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Modi Govt Admits Growth May Be Hit By Monetization: Nirmala Sitharaman

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Growth may take a hit in the current quarter: Nirmala Sitharaman

Nirmala Sitharaman

Economic output in the current quarter may get affected, with the government’s demonetisation drive temporarily hitting commercial activities in some sectors, Commerce and Industry Minister Nirmala Sitharaman conceded on Wednesday, November 23. This is probably the first acknowledgement by a Union Minister of the negative fallout of demonetisation on the GDP — although Sitharaman was quick to add that it would not last long, according to Hindu’s Businessline.

But the economy will expand subsequently as the Reserve Bank of India is releasing more cash now and banks have greater supply, the Minister added. She also a said that steps being taken to address rural woes; short-term loss to economy could be at least ₹12 lakh crore, says NIPFP report
 “It is only the first week or ten days (following the demonetisation announcement) when there was (a) real hard demand for lower denomination or for ₹500 notes, which gradually came into the market. That week, commercial transactions would have taken an impact. But I think revival will happen. This quarter, there may be an impact on the outflow. It will protract after that,” Sitharaman said.

The government withdrew ₹500 and ₹1,000 notes as legal tender from November 8 in an effort to flush out black money, and began replacing them with new ₹500 and ₹2,000 notes. A full replacement, however, will take some time; this has resulted in a cash crunch.

A ‘body blow’ to industry

Others, however, see a rather more grim impact from the government’s move. The sudden demonetisation drive has served a “body-blow” to the entire industrial sector, and the worst hit will be small and medium enterprises (SMEs), said Biswajit Dhar, Professor, Jawaharlal Nehru University (JNU).

“It is very clear that the impact of the demonetisation drive on demand had not been thought out by the government. It is difficult to assess the extent to which GDP will be hit and the duration, but definitely SMEs will be hit the most, and will take a while to recover from the dip,” he said.
Warning that a massive supply constraint was on the cards, Dhar said this would be a double whammy for exporters, who are already facing demand constraints.

The short-term loss to the economy could be at least ₹12 lakh crore or 8 per cent of GDP, according to R Kavita Rao from the New Delhi-based think-tank National Institute of Public Finance and Policy.

“If ₹3 lakh crore is being extinguished, as is often quoted in media reports, and, say, half of it is used for transactions, the corresponding GDP loss to the economy would be ₹12 lakh crore since, currently, GDP is about eight times the currency in circulation,. This will amount to about 8 per cent of GDP when compared to GDP for 2015-16,” Rao said in a post on the NIPFP website.

Sitharaman also pointed out that the government was taking steps specifically to address the problems of people in rural areas.

“After having heard a lot about agriculture workers and rural areas not receiving as much cash as they would want, the Finance Ministry yesterday reviewed the situation… I am given to believe that in the rural areas, there will be more cash flowing,” Sitharaman said.
 

सोशल मीडिया पर नोटबंदी के खिलाफ लिखने पर लग गई ‘धारा 144’

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इंदौर। मोदी सरकार के नोटबंदी के फैसले के बाद देश भर में तूफान मचा हुआ है। सारी विपक्षी पार्टियां मोदी सरकार के खिलाफ हो गई हैं। इस बीच मध्य प्रदेश के इंदौर से एक अजीब हिटलरी फरमान जारी किया गया है। यह हिटलरी फरमान इंदौर के कलेक्टर पी नरहरि ने जारी किया है।

DM Indore

इंदौर के कलेक्टर पी नरहरि ने 14 नवंबर को एक आधिकारिक आदेश जारी कर कहा है, ''पुराने नोट को बदलने या उसके संबंध में व्हाट्सऐप, ट्विटर, फ़ेसबुक इत्यादि सोशल मीडिया पर किसी भी आपत्तिजनक अथवा उद्वेलित करने वाली फोटो, मैसेज करने, उनको फ़ॉर्वर्ड करने, पोस्ट पर कमेंट करने इत्यादि गतिविधियों को प्रतिबंधित किया जाता है।'' 


 
आपको बता दें कि जिला कलेक्टर के फरमान के अनुसार ये आदेश 15 नवंबर 2016 से लेकर 12 जनवरी 2017 तक लागू रहेगा।
 
