India's Demonetization Disaster: Modi Likens Critics to Pakistan

RiazHaq

Senator (1k+ posts)
[h=3]India's Demonetization Disaster: Modi Likens Critics to Pakistan[/h]

Indian Prime Minister Narendra Modi has accused his critics of his demonetization decision of brazenly standing in support of the corrupt and the dishonest and equated their criticism with the firing at the borders by Pakistan in a bid to provide cover to infiltrators, according to the Indian media reports.

Demonetization.jpeg

Diverting Attention:

Modi's attempt to use Pakistan to divert his people's attention from India's internal problems is not new. In fact, it's part of a pattern that seems to work in India. But why is it? What makes so many Indians so gullible? To answer this question, let us look at the following quote from Indian writer Yoginder Sikand's book "Beyond the Border":

"When I was only four years old and we were living in Calcutta (in 1971)...it was clear that "Pakistan" was something that I was meant to hate and fear, though I had not the faintest idea where and what that dreaded monster (Pakistan) was. What I heard and read about the two countries (India and Pakistan)--at school, on television and over radio, in the newspapers and from relatives and friends--only served to reinforce negative images of Pakistan, a country inhabited by people I necessarily had dread and even to define myself against. Pakistan and Muslim were equated as one while India and the Hindus were treated as synonymous. The two countries, as well as the two communities were said to be absolutely irreconcilable. To be Indian necessarily meant, it seemed to be uncompromisingly anti-Pakistani. To question this assumption, to entertain any thought other than the standard line about Pakistan and its people, was tantamount to treason."

Having been brought up with the misguided notion that Pakistan is evil incarnate, it seems that a large plurality of Indians viscerally hate Pakistan, and also hate anything that is likened to their western neighbor.

Such tactics may serve the politicians well but they do not solve India's long-standing problems that have put Indians among the most deprived people with the world's largest population of poor, hungry and illiterates.

Modi's hasty demonetization decision is also indicative of the rash decision-making by India's Hindu Nationalist leader. It's dangerous for stability in South Asia.

Demonetization Debacle:

Mr. Modi's blunder in hasty demonetization of large Indian currency notes has brought untold suffering to the people of India. The instant removal of 85% of cash from circulation in a cash-based economy has been harshly criticized almost universally by experts around the world.

Morgan Stanleys Ruchir Sharma has said it's Mr. Modis clumsy exercise of state power and it wont achieve its ostensible aimcracking down on so-called black money salted away by tax dodgers, according to Sadanad Dhume's op ed in Wall Street Journal.

Kaushik Basu, a former chief economic advisor to the government of India and former chief economist at the World Bank, has called it poorly designed, with scant attention paid to the laws of the market.

Forbes magazine's Steve Forbes has called Modi's demonetization decision "sickening and immoral". Wall Street Journal's editorial page has described it as "India's bizarre war on cash".

Here's an excerpt of how the Economist magazine describes the effects of Modi's "botched" demonetization decision on life and economy of the nation:

"Cash is used for 98% by volume of all consumer transactions in India. With factories idle, small shops struggling and a shortage of cash to pay farmers for their produce, the economy is stuttering. There are reports that sales of farm staples have fallen by half and those of consumer durables by 70%. Guesses at the effect on national output vary wildly, but the rupee withdrawal could shave two percentage points off annual GDP growth (running at 7.1% in the three months to September)".

Summary:

Prime Minister Narendra Modi's hasty demonetization decision has exposed his rash decision-making style. It has already caused untold suffering for ordinary Indians. Mr. Modi's decision processes have also raised serious questions about the formulation of Hindu Nationalists' Pakistan policy. Fears of miscalculation by Mr. Modi's inner circle about Pakistan's response to any major provocation could result in serious consequences for the entire region.


http://www.riazhaq.com/2016/12/indias-demonetization-disaster-modi.html
 
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Nice2MU

President (40k+ posts)
شکر ہے انڈیا کو بھی آخر کار نواز اور زرداری جیسا حکمران مل گیا۔۔۔۔۔۔۔۔۔۔۔۔ اللہ کرے مودی دو تین مرتبہ پھر جیت جائے۔۔۔۔۔۔۔۔۔۔اللہ نواز اور زرداری جیسے حکمران اسرائیل اور امریکہ کو بھی دے دے (ویسے امریکہ کو تو مل نواز شریف جیسا 'ٹیرفک گائے' مل چکا ہے۔ دیکھتے ہیں کیا ہوتا ہے؟

 

nepali.nationalist

Chief Minister (5k+ posts)
chaye-walay ch@ddi jub economy chalaingay to phir aesay hi ache din ayengay:lol:....woh kahan gaye jo kehtay they kay "ache din agaye hain" ???

ab to sub pooch rahay hain kay "ache din kahan hain " ??
 

asifA1

Minister (2k+ posts)
There is so much hatred in this article against Pakistan, how can this thread be posted on Pakistani forums? The topic is way off money demonetization disaster.
 

jimpack

Minister (2k+ posts)
chaye-walay ch@ddi jub economy chalaingay to phir aesay hi ache din ayengay:lol:....woh kahan gaye jo kehtay they kay "ache din agaye hain" ???

ab to sub pooch rahay hain kay "ache din kahan hain " ??

Just for the sake of your hatred you keep writing rubbish. Total garbage as expected from your buffoonery.
 

RiazHaq

Senator (1k+ posts)
China and India GDP figures tell a story, just not a true one

Nikkei Asian Review

http://asia.nikkei.com/Politics-Economy/Economy/China-and-India-GDP-figures-tell-a-story-just-not-a-true-one

I was curious about how Prime Minister Narendra Modi's surprise move to withdraw 500- and 1,000-rupee bills could impact the Indian economy, so I read a Dec. 8 report on the Indian central bank's decision to keep interest rates unchanged.

In the report, a term that was unfamiliar to me -- gross value added -- piqued my interest. The article said the central bank had downwardly revised its GVA-based growth forecast for the year through March 2017 to 7.1% from 7.6%.

Doing some research, I found that a country's GVA is the total of the value of goods and services produced in all industries and similar to GDP in terms of being a measure of production. The Reserve Bank of India, the central bank, does not put much faith in GDP data and uses GVA instead to assess the country's economic health.

In early 2015, India switched its method of calculating GDP from a formula based on supply-side prices to one using demand-side prices. The result was a sharp increase in India's GDP growth rates. The growth figure for the July-September quarter in 2014, for instance, was upgraded to 8.2% from 5.3%.

Based on the new GDP calculation formula, India's economy grew by 7.6% in 2015, outpacing China's 6.9% expansion. The switch has helped India cultivate an image as the new star performer among emerging countries, replacing China.

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But the RBI argues that the old formula for calculating GDP, which uses supply-side prices in computing the total value created through production, is more suitable for accurately evaluating the country's economic performance.


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Which data is most useful for understanding how a country's economy is faring depends on the country's industrial structure, which evolves over time.

As for India, Yuji Kuronuma, who heads The Nikkei's bureau in New Delhi, says he mainly follows corporate lending, tax revenue and sales of Unilever's lifestyle products, but also keeps an eye on auto sales and airline passenger numbers.
 

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