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Demonetization, a failure
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ashdoc
Idéfix
smArtha
confuzzled dude
8 posters
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Demonetization, a failure
https://www.nytimes.com/2017/06/29/opinion/india-and-the-visible-hand-of-the-market.html
http://www.livemint.com/Money/g6iNGKdOfxxXCPKxgsFsSP/Electronic-money-transactions-are-back-to-predemonetization.html
http://www.livemint.com/Money/g6iNGKdOfxxXCPKxgsFsSP/Electronic-money-transactions-are-back-to-predemonetization.html
confuzzled dude- Posts : 10205
Join date : 2011-05-08
Re: Demonetization, a failure
http://asia.nikkei.com/Politics-Economy/Economy/India-cash-crunch-rules-trigger-worst-slump-in-7-years-for-new-residential-projects?page=1MUMBAI (NewsRise) -- The launch of new residential projects in India slumped the most in seven years in the first half of 2017, as a high-value currency ban and a slew of regulatory changes for the real estate sector damped demand, according to a Knight Frank survey.
The industry saw 41% fewer new residential project launches in the first half as sales fell 11% on-year to the lowest five years, the real estate consultant said in a report on Wednesday, based on a survey across eight Indian cities.
In November, Prime Minister Narendra Modi's government recalled high-value currency bills of 500 rupees and 1,000 rupees in a bid to flush out unaccounted wealth. The move resulted in a cash shortage in Asia's third-largest economy, crimping consumer spending. The real estate sector was particularly hit as a bulk of the financial transactions is via cash.
After the so-called demonetization, real estate companies such as DLF and Prestige reported a slump in sales.
confuzzled dude- Posts : 10205
Join date : 2011-05-08
Re: Demonetization, a failure
Yes, it was a bold and workable idea but sub standard planning and execution by Govt and Banks made it a failure. Other than getting the money once into banks and thus leaving some hints/notes for the taxman it accomplished nothing more. Too expensive for what it finally accomplished. Could have done lot more if only it was planned and executed well. Opposition both barked too early and surrendered meekly to the Govt narratives.
smArtha- Posts : 1229
Join date : 2013-07-29
Re: Demonetization, a failure
Just not the execution, the concept itself is half-baked.smArtha wrote:Yes, it was a bold and workable idea but sub standard planning and execution by Govt and Banks made it a failure. Other than getting the money once into banks and thus leaving some hints/notes for the taxman it accomplished nothing more. Too expensive for what it finally accomplished. Could have done lot more if only it was planned and executed well. Opposition both barked too early and surrendered meekly to the Govt narratives.
https://www.bloomberg.com/news/articles/2017-07-03/slowing-inflation-puts-dampener-on-india-s-robust-growth-recordIndia’s economy is struggling to recover its strong growth record, beset by record low inflation, a widening output gap, and short term uncertainty from the introduction of a uniform sales tax.
That will build pressure on the Reserve Bank of India to jettison its neutral monetary policy bias adopted just five months ago, setting the scene for lowering interest rates perhaps as early as next month, besides reminding yield-chasing investors that putting money in India is not without risks.
Any reduction in interest rates will be in contrast to what major central banks are trying to signal -- a rise in borrowing costs-- and could trip the Indian rupee which hit a 20-month high in April. This would be bad news for a country that needs to attract billions of dollars in foreign investments to make up a shortfall in domestic capital.
confuzzled dude- Posts : 10205
Join date : 2011-05-08
Re: Demonetization, a failure
https://www.forbes.com/sites/wadeshepard/2017/07/29/how-india-is-surviving-post-demonetization/#5d2458421164But these goals were never met. 97% of the demonetized notes were turned in, meaning that very little black money was caught stranded and the central bank’s estimated $45 billion bonus never transpired. India’s black market — as dynamic and active as it is — rarely stores money in cash long-term, as its players prefer other ways of storing wealth, such as jewelry or property, and what cash they were stuck with was mostly exchanged through clever tactics or brute force.
In terms of dealing counterfeiters a terminal blow, demonetization was successful at wiping out all of the fake notes that were in circulation at the onset of the initiative, but counterfeits of the new 2,000 rupee notes began emerging almost as soon as the legitimate ones were minted.
