While a ‘bail-in’ would backfire by creating a political storm, the government must step in to address potential concerns . After all, India’s middle class hasn’t forgotten about demonetisation.
The party is putting up a fierce fight by letting the Hardik-Alpesh-Jignesh trio capture the caste-based anger against the BJP, while Rahul focuses on larger political economy issues.
India’s new GDP series comes with an extremely odd seasonal variation in the growth of “financial, insurance real estate and professional services”, which in turn bolstered Q2 growth.
Not only is the real rate of GDP growth less than what the data suggest, it is also likely to fall in the coming quarters.
Numbers show the BJP has always dominated the top tier. The real story of their big loss in vote share lies in the bottom two tiers.
The precipitous drop in October exports shows that the feared GST-fuelled disruption of MSME supply chains has now started taking its toll on the country’s export performance.
While right-wing trade groups that support the ruling NDA government have enthusiastically campaigned for a boycott of Chinese products, demonetisation and the hasty roll-out of GST might have even caused a bump in imports.
The senior leader heading a faction of the JD(U) talks about how the Gujarat elections are likely to set the tone for the 2019 Lok Sabha polls, Nitish Kumar’s demand for quota for backward classes in the private sector and more.
The relevance of parliament as an institution of accountability has come into question.
The foreign enemy has already been overdone. We need to invent new enemies. History or a certain version of it is to be flaunted to graze up our sore spot.
Karan Thapar interviews Montek Singh Ahluwalia, former deputy chairman of the Planning Commission, about demonetisation, GST and the overall state of the Indian economy.
As India Rushes Towards Digital Money, Are We Doing Enough For the Elderly and Those With Disabilities?
A recent RBI circular reminds us that digital banking, welcome as it is in the overall context, does not benefit all sections of society equally.
The note ban followed soon after by the new tax regime have hit the predominantly mercantile state hard, but the urban voters still cannot see themselves siding with the opposition.
On the first anniversary of demonetisation, economist Prabhat Patnaik speaks about why its stated objectives were not achieved, the role of GST and more.
Contrary to what a recent New York Times article claims, the sari is not limited to a particular ideological group, religion or class and is, in fact, representative of India’s multiplicity.
Vinod Dua discusses how cash transactions have increased contrary to one of the goals of demonetisation and why the BJP and RSS are attempting to tarnish Jawaharlal Nehru’s legacy.
In an interview with Karan Thapar for The Wire, Sitaram Yechury, general secretary of the Communist Party of India (Marxist), criticises demonetisation and argues that it failed to achieve all the objectives that were promised by the government.
The demand has been made following a finance ministry assessment on October 25 of the financial health of 14 state companies, including top miner NMDC Ltd and trading firm MMTC Ltd.
“Apart from the high taxation rate, what is creating a lot of problems is that people in the trade are unable to understand the working of the new system.”
Thousands of semi-literate, mostly unskilled workers employed as tailors, packers and cutters in the textile industry – the second largest non-farm employer in India –have been hit hardest by demonetisation.
“Living standards have fallen, joblessness and job insecurity has increased, and the country’s self-reliance is threatened by your government’s policies.”
Having once achieved fame, wealth, or both, Indian actors, businessmen and sportsmen are unwilling to risk losing it by speaking out against social injustice or the crimes of the state.
Government’s claim that a reduction of currency in circulation is proof of greater transparency is based on the flawed belief that a lower cash to GDP ratio indicates less corruption.
While many say that GST and demonetisation have dealt a severe blow to their livelihoods, some still remain hopeful that the Modi government will take steps to address the fast deteriorating conditions.
While Nepal is still awaiting a way to return the banned notes, Bhutan has curbed the use of the new high-denomination notes.
We must have an exhaustive investigation of every minute aspect of this whole disastrous experience. This includes a government-led comprehensive one, resulting in a white paper or report tabled in Parliament.
One year later, the stated objectives of Modi’s shuddhi yagna stand unmet, while India’s poor and most vulnerable continue to bleed. “Demonetisation is not the end but the beginning of a ‘long, deep and constant’ battle against black money and corruption and will benefit the poor and the common […]
Vinod Dua discusses how demonetisation affected jobs and economic growth, and Indians who figure in the Paradise Papers leaks.
Swadeshi Jagran Manch convener Ashwani Mahajan and Jawaharlal Nehru University professor Himanshu join Maya Mirchandani to discuss the mixed balance-sheet.
Demonetisation has resulted in, at best, marginal improvements in India’s tax compliance and digitisation. But at what cost?
A study in December 2016 reported 40% and 32% job losses in the age groups of 40-55 and 22-30 years respectively during the first 50 days of demonetisation.
Documenting the agony of people whose hard earned money was turned valueless overnight on November 8, 2016.
While digital transactions have started ebbing, with cash remaining king in the real estate sector, what has been hit are new investment proposals and the informal economy in general.
Analysis using Milton Friedman’s theory shows India’s GDP growth is likely to crawl back to its long-run level. However, we cannot deny the loss in interim GDP because of demonetisation.
Look at the image carefully. The face of the man tells us countless stories of hardships suffered and misfortunes borne because of demonetisation. It is another matter that those who can and should ease his pain never even registered the photo in the first place.
The prime minister’s ‘rich versus poor narrative’, which helped sell demonetisation in its first few months, is collapsing in the face of devastation in the informal and formal sectors.
What matters now is the meta narrative about how India debates, makes and implements policies. If too many people in politics feel that this kind of decision won the Uttar Pradesh election, then we may have more of such actions
Demonetisation crippled an economy that ran on cash; it destroyed the livelihoods of millions of farmers, workers, traders, women and the elderly; and it violated the dignity and liberty of law-abiding citizens.
While the negative impact of demonetisation can still be felt, the gains have been minor and could have been achieved even without the disruptive move.
Most cashless modes saw growth spike in the immediate months after demonetisation but subsided in the following months.