-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...
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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 »At 5.7%, Q1 GDP growth slumps to 3-year low -KR Srivats
-The Hindu Business Line Uncertainty over GST and related de-stocking hit industrial sector in Q1, says Anant New Delhi: Three key macro-data points released on Thursday presented a worrying picture of the economy, adding credence to the Reserve Bank of India Monetary Policy Committee’s recent fears of slower growth. The keenly-awaited first-quarter GDP growth number came in at 5.7 per cent, a three-year low and far lower than the 7.9 per cent GDP...
More »Demonetisation coin falls on Narendra Modi government's head, leaves behind a large bump -Sandipan Sharma
-Firstpost.com The Narendra Modi government seems to have inherited Amitabh Bachchan's famous coin from Sholay. For, whichever way it falls, the government claims it has won. Its latest spin on demonetisation is yet another example of the government's 'heads we win, tails we win' arrogance. But, economy is not cinema. So, don't believe for a moment that the government was expecting almost all of the demonetised currency to return to the Reserve...
More »The Truth About Demonetisation -Prabhat Patnaik
-Newsclick.in After months of dilly-dallying the Reserve Bank of India has finally come out with the figure that nearly 99 percent of the currency notes demonetised in November 2016, came back to the banking system. After months of dilly-dallying the Reserve Bank of India has finally come out with the figure that nearly 99 percent of the currency notes demonetised in November 2016, came back to the banking system. The total value...
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