Demonetization’s goals of curbing the black economy and wiping out counterfeits -- two intentions that galvanized the population and bolstered wide support for the initiative -- appear to have been complete flops.
Cashless economy was a clever twist or a by-product, not one of the original goals of demonetization.
confuzzled dude- Posts : 10205
Join date : 2011-05-08
Re: Demonetization, a failure
Yeah, it was done rather poorly. I was in India for a few days before the exchange period for old notes ended. I hope they use the "hints" they collected, but lots of rich people got around it by having their agents turn in their cash. For the first few weeks, the government was talking about the percent of total old money returned and saying if 80% is turned in, that means 20% was black money that is now invalidated. The last time they talked about the number it was already north of 90% and rumor is that more than 100% of the expected value was turned in and exchanged for new bills. So the original stated purpose of combating black money was not served at all.smArtha wrote:Yes, it was a bold and workable idea but sub standard planning and execution by Govt and Banks made it a failure. Other than getting the money once into banks and thus leaving some hints/notes for the taxman it accomplished nothing more. Too expensive for what it finally accomplished. Could have done lot more if only it was planned and executed well. Opposition both barked too early and surrendered meekly to the Govt narratives.
So supporters of the government came up with ridiculous fake news. Like the idea that the new bills have chips in them that talk to satellites and tell them the exact location of the bills! And the government started moving the goalposts, talking about the middle-class dream of leapfrogging America and becoming a cashless society.
Idéfix- Posts : 8808
Join date : 2012-04-26
Location : Berkeley, CA
Re: Demonetization, a failure
The main goal was to make a move against corruption that would be visible even to the illiterate person. Something that would increase the popularity of the government and above all the prime minister. In that sense it succeeded spectacularly.
ashdoc- Posts : 2256
Join date : 2011-05-04
Re: Demonetization, a failure
Idéfix wrote:Yeah, it was done rather poorly. I was in India for a few days before the exchange period for old notes ended. I hope they use the "hints" they collected, but lots of rich people got around it by having their agents turn in their cash. For the first few weeks, the government was talking about the percent of total old money returned and saying if 80% is turned in, that means 20% was black money that is now invalidated. The last time they talked about the number it was already north of 90% and rumor is that more than 100% of the expected value was turned in and exchanged for new bills. So the original stated purpose of combating black money was not served at all.smArtha wrote:Yes, it was a bold and workable idea but sub standard planning and execution by Govt and Banks made it a failure. Other than getting the money once into banks and thus leaving some hints/notes for the taxman it accomplished nothing more. Too expensive for what it finally accomplished. Could have done lot more if only it was planned and executed well. Opposition both barked too early and surrendered meekly to the Govt narratives.
So supporters of the government came up with ridiculous fake news. Like the idea that the new bills have chips in them that talk to satellites and tell them the exact location of the bills! And the government started moving the goalposts, talking about the middle-class dream of leapfrogging America and becoming a cashless society.
I was in India too the week after the Demonetization hit. Roads were all empty and the punjagutta x roads that generally takes 15-20 min to cross during the commute times was at about 20% usual traffic. Fortunately, in the first week there were not much restrictions on max cash to be withdrawn and so between 2 accounts I withdrew 1 lac with and 20k in 100s and that kept me going the whole 2+ weeks of my stay.
My take is that RBI should have printed and got into circulation Rs. 250 and then Rs. 5K notes almost an year before the demonetization and also increased the circulation of Rs. 100 (printing more and dispersing 100s for under 10k withdrawals). They should have then let out news that Rs. 500 will be demonetized in a few (3-6) months.. thus allowing the hoarders to move towards 1k and 5k notes while the common man converted them to 250 denominations. And then come the D-day announce demonetization of 500, 1k and 5k all at one go in a much tighter window (2-3 weeks). This would have got more black money out of the system without cash availability issues for the middle and lower classes.
