Subramanian calls note ban a draconian move, 86 pc currency in circulation withdrawn

Agencies
November 29, 2018

New Delhi, Nov 29: Former Chief Economic Adviser to the Government Arvind Subramanian on Thursday called the demonetisation move a massive, draconian, monetary shock and 'in one fell swoop, 86 per cent of the currency in circulation was withdrawn'.

Mr Subramanian, in his book Of Counsel: The Challenges of the Modi-Jaitley Economy, said the real GDP growth was clearly affected by demonetisation. 

He said the growth had been slowing even before, but after demonetisation the slide accelerated. In the six quarters before demonetization, growth averaged 8 per cent and in the seven quarters after, it averaged about 6.8 per cent (with a four-quarter window, the relevant numbers are 8.1 per cent before and 6.2 per cent after).

“I don’t think anyone disputes that demonetization slowed growth. Rather, the debate has been about the size of the effect, whether it was 2 percentage points, or much less. After all, many other factors affected growth in this period, especially higher real interest rates, GST implementation and rising oil prices,” he added.

He added that prior to demonetisation, cash and GDP move closely together. Then, currency collapses and recovers but through all of this, the economy seems to have been chugging along almost unmindful of the currency in circulation. 

He said at the time (early 2017), the election in Uttar Pradesh -- India’s most populous state and the world’s eighth-largest ‘country-that-isn’t’— was widely seen as a verdict on demonetization, arguably the salient policy action of the government, personally and forcefully articulated by the prime minister.

The economist said the note ban was one of the unlikeliest economic experiments in modern Indian history.

Mr Subramanian was appointed the Chief Economic Adviser (CEA) to government in October 2014. On 20 June 2018, Mr Subramanian stepped down before the scheduled end of his tenure owing to his family commitments.

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Agencies
July 2,2020

Mumbai, Jul 2: The Shiv Sena on Thursday termed the ban on 59 Chinese apps by the Indian government as a "digital strike" and asked if these apps were a threat to the national security, how did they operate for so many years.

An editorial in Sena mouthpiece 'Saamana' sought to know when did the Centre realise these apps were a threat to the national security.

By banning the Chinese apps, Prime Minister Narendra Modi protected the interests of Indian internet users and his courage has be lauded, the Marathi publication said.

India on Monday banned 59 apps with Chinese links, including TikTok, UC Browser, SHAREit and WeChat, saying they were prejudicial to sovereignty, integrity and security of the country.

"If these apps were a threat to national security, how is it that these apps were functioning without any hurdles for so many years. If the opposition says the government neglected national security,then what will the Centre's stand be?" the Shiv Sena asked.

It said questions should be raised on all the previous governments for "allowing national data to go out of the country".

China has expressed displeasure over the Indian government's decision, the Marathi daily said, adding that Chinese soldiers are "still not ready to leave the Galwan Valley (in Ladakh)".

The Sena said it took the sacrifices of 20 soldiers for the government to realise Indian data was being illegally taken out of the country.

"The government took revenge by a digital strike," it stated.

There have been complaints earlier that users' data on Chinese apps was illegally sent out of the country, and apps like TikTok were "promoting vulgarity", it said.

"Many TikTok stars had reportedly joined the BJP," the Sena claimed. "What will happen to them?" it asked.

There is a need to break China economically, but that will not happen by banning its apps. The issue is about trade and investment between the two countries, it said.

"The largest Chinese investment is in Gujarat.

Chinese company Huawei has got the contract to set up 5G network in India. This company having keys to India's digital economy is akin to the Chinese Communist Party owning the Indian economy in future," it said.

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Agencies
February 5,2020

New Delhi, Feb 5: AIMIM chief Asaduddin Owaisi on Wednesday expressed his suspicion over the government using force to clear the Shaheen Bagh stretch where an agitation has been ongoing for over 50 days against Citizenship Amendment Act (CAA).

While speaking to ANI over the phone, Owaisi was asked that there are indications from the government that after February 8, Shaheen Bagh will be cleared.

In reply, he said, "Might be they will shoot them, they might turn Shaheen Bagh into Jallianwala Bagh. This might happen. BJP minister gave a statement to 'shoot a bullet'. The government must give an answer as (to) who is radicalising."

Further speaking about NPR and NRC, Owaisi said, "Government must give a clear cut answer that till 2024 NRC will not be implemented. Why are they spending Rs 3900 crore for NPR? I feel this way because I was a History student. Hitler during his reign conducted census twice and after that, he pushed the jews in a gas chamber. I don't want our country (to) go in that way."

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Agencies
June 19,2020

New Delhi, Jun 19: Delhi minister Satyendar Jain's health has deteriorated further. He is infected with the coronavirus. Jain has also been diagnosed with pneumonia. He is being shifted to an ICU.  According to doctors, Jain is now kept full-time on oxygen support as his oxygen saturation level has dipped.  

Jain was admitted to Rajiv Gandhi Super Speciality Hospital early Tuesday after running high fever and suffering a sudden drop in oxygen level. The 55-year-old leader's test result came positive on Wednesday evening after a second test. Jain was brought to the hospital and was administered a test for the novel coronavirus infection on Tuesday morning, for which he tested negative. But he still ran fever and showed symptoms, so another test was done after 24 hours of the first.

He will now be shifted Max Hospital in Saket and administered plasma therapy. 

Union Home Minister Amit Shah has also wished for Jain's speedy recovery.

On Thursday, Delhi Deputy Chief Minister Manish Sisodia took over the charge of health, PWD, power and other departments held by Jain. Jain will remain the cabinet minister without any portfolio in the Arvind Kejriwal government until he recovers. 

On Sunday, Jain attended a high-level meeting on the coronavirus situation in the national capital, chaired by Union Home Minister Amit Shah, which was also attended by Delhi Lt Governor Anil Baijal, Kejriwal, Sisodia and Union Health Minister Harsh Vardhan.

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