उन्होंने कहा कि नोटबंदी के संबंध में जिसको जो लिखना है सोशल मीडिया पर लिखें, लेकिन अपुष्ट तथ्यों को लिखने या प्रसारित करने की इजाज़त नहीं दी सकती है। उन्होंने ये भी कहा कि इस तरह के आदेश के खिलाफ पहले भी लोग अदालत में गए हैं लेकिन अदालत ने उन आदेशों को सही ठहराया है। हालांकि उन्होंने ये भी कहा कि इस संबंध में अभी तक किसी के खिलाफ कोई कार्रवाई नहीं हुई है।
 
जिलाधिकारी पी नरहरि ने इस बाबत सफाई देते हुए कहा कि अफवाह फैलाने वालों को देखते हुए ऐसा आदेश जारी किया गया है। ये पूछे जाने पर कि क्या ये मुद्दा इतना गंभीर था कि जिला प्रशासन को इस तरह का आदेश जारी करना पड़ा, इस पर उनका जवाब था, ''इससे पहले पिछले साल एक अफवाह पर हजारों लोग जमा हो गए थे और कानून-व्यवस्था का मसला बन गया था। इसीलिए इस तरह का आदेश जारी किया गया है।''

Courtesy: National Dastak

‘एटीएम में पैसे नहीं, बिगबाजार के पास कहाँ से आ रहे है नोट?’

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नई दिल्ली। 8 नवंबर तो प्रधानमंत्री नरेंद्र मोदी द्वारा 500 और 1000 रुपए के नोट बंद करने के ऐलान के बाद देश में तूफान मचा हुआ है। जहां एक तरफ लोग बैंकों में घंटों लाइन लगाने को मजबूर हैं वहीं बीजेपी के नेता इसे कालाधन पर सर्जिकल स्ट्राइक करार दे रहे हैं। नोटबंदी के बाद से ही पीएम मोदी विपक्षी पार्टियों के निशाने पर चल रहे हैं। अब बिग बाजार द्वारा लोगों को डेबिट कार्ड से 2000 रुपये तक की राशि दिए जाने के मामले में विपक्षी पार्टियों ने पीएम मोदी पर निशाना साधा है। 

बिग बाज़ार
 
बिग बाजार द्वारा लोगों को डिबेट कार्ड से 2000 रुपये तक की राशि दिए जाने के मामले में अरविंद केजरीवाल ने ट्वीट कर पीएम मोदी पर निशाना साधा है। अरविंद केजरीवाल ने ट्वीट कर कहा है- 'पहले रिलायंस, ‌फिर पेटीएम और अब बिग बाजार… आखिर क्या डील हुई है मोदी जी?' 
 

 
नोटबंदी के मसले पर इससे पहले केजरीवाल ऑनलाइन शॉपिंग प्लेटफॉर्म पेटीएम पर भी सवाल खड़े चुके हैं। केजरीवाल ने नोटबंदी के ऐलान के अगले दिन Paytm द्वारा अखबारों को दिए गए विज्ञापन पर सवाल खड़े किए थे। उन्होंने अखबारों में नोटों को बंद करने के संबंध में पेटीएम द्वारा दिए गए विज्ञापन पर आरोप लगाया था कि सरकार के इस कदम का सबसे अधिक फायदा कंपनी को हुआ है। इसलिए उसने विज्ञापन में मोदी की तस्वीर लगाई है।
 
एक अन्य ट्वीट में केजरीवाल ने कहा है- 'अब साफ़ हो गया है कि नोटबंदी जनता का पैसा बंकों में जमा कराके उससे अरबपतियों का लोन माफ़ करने की स्कीम है।' 
 
वहीं लेफ्ट नेता सीताराम येचुरी ने भी इस मुद्दे पर सरकार के कदम पर सवाल उठाए हैं। उन्होंने भी अपने ट्वीट में कहा कि यह सब क्या हो रहा है? क्या इस प्राइवेट कंपनी को आरबीआई ने बैंकिंग का लाइसेंस दिया है? केवल इस प्राइवेट कंपनी को ही क्यों?
 