smArtha- Posts : 1229
Join date : 2013-07-29
Re: Demonetization, a failure
Whichever way you want to skin a cat, it was a just plain dumb idea. The reason they didn't print new denominations ahead of time because they're worried about leaks of their intentions.smArtha wrote:Idéfix wrote:Yeah, it was done rather poorly. I was in India for a few days before the exchange period for old notes ended. I hope they use the "hints" they collected, but lots of rich people got around it by having their agents turn in their cash. For the first few weeks, the government was talking about the percent of total old money returned and saying if 80% is turned in, that means 20% was black money that is now invalidated. The last time they talked about the number it was already north of 90% and rumor is that more than 100% of the expected value was turned in and exchanged for new bills. So the original stated purpose of combating black money was not served at all.smArtha wrote:Yes, it was a bold and workable idea but sub standard planning and execution by Govt and Banks made it a failure. Other than getting the money once into banks and thus leaving some hints/notes for the taxman it accomplished nothing more. Too expensive for what it finally accomplished. Could have done lot more if only it was planned and executed well. Opposition both barked too early and surrendered meekly to the Govt narratives.
So supporters of the government came up with ridiculous fake news. Like the idea that the new bills have chips in them that talk to satellites and tell them the exact location of the bills! And the government started moving the goalposts, talking about the middle-class dream of leapfrogging America and becoming a cashless society.
I was in India too the week after the Demonetization hit. Roads were all empty and the punjagutta x roads that generally takes 15-20 min to cross during the commute times was at about 20% usual traffic. Fortunately, in the first week there were not much restrictions on max cash to be withdrawn and so between 2 accounts I withdrew 1 lac with and 20k in 100s and that kept me going the whole 2+ weeks of my stay.
My take is that RBI should have printed and got into circulation Rs. 250 and then Rs. 5K notes almost an year before the demonetization and also increased the circulation of Rs. 100 (printing more and dispersing 100s for under 10k withdrawals). They should have then let out news that Rs. 500 will be demonetized in a few (3-6) months.. thus allowing the hoarders to move towards 1k and 5k notes while the common man converted them to 250 denominations. And then come the D-day announce demonetization of 500, 1k and 5k all at one go in a much tighter window (2-3 weeks). This would have got more black money out of the system without cash availability issues for the middle and lower classes.
confuzzled dude- Posts : 10205
Join date : 2011-05-08
Re: Demonetization, a failure
Couldn't agree more. There're lots of folks that still believe that it was mega success.ashdoc wrote:The main goal was to make a move against corruption that would be visible even to the illiterate person. Something that would increase the popularity of the government and above all the prime minister. In that sense it succeeded spectacularly.
confuzzled dude- Posts : 10205
Join date : 2011-05-08
Re: Demonetization, a failure
Jobless growth - it was a term I heard first during Bush's time. In Obummer's time, there was tremendous growth - in the wealth of rich Americans, the number of food stamp recipients and in low wage burger flipper/waiter jobs.
silvermani- Posts : 1631
Join date : 2014-01-18
Re: Demonetization, a failure
It is getting much better now, they're getting paid highly for running over people with their sport cars. In other words, the days of low paying jobs are over.silvermani wrote:Jobless growth - it was a term I heard first during Bush's time. In Obummer's time, there was tremendous growth - in the wealth of rich Americans, the number of food stamp recipients and in low wage burger flipper/waiter jobs.
confuzzled dude- Posts : 10205
Join date : 2011-05-08
Re: Demonetization, a failure
There were highly paid "protestor" jobs during Obummer's time also. George Soros was funding such activities.confuzzled dude wrote:It is getting much better now, they're getting paid highly for running over people with their sport cars. In other words, the days of low paying jobs are over.silvermani wrote:Jobless growth - it was a term I heard first during Bush's time. In Obummer's time, there was tremendous growth - in the wealth of rich Americans, the number of food stamp recipients and in low wage burger flipper/waiter jobs.
silvermani- Posts : 1631
Join date : 2014-01-18
Re: Demonetization, a failure
You can't have it both ways. Obama was responsible for either low paying jobs or highly paid protestor jobs. Take your picksilvermani wrote:There were highly paid "protestor" jobs during Obummer's time also. George Soros was funding such activities.confuzzled dude wrote:It is getting much better now, they're getting paid highly for running over people with their sport cars. In other words, the days of low paying jobs are over.silvermani wrote:Jobless growth - it was a term I heard first during Bush's time. In Obummer's time, there was tremendous growth - in the wealth of rich Americans, the number of food stamp recipients and in low wage burger flipper/waiter jobs.
