-Business Standard The year-on-year growth in credit was just 6.6%, down from 9.3% a year ago Mumbai: Showing effect of demonetisation, bank credit in India shrunk by Rs 61, 000 crore (0.8% in fifteen days ended November 25, 2016) on the demand destruction. In contrast, banks are trying to cope with the huge inflow of money as people deposited Rs 4,03,000 crore during the same period. The outstanding credit of banking system in...
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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 »Will note ban dry up informal loans in rural India? -Sayantan Bera
-Livemint.com Nearly 40% of loans taken by agricultural households come from informal sources, shows data New Delhi: Demonetisation of high value Currency has impacted the rural and agriculture sectors in several ways. In the days following Prime Minister Narendra Modi announcing withdrawal of Rs500 and Rs1,000 notes, trade in wholesale markets took a hit due to the acute cash crunch and farmers resorted to distress sales of perishables like fruits and vegetables....
More »Questions on cash goalposts -Jayanta Roy Chowdhury
-The Telegraph New Delhi: The Narendra Modi government has started to fumble for explanations, with the original raison d'etre for the demonetisation drive coming under strain because of the high volume of cash deposits that have poured into bank accounts. Almost 80 per cent of the Rs 500 and Rs 1,000 notes that were demonetised on November 9 has come straight back into the banking system, prompting the government to change the...
More »Demonetisation: Politics trumps economics -Deepak Nayyar
-Livemint.com The possible macroeconomic consequences of demonetisation are cause for concern as cash is the lifeblood of the economy It is exactly one month since Prime Minister Narendra Modi announced the decision that Rs.500 and Rs.1,000 notes would cease to be legal tender acceptable for payments in settlement of transactions. There was some provision for exchange or deposit of old notes at banks, but with specified limits on sums and time. The past...
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