 Courtesy: National Dastak
 

गुजरात विश्वविद्यालय छात्रसंघ चुनाव: मनुवाद को करारा जवाब, ओबीसी आदिवासी छात्रों ने जीत दर्ज की

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गुजरात। राज्य के इतिहास में पहली बार गुजरात सेंट्रल युनिवर्सिटी में दलित, ओबीसी और आदिवासी छात्रों ने एकजुटता दिखाते हुए छात्रसंघ के चुनावों में जीत दर्ज की है। गुजरात में दलित युवक की पिटाई के बाद देश भर में दलित, ओबीसी और आदिवासी एकजुट हो रहे हैं। जिससे मनुवादियों को करारा जवाब मिल रहा है। इसके पहले भी देश की सबसे प्रतिष्ठित युनिवर्सिटी जेएनयू में छात्रों ने एकजुट होकर मनुवादियों को हार का स्वाद चखाया था।

Gujarat University

गुजरात युनिवर्सिटी छात्रसंघ चुनाव 2016 में दलित छात्र हवलदार भारती, ओबीसी छात्र श्रवण कुमार नायक और आदिवासी छात्र विमल कुमार मीना ने जीत दर्ज की है। छात्रों ने खुशी जाहिर करते हुए कहा कि जब सामाजिक न्याय के लोग एक साथ आ जाते हैं, तब मनुवादियों को जगह नहीं मिलती है।
 

 
इसके पहले जेएनयू के छात्रसंघ चुनावों में भी छात्रों ने मनुवादी संगठन एबीवीपी का सूपड़ा साफ कर दिया था। गौरतलब है, एबीवीपी ने पिछली बार जेएनयू के छात्रसंघ के सचिव पद पर जीत हासिल की थी लेकिन इस बार एबीवीपी को जेएनयू में एक भी सीट नहीं हासिल हुई

Courtesy: National Dastak

Modi’s cynical app survey betrays the government’s insensitivity on demonetisation

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The idea that the government will listen to the people is one of the hallmarks of democracy. As Prime Minister Narendra Modi’s plan to demonetise old Rs 500 and Rs 1,000 notes enters its third week, though, a remarkable sense of obduracy seems to have gripped his government. Even as the administration has ignored the massive inconveniences that the plan has caused, a badly executed survey conducted on Narendra Modi’s smart phone app rubbed salt into the wounds. The results of the survey released on Wednesday show overwhelming support for the decision.

demonetisation

Given that only 17% of Indians have access to smart phones, the survey ab initio targetted a micro, unrepresentative segment of India’s population. Moreover, the survey was replete with leading questions and a multiple-choice questionnaire that often did not even give users the chance to disagree with the plan.

Naturally, this led to some gentle mocking on Twitter as here:

But this isn’t a laughing matter. The Modi government is actually using the results of this survey to claim validation for its demonetisation programme. On Wednesday, the Prime Minister put out the results, neatly patting himself on the back. Ninety per cent of the people who took the survey had supported the decision, said the Prime Minister.

The survey only goes to show how tone deaf the Modi government has been of late. It has even treated the deaths that have resulted due to its sudden demonetisation with insensitivity. In another demonstration of his lack of empathy, the prime minister cracked a joke about wedding parties stuck for cash, though this has caused great anguish to couples in the middle of the marriage season. Besides, there has also been little political management of the difficuties faced by farmers as they try to sow their rabi crop.

Given the evident problems that demonetisation has caused, slowing down the economcy at least for the short term, a healing touch is required urgently. The nation needs real leadership, not gamed, self-congratulatory surveys.
 

The Big Scroll

Ten questions Modi really should have asked in his demonetisation survey

Political Picks

  1. Prime Minister Narendra Modi is hoping the threat of war will compel Pakistan to leash the terrorists it has let out of their pens. But both sides seem determined not to blink first.      
  2. Exchanging Rs 1 crore for a 30% cut: Turning black into white is now a lucrative business      
  3. The formation of Telangana has been beneficial for its chief minister but not so much for the Osmania University students that led the fight for statehood.      
  4. In India, skin colour is tied to the caste system, says study.      

Punditry

  1. As India undergoes the world’s biggest currency overhaul in decades, central bank Governor Urjit Patel has been noticeably absent, write Brishti Beniwal and Anirban Nag in Bloomberg.      
  2. It’s time to assess the impact of the surgical strikes, writes Harinder Baweja in the Hindustan Times.      
  3. Writing in the New York Times, Gregor Aisch, Adam Pearce and Bryant Rousseau try and evaluate just how far Europe is swinging to the Right.      