confuzzled dude- Posts : 10205
Join date : 2011-05-08
Re: Demonetization, a failure
When all you have is low paid jobs, you get tempted to take up paid protester jobs.confuzzled dude wrote:You can't have it both ways. Obama was responsible for either low paying jobs or highly paid protestor jobs. Take your picksilvermani wrote:There were highly paid "protestor" jobs during Obummer's time also. George Soros was funding such activities.confuzzled dude wrote:It is getting much better now, they're getting paid highly for running over people with their sport cars. In other words, the days of low paying jobs are over.silvermani wrote:Jobless growth - it was a term I heard first during Bush's time. In Obummer's time, there was tremendous growth - in the wealth of rich Americans, the number of food stamp recipients and in low wage burger flipper/waiter jobs.
silvermani- Posts : 1631
Join date : 2014-01-18
Re: Demonetization, a failure
http://www.deccanchronicle.com/business/in-other-news/140817/no-big-fish-among-new-taxpayers-says-cea.htmlSo, the Survey said the tax base did expand after demonetisation. “It is, however, interesting that the average income reported of the new taxpayers — Rs 2.7 lakh — was not far above the tax threshold of Rs 2.5 lakh, so the immediate impact on tax collections was muted,” said the Economic Survey volume 2 tabled in the Parliament on Friday.
India's low income tax revenue issue is blown way out of proportion by media and the govt. According to them less than 3% of workforce (or about 3.5 crore) files income tax returns. I see this as a reflection of India's economic condition & governing policies than tax evasion tendency of average Indian, which imo is no more than a cash based small business owner in the US. Per the statistics released by NSSO in 2014, India's workforce is about 47 crores, of which 34 crores are rural workers. 23 crores of rural workforce are agricultural labor or have farming income who are tax exempt. So, that leaves us with 11 crore rural non-agriculture workers + 13 crore urban workers, all in all, 24 crores taxable workforce, if you go by Indian middle class & below poverty line stats, about 3/4th of them won't have the 2.5 lakh income to file taxes which means about 6 crores should file tax returns. So about 2.5 crores out of 6 crores are not filing their tax returns but I doubt any of them are crorepathis so the additional revenues from income tax will be minimal. I see this as a moral issue than the monetary issue this govt makes it to be.
confuzzled dude- Posts : 10205
Join date : 2011-05-08
Re: Demonetization, a failure
Here is an interesting article that exposed double-tongued Modi
https://www.bloombergquint.com/opinion/2017/02/20/decoding-indias-low-tax-base-conundrumIt is thus premature to conclude automatically that India’s inordinately low tax base is entirely a function of massive tax evasion by Indians. While lowering the income tax rates, had the Finance Minister also lowered the income tax exemption threshold to say Rs 1.5 lakh, 1.1 crore more Indians would have automatically qualified to pay income tax. This would have brought India more in-line with the rest of the world in terms of exemption threshold to per capita GDP ratio
confuzzled dude- Posts : 10205
Join date : 2011-05-08
Re: Demonetization, a failure
http://economictimes.indiatimes.com/news/economy/policy/india-facing-problem-of-severe-under-employment-says-niti/articleshow/60243759.cms"Indeed, unemployment is the lesser of India's problems. The more serious problem, instead, is severe underemployment," the Aayog said in the Three-Year Action Agenda for 2017-18 to 2019-20.
Duh! govt. finally woke up from its Kumbhakarana's imitation. Still trying hard to hide the facts.
confuzzled dude- Posts : 10205
Join date : 2011-05-08
Re: Demonetization, a failure
confuzzled dude wrote:http://economictimes.indiatimes.com/news/economy/policy/india-facing-problem-of-severe-under-employment-says-niti/articleshow/60243759.cms"Indeed, unemployment is the lesser of India's problems. The more serious problem, instead, is severe underemployment," the Aayog said in the Three-Year Action Agenda for 2017-18 to 2019-20.
Duh! govt. finally woke up from its Kumbhakarana's imitation. Still trying hard to hide the facts.
