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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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Demonetisation: How the cash crisis can be used to tame rural commercial capital -Pravesh Sharma

-The Indian Express These enterprises — whom she broadly categorises as ‘rural commercial capital’ — enjoy privileged access to formal credit networks. In her insightful study of the working of agricultural markets in West Bengal, British development studies scholar Barbara Harris-White has documented in detail how trade in farm produce is controlled through a web of rural and semi-urban agro commercial enterprises. These enterprises — whom she broadly categorises as ‘rural commercial capital’...

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You have been warned -Pratap Bhanu Mehta

-The Indian Express Demonetisation politics unfolds as a vast morality play. Its imagination unleashes the state on you, in the name of protecting your own virtue. The so-called demonetisation is a watershed event for India. It signifies the arrival of a new kind of politics that will redefine the relationship between citizen and state. The scale of this event is so unprecedented that we are struggling to see where all the chips...

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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...

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Replacing scrapped Rs.500 and Rs.1,000 notes may take six more months -Jeanette Rodrigues

-Livemint.com Delays in replacing the currency risk prolonging the pain in the $2 trillion economy, where about 98% of consumer payments are made in cash Mumbai: For people expecting respite from the government’s clampdown on cash, here’s a reality check: it probably won’t come soon. Prime Minister Narendra Modi’s administration may need until May 2017 to replenish the stock of now worthless bills, according to Saumitra Chaudhuri, an economist who advised Modi’s predecessor....

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