Giggle

Courtesy: Scroll.in

Shatrughan Sinha hits out at Modi, for ‘planted’ stories & surveys in favour of demonetisation

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BJP MP from Bihar, Shatrughan Sinha, has launched a blistering attack against Prime Minister Narendra Modi’s demonetisation announcement, saying that ‘savings over many years of our mothers & sisters for emergency can’t be equated with black money.’

Taking to Twitter on the early hours of Thursday, the former Bollywood star said also termed the favourable surveys for demonetisation ‘planted.’

Shatrughan Sinha
Image: Hindustan Times

He said, “Let’s stop living in a fools’ paradise and getting carried away by planted stories & surveys conducted by vested interests. Get into the depth of the subject. Must understand the pain of the poor, suffering, well wishers, voters, supporters & women. Hard earned & well Intentioned savings over many years of our mothers & sisters for emergency can’t be equated with black money.”
 

 
 

PM Modi had launched a survey on his Narendra Modi App, where the PMO claimed more than five lakh people had taken part giving a phenomenal 93% approval rating to his decision to ban old Rs 500 and Rs 1,000 currency notes.

“I thank people for the historic participation in the survey. It’s satisfying to read the insightful views & comments,” the Prime Minister himself had tweeted along with the results of the survey conducted on Narendra Modi App.

Courtesy: Janta Ka Reporter
 

Crony Capitalism at Work, Reliance Ports gets Rs 1,767 cr Irregular Tax Benefit: CAG

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Reliance Ports gets Rs 1,767 cr irregular tax benefit: CAG

New Delhi: The Comptroller and Auditor General (CAG) has pulled up the Income Tax Department for giving benefit of Rs 1,767 crore to the port and terminal arm of Reliance Industries by allowing deductions meant for public facilities to the company's captive jetties. It said the income tax assessing officer allowed deduction of Rs 5,245.38 crore to Reliance Ports and Terminals Ltd towards construction of four captive jetties at Port Sikka in Gujarat without examining the eligibility criteria for allowance of the deduction. PTI
 

Attacks on Mahadalits in Bihar, 8 Homes Set Ablaze by Caste Hindus

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Image Courtesy: Southlive

PATNA: Police in Bihar’s eastern Madhepura district on Tuesday arrested two of the six menaccused of setting afire as many as 18 houses belonging to a Mahadalit community — the poorest among the  Dalit communities living in Bihar.

Media reports say that nearly 50 people from the distressed Mahadalit community in Udakishan area, many of them women and children, have now been forced to live under the open winter sky since the accused persons, who belong to an 'upper'-caste community, burned down their modest dwellings on Monday night, said officials.

The reason behind the attack is said to be a long-standing dispute over a piece of land that members of the Mahadalit community have been using for several years.

Bateran Rishidev, one of the Mahadalit men who lost their houses, said the upper-caste people in the area had for long threatened them of attacks. “They had been harassing us over several matters for many months. Now they took this violent step that has rendered nearly 50 of us homeless during the winter,” he
added, demanding immediate arrest of all the accused and relief measures by the local administration for the victims.

“After arresting two of the accused, we are conducting raids to nab the others. An investigation has been launched to ascertain the real motive behind this attack,” said Madhepura SP Vikas Kumar.

District magistrate Mohammad Sohail said steps are being taken to rehabilitate the affected families. "After arresting two of the accused, we are conducting raids to nab the others. An investigation has been launched to ascertain the real motive behind this attack," said Madhepura SP Vikas Kumar

However, Gajendra Singh, a relative of one of the accused men, described the charges against them as concocted. “Our people have absolutely no role in this fire. Concocted and politically motivated charges are being used to arrest upper-caste people,” said Singh.

Mohammad Sohail appealed to the absconding accused to surrender and cooperate in the investigation.

The attack, the latest in Bihar in a string of incidents the lower-caste people continually face, shows how the Mahadalit communities still remain vulnerable to the ire of the upper-caste people despite the Nitish Kumar-led government’s efforts to bring about social justice with development.

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