How is this relevant to Demonetization? The article clearly states that for over 3 decades (guess who was ruling for most of that period) it is not unemployment but underemployment the issue. How can you then say that this Govt is trying to hide those facts? Why would they hide the inefficiency of the prior regimes? Don't disappoint your almost non-existent supporters here with such lack of 'common-sense' reasoning.
smArtha- Posts : 1229
Join date : 2013-07-29
Re: Demonetization, a failure
Aha! Then why was Modi accusing previous govt. of jobless growth and promised creating crores of jobs? Govt. is hiding the facts because their accomplishment on jobs front is a net loss and is relevant to demonetization because 14 lakh jobs were lost in informal sector as a result of demonetization. Do your home work before assuming stuff about others reasoning.smArtha wrote:confuzzled dude wrote:http://economictimes.indiatimes.com/news/economy/policy/india-facing-problem-of-severe-under-employment-says-niti/articleshow/60243759.cms"Indeed, unemployment is the lesser of India's problems. The more serious problem, instead, is severe underemployment," the Aayog said in the Three-Year Action Agenda for 2017-18 to 2019-20.
Duh! govt. finally woke up from its Kumbhakarana's imitation. Still trying hard to hide the facts.
How is this relevant to Demonetization? The article clearly states that for over 3 decades (guess who was ruling for most of that period) it is not unemployment but underemployment the issue. How can you then say that this Govt is trying to hide those facts? Why would they hide the inefficiency of the prior regimes? Don't disappoint your almost non-existent supporters here with such lack of 'common-sense' reasoning.
confuzzled dude- Posts : 10205
Join date : 2011-05-08
Re: Demonetization, a failure
http://fortune.com/2017/08/28/india-cash-ban-corruption-bribery/Nearly 10 months after India’s unprecedented ban on high value notes that was designed to tackle entrenched corruption, bribery continues to oil the wheels of business in Asia’s third-largest economy, according to a U.S. risk management firm that advises foreign investors.
Gifting of land, houses, luxury watches and sponsoring expensive travel abroad are now the preferred bribes as tax authorities clamp down on high value cash transactions. And for India’s vast shadow economy, estimated by McKinsey & Co. at a fourth of the $2 trillion economy, the cash ban has hardly made a dent.
What a colossal failure and waste of resources; major accomplishment of this move was causing hardship to common man.
confuzzled dude- Posts : 10205
Join date : 2011-05-08
Re: Demonetization, a failure
confuzzled dude wrote:Aha! Then why was Modi accusing previous govt. of jobless growth and promised creating crores of jobs? Govt. is hiding the facts because their accomplishment on jobs front is a net loss and is relevant to demonetization because 14 lakh jobs were lost in informal sector as a result of demonetization. Do your home work before assuming stuff about others reasoning.smArtha wrote:confuzzled dude wrote:http://economictimes.indiatimes.com/news/economy/policy/india-facing-problem-of-severe-under-employment-says-niti/articleshow/60243759.cms"Indeed, unemployment is the lesser of India's problems. The more serious problem, instead, is severe underemployment," the Aayog said in the Three-Year Action Agenda for 2017-18 to 2019-20.
Duh! govt. finally woke up from its Kumbhakarana's imitation. Still trying hard to hide the facts.
How is this relevant to Demonetization? The article clearly states that for over 3 decades (guess who was ruling for most of that period) it is not unemployment but underemployment the issue. How can you then say that this Govt is trying to hide those facts? Why would they hide the inefficiency of the prior regimes? Don't disappoint your almost non-existent supporters here with such lack of 'common-sense' reasoning.
This jumping goals proves your weak logic and arguments. The article you posted is about underemployment and NOT unemployment. Also, it talks about about 3+ decades of prevelance of such malaise.No where it mentions Demonetization. Yet you find your 'creativity' of linking 3 decades of underemployment with unemployment due to demonetization very logically sound.
smArtha- Posts : 1229
Join date : 2013-07-29
Re: Demonetization, a failure
What exactly is moving goal post per you? My comment was about the report that conveniently excluded the jobs lost/affected directly by demonetization and twisting it to cover up the fake promises of fakester (about creating tons of jobs).smArtha wrote:
This jumping goals proves your weak logic and arguments. The article you posted is about underemployment and NOT unemployment. Also, it talks about about 3+ decades of prevelance of such malaise.No where it mentions Demonetization. Yet you find your 'creativity' of linking 3 decades of underemployment with unemployment due to demonetization very logically sound.
