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Demonetisation hovers like a dark cloud

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8 years ago

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Demonetisation hovers like a dark cloud

[vc_row][vc_column][vc_column_text]Economic Survey points to the short-term costs which are visible and tangible

By Parsa Venkateshwar Rao Jr

In President Pranab Mukherjee’s address to the Joint Session of Parliament as the Budget Session kicked off on Tuesday, there was a passing reference to demonetisation, in Para 55, of the more-than-an-hour long and 80-paragraph speech. It seemed as though the government (the President’s address is written by the government) did not want to linger too long on the unpleasant fact of demonetisation.

But an hour after President Mukherjee’s speech and after Finance Minister Arun Jaitley laid the Economic Survey 2016-17 on the table of Lok Sabha, Chief Economic Advisor in the Ministry of Finance, Arvind Subramanian, took the floor at the National Media Centre, to explain to the media the salient points of the survey, which is the official assessment of the state of the economy of the year gone by.

The survey had to take the bulls by the horn as it were, and in this case the bull and its horns happen to be Prime Minister Narendra Modi’s November 8, 2016 announcement declaring that Rs 1,000 and Rs 500 notes will cease to be legal tender. Problems followed, and though the ordinary people bore with the acute inconvenience it had created which emboldened the Prime Minister to believe that the people will back his unpopular decision, the Economic Survey could not look away from the issue staring in the face of the economy.

While describing demonetisation in laudatory terms as “a radical governance-cum-social engineering measure”, and seeking to assess the short-term costs and long-term benefits of the move, the survey could not avoid noting that “the costs have nonetheless been real and significant” ; it also said, “The magnitudes of short-term costs remain uncertain, as do the timing and extent of long-term benefits.”

The survey also emphasises what needs to be done to cushion the hard-landing of demonetisation: “…remonetising the economy expeditiously by supplying as much cash as necessary, especially in lower denomination notes; and complementing demonetisation with more incentive-compatible actions such as bringing land and real estate into the GST, reducing taxes and stamp-duties, and ensuring that demonetisation does not lead to over-zealous tax administration.”

But then he places demonetisation as one of the many measures, including the passing of the GST Bill, the setting up of the Monetary Policy Committee (MPC) in the Reserve Bank of India to calibrate interest rates and to manage inflation, giving Aadhaar a legal basis by making the Unique Identification Authority of India (UIAI) a statutory body. The survey does not give demonetisation the status of a game-changer in itself.

In Chapter 3 of the survey, enticingly entitled “Demonetisation: To Deify or Demonise?” it offers a closer look at the decision. It says that “India’s demonetisation is unprecedented in international economic history” because “all other sudden demonetisations have occurred in the context of hyperinflation, wars, political upheavals, or other extreme circumstances. But the Indian economy had been growing at the fastest clip in the world on the back of stable macroeconomics and an impressive set of reforms. In such normal circumstances, demonetisations – such as the one announced recently in Europe – tend to be phased in gradually.”

And the survey tries to explain, if not explain away, demonetisation, in another way: “In the wake of the Global Financial Crisis (GFC), advanced economies have used monetary policy t stimulate growth, stretching its use to domains heretofore considered heretical such as negative interest rate policies and “helicopter drops” of money. In fact, India has given a whole new expression to unconventional monetary policy, with the difference that whereas advanced economies have focused on expanding money supply, India’s demonetisation has reduced it. This policy could be described as “reverse helicopter drop”, or perhaps more accurately a “helicopter hoover”.

It can be seen that the survey tries hard to understand and explain the inexplicable demonetisation move, and it has come to the hard conclusion that this would bring down the growth rate by one-fourth or one-half percentage points.[/vc_column_text][/vc_column][/vc_row]

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Telangana CM Revanth Reddy meets Tollywood actors, filmmakers, says celebrities must control their fans

The Chief Minister held a meeting with Tollywood actors and filmmakers on Thursday amid strained ties between the ruling dispensation and the tinseltown following the arrest of Pushpa 2 actor Allu Arjun

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December 26, 2024

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Telangana CM Revanth Reddy meets Tollywood actors, filmmakers, says celebrities must control their fans

Telangana CM Revanth Reddy has assured Tollywood actors and filmmakers that his government stands with the Telugu film industry and made it clear that there will be no compromise on law and order.

The Chief Minister held a meeting with Tollywood actors and filmmakers on Thursday amid strained ties between the ruling dispensation and the tinseltown following the arrest of Pushpa 2 actor Allu Arjun. CM Revanth Reddy said that celebrities must control their fans and the industry must be responsible.

