-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...
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M Govinda Rao, ex-Director, National Institute of Public Finance and Policy (2003-13), interviewed by S Rajendran (The Hindu)
-The Hindu Centre for Politics and Public Policy Prime Minister Narendra Modi's announcement demonetising high denomination notes on November 8, 2016, will do little to address the prime objective of flushing out black money but will adversely affect the economy in the short term, especially the informal sector, which is predominant in India, says M. Govinda Rao, a Member of the Fourteenth Finance Commission and Emeritus Professor, National Institute of Public...
More »Small farmers, farm workers bear the brunt as cash becomes scarce
-The Hindu Stories of distress, following a year of drought and now demonetisation, reverberate through State BENGALURU: First, the water in their fields disappeared, and now, the cash in the market. For Rajaiah of Boovanahalli in Hassan district, the cash crunch following demonetisation has seen his yet-to-be harvested maize shrouded in uncertainty. “There are no merchants to purchase as they have no cash,” he said. There is desperation, however, as his entire produce...
More »How India's currency ban is hurting the poor -Soutik Biswas
-BBC India's latest crackdown on black money is turning out to be a nightmare for the poor and the middle class. Three days after 500 ($7) and 1,000 rupee notes were withdrawn as part of anti-corruption measures, hordes of panicky people are thronging banks and ATMS to deposit expired money and withdraw lower denominations to run their lives. The queues are getting longer and angrier, and despite the government's loud promises, banks and...
More »Demonetisation leaves lakhs of tea, jute workers in Bengal, Northeast unpaid -Snigdhendu Bhattacharya, Amitava Banerjee and Rahul Karmakar
-Hindustan Times Kolkata/ Darjeeling/ Guwahati: More than five lakh workers in West Bengal’s biggest labour-intensive industries of tea and jute have not got wages since Wednesday when the union government withdrew two high-denomination currency notes. A similar predicament exists in neighbouring Assam and the rest of the Northeast, which has tea estates in remote areas where currency notes will take days to arrive. In Bengal, owners of several tea gardens and jute mills...
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