confuzzled dude- Posts : 10205
Join date : 2011-05-08
Re: Demonetization, a failure
http://www.bbc.com/news/world-asia-india-41106439Almost none of the currency banned in the move was flushed out of the banks, central bank data showed on Wednesday.
feku proved yet again that he is a feku after all; very good at duping his bhakt-jan.
confuzzled dude- Posts : 10205
Join date : 2011-05-08
Re: Demonetization, a failure
http://www.bbc.com/news/world-asia-india-41100610Has demonetisation been a success or a failure? As per the RBI data, it's safe to say that demonetisation has been a failure of epic proportions.
confuzzled dude- Posts : 10205
Join date : 2011-05-08
Re: Demonetization, a failure
any effort to change and upgrade an old and inefficient system, even if that effort does not bring desired results, should not be looked at as a complete loss or waste
Re: Demonetization, a failure
confuzzled dude wrote:http://www.bbc.com/news/world-asia-india-41100610Has demonetisation been a success or a failure? As per the RBI data, it's safe to say that demonetisation has been a failure of epic proportions.
As I said before it is an idea that needed very detailed and meticulous planning, well preparedness and quick and efficient execution. Modi took the decision to implement it in a very haphazard fashion. So all the money came back through some or other channels. For eg: Sources tell me that Jagan was very worried the first week or two as he apparently had about 300cr worth in cash. But by week-3 everyone figured out how to use the system (and its loopholes) to get them deposited in one or other account. Modi solely owns this failure (as he'd if it was successful) and the buck stops with him. The blessing for the ruling regime is it didn't hurt them politically - not yet.
smArtha- Posts : 1229
Join date : 2013-07-29
Re: Demonetization, a failure
Educated elite, keep praising the con-man/feku despite being duped by him, time and again; There isn't much difference in the mindset of GurmeetRamRaheem's followers and the ardent supporters of GurmeetRamModi. Both are typical cult followers.Seva Lamberdar wrote:any effort to change and upgrade an old and inefficient system, even if that effort does not bring desired results, should not be looked at as a complete loss or waste
confuzzled dude- Posts : 10205
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Re: Demonetization, a failure
Very true - in the case of the hope peddling con man Obummer.confuzzled dude wrote:Educated elite, keep praising the con-man/feku despite being duped by him, time and again; There isn't much difference in the mindset of GurmeetRamRaheem's followers and the ardent supporters of GurmeetRamModi. Both are typical cult followers.Seva Lamberdar wrote:any effort to change and upgrade an old and inefficient system, even if that effort does not bring desired results, should not be looked at as a complete loss or waste
silvermani- Posts : 1631
Join date : 2014-01-18
Re: Demonetization, a failure
confuzzled dude wrote:
https://www.bloomberg.com/news/articles/2017-09-05/modi-s-10-million-jobs-challenge-may-be-biggest-re-election-risk
confuzzled dude- Posts : 10205
Join date : 2011-05-08
Re: Demonetization, a failure
Moreover, as Plato had said, "Never discourage anyone who continually makes progress, no matter how slow."silvermani wrote:Very true - in the case of the hope peddling con man Obummer.confuzzled dude wrote:Educated elite, keep praising the con-man/feku despite being duped by him, time and again; There isn't much difference in the mindset of GurmeetRamRaheem's followers and the ardent supporters of GurmeetRamModi. Both are typical cult followers.Seva Lamberdar wrote:any effort to change and upgrade an old and inefficient system, even if that effort does not bring desired results, should not be looked at as a complete loss or waste
Re: Demonetization, a failure
I'm afraid propping up religious nutcasism isn't making progress let alone continually making progress.Seva Lamberdar wrote:Moreover, as Plato had said, "Never discourage anyone who continually makes progress, no matter how slow."silvermani wrote:Very true - in the case of the hope peddling con man Obummer.confuzzled dude wrote:Educated elite, keep praising the con-man/feku despite being duped by him, time and again; There isn't much difference in the mindset of GurmeetRamRaheem's followers and the ardent supporters of GurmeetRamModi. Both are typical cult followers.Seva Lamberdar wrote:any effort to change and upgrade an old and inefficient system, even if that effort does not bring desired results, should not be looked at as a complete loss or waste
