The idea that demonetisation would leave banks flush with household savings that they could lend to productive parts of the economy has been debunked.
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Agree with the author. Demonetization was an unwarranted gamble, that didn’t pay off. However, that is history. The impact has dissipated. The NDA has also brought in major reforms like GST, IBC and RERA. Same was also true for Vajpayee era. How many reforms were introduced by the UPA in its 10 years long tenure? Yes, GDP growth rate was higher. But it was accompanied by very high inflation rate. UPA-II had average retail inflation of more than 10%. The growth was achieved by allowing excessive credit growth, which now has resulted in a mountain of NPAs. 7% GDP growth with moderate inflation is a far better scenario.
During UPA’s ten year st power from 2004 to 2014 the man incharge, MMS,is a highly educated internationally renowned economist who could understand repercussions of taking such decisions as demonetisation and therefore refrained from doing so. In his place we elected NM who’s only claim to understanding economy was his gift of rhetoric/gab and nothing beyond that. With the result our country has had to contend with flight of foreign capital, job loss etc etc.
To counter a repeat of this type of situation we should have some minimum educational qualifications for our law makers……
Sir, I agree with your argument completely. In addition, we should try finding out if the person has megalomaniac tendencies. There is an old saying – chuhe to mili haldi, woh khud ko pansari samajh baitha. We need to guard ourselves against leaders who only think of power and are desperate to stay in power by hook or by crook. our present leadership seems to be reflecting a limited understanding of what it is be managing a government in a democracy.
Nobody trusts your prejudiced reporting aimed at misguiding public.
One understands the need for secrecy in a decision of this nature. The circle of people privy to the move had necessarily to be small. Perhaps the CCEA, a dozen Secretary level officers, the Governor of the RBI, the CEA, even the head of SBI, since the entire banking system would be dealing with the process. Between them, assuming they could not have urged the decision itself not to be taken, they would have planned for the entire exercise to be implemented much better, avoiding the chaos and hardship that resulted. It is a tribute to the patience, fortitude, tolerance of the brave Indian people that they lived through this decision and its continuing aftermath.
Agree with the author. Demonetization was an unwarranted gamble, that didn’t pay off. However, that is history. The impact has dissipated. The NDA has also brought in major reforms like GST, IBC and RERA. Same was also true for Vajpayee era. How many reforms were introduced by the UPA in its 10 years long tenure? Yes, GDP growth rate was higher. But it was accompanied by very high inflation rate. UPA-II had average retail inflation of more than 10%. The growth was achieved by allowing excessive credit growth, which now has resulted in a mountain of NPAs. 7% GDP growth with moderate inflation is a far better scenario.
This government is a total faliure and we Indians will have harder days in the coming years
During UPA’s ten year st power from 2004 to 2014 the man incharge, MMS,is a highly educated internationally renowned economist who could understand repercussions of taking such decisions as demonetisation and therefore refrained from doing so. In his place we elected NM who’s only claim to understanding economy was his gift of rhetoric/gab and nothing beyond that. With the result our country has had to contend with flight of foreign capital, job loss etc etc.
To counter a repeat of this type of situation we should have some minimum educational qualifications for our law makers……
Sir, I agree with your argument completely. In addition, we should try finding out if the person has megalomaniac tendencies. There is an old saying – chuhe to mili haldi, woh khud ko pansari samajh baitha. We need to guard ourselves against leaders who only think of power and are desperate to stay in power by hook or by crook. our present leadership seems to be reflecting a limited understanding of what it is be managing a government in a democracy.
Nobody trusts your prejudiced reporting aimed at misguiding public.
One understands the need for secrecy in a decision of this nature. The circle of people privy to the move had necessarily to be small. Perhaps the CCEA, a dozen Secretary level officers, the Governor of the RBI, the CEA, even the head of SBI, since the entire banking system would be dealing with the process. Between them, assuming they could not have urged the decision itself not to be taken, they would have planned for the entire exercise to be implemented much better, avoiding the chaos and hardship that resulted. It is a tribute to the patience, fortitude, tolerance of the brave Indian people that they lived through this decision and its continuing aftermath.