to wait two weeks, even 50 days, for their money to be exchanged One has to be astonishingly callous or exceptionally removed from reality to think that the poor are sleeping peacefully and only the rich are frightened, needing sleeping pills in the wake of the great currency-exchange drama playing out in India. For that’s...
More »Artificially created distress -Utsa Patnaik
-The Hindu To prevent further damage to the economy and to relieve distress, demonetisation should be revoked immediately Without adequate preparation or thought, the monetary authorities and the government have taken a drastic step declaring as worthless over 86 per cent by value of the currency notes in circulation with the public. A prior large increase of lower denomination notes should have been ensured through banks and ATMs, so that overall money...
More »In UP, the wind that shakes the paddy -Omar Rashid
-The Hindu ‘Merchants say they have no cash. They offer low prices [for the paddy crop], which is unviable.’ BARABANKI (Uttar Pradesh): The little makeshift kiosks that dot Baruwanarendrapur’s rustic landscape, supplying it rations and other daily items, have not opened since November 9. The next nearest supply point is at Ramnagar Kasba, a good 10 km away, entailing an excruciating wait at the railway crossing on the route. Holi Gautam, a Dalit...
More »In fact: When the money stops -Harish Damodaran
-The Indian Express The effects of de-monetisation will be the most acute when it spreads from consumption in households to production in factories and by farmers across the country. So far, the effects of Prime Minister Narendra Modi’s ‘de-monetisation’ of existing Rs 500 and Rs 1,000 denomination currency notes have been largely felt by households, shopkeepers and other microenterprises. These economic agents have, to a limited extent, adjusted to the new situation...
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