confuzzled dude- Posts : 10205
Join date : 2011-05-08
Re: Demonetization, a failure
What part of demonetization in the form of withdrawing 500 rupee and 1000 rupee notes to curtail black money and face currency is religious nutcasism?confuzzled dude wrote:I'm afraid propping up religious nutcasism isn't making progress let alone continually making progress.Seva Lamberdar wrote:Moreover, as Plato had said, "Never discourage anyone who continually makes progress, no matter how slow."silvermani wrote:Very true - in the case of the hope peddling con man Obummer.confuzzled dude wrote:Educated elite, keep praising the con-man/feku despite being duped by him, time and again; There isn't much difference in the mindset of GurmeetRamRaheem's followers and the ardent supporters of GurmeetRamModi. Both are typical cult followers.Seva Lamberdar wrote:any effort to change and upgrade an old and inefficient system, even if that effort does not bring desired results, should not be looked at as a complete loss or waste
Re: Demonetization, a failure
What Modi did with demonetization move was dictatorial which I presume is not a progressive's trait. My reference to religious nutcasism is about his overall modus operandi not specific to demonetization.Seva Lamberdar wrote:What part of demonetization in the form of withdrawing 500 rupee and 1000 rupee notes to curtail black money and face currency is religious nutcasism?confuzzled dude wrote:I'm afraid propping up religious nutcasism isn't making progress let alone continually making progress.Seva Lamberdar wrote:Moreover, as Plato had said, "Never discourage anyone who continually makes progress, no matter how slow."silvermani wrote:Very true - in the case of the hope peddling con man Obummer.confuzzled dude wrote:
Educated elite, keep praising the con-man/feku despite being duped by him, time and again; There isn't much difference in the mindset of GurmeetRamRaheem's followers and the ardent supporters of GurmeetRamModi. Both are typical cult followers.
confuzzled dude- Posts : 10205
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Re: Demonetization, a failure
confuzzled dude wrote:
What Modi did with demonetization move was dictatorial which I presume is not a progressive's trait. My reference to religious nutcasism is about his overall modus operandi not specific to demonetization.
This is what is called mOkAlu - bOdi gundu linking approach
smArtha- Posts : 1229
Join date : 2013-07-29
Re: Demonetization, a failure
smArtha wrote:confuzzled dude wrote:
What Modi did with demonetization move was dictatorial which I presume is not a progressive's trait. My reference to religious nutcasism is about his overall modus operandi not specific to demonetization.
This is what is called mOkAlu - bOdi gundu linking approach
comrade is a known practitioner of some such approaches. he often gets his logic so hopelessly twisted that when ppl lose interest in arguing with him, he thinks he's won on merit. another well known practitioner is the psychically and mentally challenged perennial phd student
Propagandhi711- Posts : 6941
Join date : 2011-04-29
Re: Demonetization, a failure
He is no longer a student. They gave him a master's degree.Propagandhi711 wrote:smArtha wrote:confuzzled dude wrote:
What Modi did with demonetization move was dictatorial which I presume is not a progressive's trait. My reference to religious nutcasism is about his overall modus operandi not specific to demonetization.
This is what is called mOkAlu - bOdi gundu linking approach
comrade is a known practitioner of some such approaches. he often gets his logic so hopelessly twisted that when ppl lose interest in arguing with him, he thinks he's won on merit. another well known practitioner is the psychically and mentally challenged perennial phd student
Vakavaka Pakapaka- Posts : 7611
Join date : 2012-08-24
Re: Demonetization, a failure
Propagandhi711 wrote:smArtha wrote:confuzzled dude wrote:
What Modi did with demonetization move was dictatorial which I presume is not a progressive's trait. My reference to religious nutcasism is about his overall modus operandi not specific to demonetization.