The meeting took place at Telangana State Police Command and Control Centre at Banjara Hills in Hyderabad. The delegation of influential people from Tollywood was led by Telangana Film Development Corporation (FDC) chairman Dil Raju. Actors such as Nagarjuna, Varun Tej, Sai Dharam Tej, Kalyan Ram, Shiva Balaji, Adavi Sesh, Nithin, and Venkatesh among other attendees.

The meeting also included directors Koratala Siva, Anil Ravipudi, K Raghavendra Rao, Prashanth Varma, Sai Rajesh, and producers Suresh Babu, KL Narayana, Damodhar, Allu Aravind, BVSN Prasad, and Chinna Babu, among others.

Earlier on December 4, when Allu Arjun attended the premiere of Pushpa 2: The Rule at Sandhya Theatre, a massive crowd gathered to catch a glimpse of the actor, and chaos ensued when he waved to fans from the sunroof of his car. This resulted in the tragic death of a 35-year-old woman and injuries to her eight-year-old child.

Furthermore, some ruling Congress leaders have found fault with Allu Arjun’s comments last week, describing the stampede incident as purely accidental and denying the allegations made by CM Revanth Reddy on the roadshow before the film screening.

This incident has also sparked political controversy. Telangana chief minister Revanth Reddy blamed Allu Arjun for the tragedy, stating in the Assembly that police had denied permission for any event at Sandhya Theatre due to safety concerns. However, the actor dismissed the allegations, calling them an attempt at character assassination.

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ICAI CA final result 2024: Scores expected soon, check updates and how to access

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44 mins ago

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December 26, 2024

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The Institute of Charter ed Accountants of India (ICAI) is expected to announce the CA Final Results for November 2024 today, with the results likely to be declared by late evening. Candidates can check their scores on the official ICAI website, icai.nic.in, once the results are out.

Key details about the ICAI CA final result 2024

As per the official notification from the ICAI, the results of the Chartered Accountant Final Examinations, which were held in November 2024, will be available for candidates to access on the ICAI website on Thursday, December 26, 2024, in the late evening. Candidates can view their results by entering their registration number and roll number on the official website, icai.nic.in.

When were the ICAI CA final exams held?

The ICAI CA Final exams took place in November 2024. The Group 1 exams were held on November 3, 5, and 7, while the Group 2 exams took place on November 9, 11, and 13.

Passing criteria for ICAI CA final

To pass in a group, candidates must secure at least 40% in each individual paper of the group and at least 50% in the aggregate of all papers within that group.

How to receive ICAI CA final result by Email

Candidates can also opt to receive their ICAI CA Final results via email by following these steps:

  1. Visit the official ICAI website at icaiexam.icai.org.
  2. Click on the “Email Registration” link on the homepage.
  3. Enter your registration number and password.
  4. Click on the “Results on Email” option to receive your result directly to the email address you registered.

How to check ICAI CA final result

In addition to checking the result on the website or receiving it via email, candidates can also access their ICAI CA Final result via SMS.

Last year’s top performers

In 2023, Madhur Jain topped the ICAI CA Final exam with an impressive score of 619 out of 800, while Sanskruti Atul Parolia secured the second position with a score of 599 out of 800.

Missed credentials? Here’s what to do

In case candidates have misplaced their credentials, they can contact ICAI’s helpline at the following numbers for assistance:

  • 0120 3054 851, 852, 853, 854, 835, 0120 4953.

As the announcement of the ICAI CA Final results approaches, candidates should be prepared to check their scores through the official channels. The results will reflect the hard work and dedication of those who appeared for the exams in November 2024, with many hopefuls awaiting the outcomes of their efforts.

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Big Airtel outage hits multiple cities, users express frustration on social media

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1 hour ago

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December 26, 2024

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Airtel services down across India

A widespread outage in Airtel’s mobile and broadband services has affected users across several cities in India, with many reporting connectivity issues this morning. According to Downdetector, a website that tracks service disruptions, numerous complaints have surfaced regarding service failures in cities including Delhi, Jaipur, Nagpur, Ahmedabad, Surat, Mumbai, Hyderabad, and Bengaluru.

Users have flocked to social media platforms, posting SOS messages in an attempt to draw the attention of the telecom provider. The complaints highlight both mobile network and internet connectivity issues, with some users reporting problems lasting up to 24 hours, yet receiving no resolution.

In addition to complaints about service outages in neighborhoods, many users have shared their frustration over the prolonged disruptions, which have left them without reliable mobile and internet access.

Despite the growing number of reports, Airtel has not issued any official statement or response to address the ongoing outage. As the issue persists, users are calling for swift action to restore services and resolve the connectivity problems.

This incident marks another major disruption for the telecom industry, with service outages often leading to customer dissatisfaction and calls for better network reliability. Airtel is yet to comment on the cause of the outage or provide an estimated time for the restoration of services.

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