This is what is called mOkAlu - bOdi gundu linking approach
comrade is a known practitioner of some such approaches. he often gets his logic so hopelessly twisted that when ppl lose interest in arguing with him, he thinks he's won on merit. another well known practitioner is the psychically and mentally challenged perennial phd student
True and CD's routine seems to be - wake up.. google web for negative news about/in India. Then pick a totally unrelated anti Modi op-ed and argue that the negative is because of Modi and the op-ed is 'proof' of that.
smArtha- Posts : 1229
Join date : 2013-07-29
Re: Demonetization, a failure
You guys are nitpicking because you can't make a substantiated argument about Modi's agenda nor can defend his policies, as most of them have been utter failures. As for posting unrelated stuff in a thread, that is the hallmark of SuCH, often threads morph into something altogether different from the OP; it is a free forum unlike some other forums that are micromanaged to death. I, on the other hand, post related stuff in a thread so I don't spam this board with umpteen threads.smArtha wrote:Propagandhi711 wrote:smArtha wrote:confuzzled dude wrote:
What Modi did with demonetization move was dictatorial which I presume is not a progressive's trait. My reference to religious nutcasism is about his overall modus operandi not specific to demonetization.
This is what is called mOkAlu - bOdi gundu linking approach
comrade is a known practitioner of some such approaches. he often gets his logic so hopelessly twisted that when ppl lose interest in arguing with him, he thinks he's won on merit. another well known practitioner is the psychically and mentally challenged perennial phd student
True and CD's routine seems to be - wake up.. google web for negative news about/in India. Then pick a totally unrelated anti Modi op-ed and argue that the negative is because of Modi and the op-ed is 'proof' of that.
confuzzled dude- Posts : 10205
Join date : 2011-05-08
Re: Demonetization, a failure
may be he should show his Ph.D. diploma.Vakavaka Pakapaka wrote:He is no longer a student. They gave him a master's degree.Propagandhi711 wrote:smArtha wrote:confuzzled dude wrote:
What Modi did with demonetization move was dictatorial which I presume is not a progressive's trait. My reference to religious nutcasism is about his overall modus operandi not specific to demonetization.
This is what is called mOkAlu - bOdi gundu linking approach
comrade is a known practitioner of some such approaches. he often gets his logic so hopelessly twisted that when ppl lose interest in arguing with him, he thinks he's won on merit. another well known practitioner is the psychically and mentally challenged perennial phd student
Re: Demonetization, a failure
Want crop loan? Line up outside banks. Loan waiver: Queue up to fill and submit an application. Want to build a toilet; need subsidy? There’s a queue. Stand up India has assumed a whole new dimension here. There is no guarantee though that standing in a queue might fetch what you so desperately covet.
It began with demonetisation last November when rural India lined up to exchange old notes for new ones like the urban India did, but the pain lasted several months. Even today, cash isn’t easy to come by in many rural branches; hundreds of ATMs have fallen silent in the countryside, and digitisation is now a synonym for queuing up. In fact until November 8, 2016, standing up in a queue was not a means of life as it has today become in a changed India. Sure, among the many intended objectives of the note-ban the Union Finance Minister Arun Jaitley told us we do not get it, making a farmer stand up in a queue may not have been intentional. It came as a by-product; small things happen in a big country. The FM wants us to stay focused on the big picture, even if the reality is scarier than the myth around it.
The clamour on the ground is getting shriller, even if the noise is inaudible in Delhi.
http://www.news18.com/news/india/what-did-demonetisation-do-to-indias-beleaguered-rural-economy-1514251.htmlThe Central Statistics Office’s (CSO) just-released GDP data for April-June 2017 shows that the annual growth in gross value added from agriculture during the last quarter, particularly in June when India saw a sharp rise in farmers’ protests, was only 2.3 per cent in real terms (i.e. at constant prices), as against 5.2 per cent for January-March and 6.9 per cent for October-December, Harish Damodaran of the Indian Express wrote on September 2, 2017. “But what’s more significant,” he wrote, “is the growth in nominal terms or at current prices unadjusted for inflation. That, at 0.3 per cent, was even lower. Simply put, it means that even though farm output for the last quarter was 2.3 per cent higher year-on-year, the fall in prices by 2 per cent resulted in the value of agricultural production rising just 0.3 per cent.”
The CSO does not say it but post demonetisation, not only did the prices across the farm commodities crash, procurement became a gigantic task, both for the state governments and private traders.
A large quantity of ‘Tur’ (Red Gram) is still lying unsold with many farmers across central India since the state governments grappled with bumper harvests of the crop last season.
The CSO data confirms that agriculture entered deflation territory in April, coinciding with the harvesting and marketing of rabi crops, Damodaran wrote, and its effects truly played out in June.
confuzzled dude- Posts : 10205
Join date : 2011-05-08
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