Did the expert advisors to the government ever try to assess the extent of black money in cash before deciding to take 86 per cent of the money out of circulation? In reality, not even six per cent of the country’s black money is stored in cash, say the financial experts......
The message about demonetization is
clear. It has disturbed the Indian economy. But it’s too late for the
government to roll it back. Many economists and experts have criticized the move
and the implementation. Japanese brokerage Nomura issued a grim report about
the impact of demonetization in India. It expects growth to fall to 6 per cent
or below, as rural demand from fertilizers to consumer items shrinks sharply.
Nomura has an index that tracks lot of numbers to forecast growth. This, index
it explained, was down to its lowest levels since it was created.
Some call it a monumental tragedy
that is harming farmers, traders, small business and daily wage workers. Many
small scale units have shut down or the workers have returned back to their
villages. Is demonetization and its ugly fallout the beginning of the end of
Modi? Modi is losing friends as anger grows over Indian cash crackdown and
constant flip flops by the RBI. Nomura could have added that not only was demonetization
unnecessary, its execution has been botched. The Reserve Bank of India, the
finance ministry overseeing it has issued no less than 60 notices and circulars
that contradict each other since 8/11. These create confusion among banker and
citizen equally. Now people, who initially supported believing the good
intention of the government, are visibly angry. The general perception is,
people might forget the ordeal after a few days, but may not forgive the
government who created this mess.
Did the expert advisors to the
government ever try to assess the extent of black money in cash before deciding
to take 86 per cent of the money out of circulation? In reality, not even six
per cent of the country’s black money is stored in cash, say the financial
experts. Chidambaram, the former finance minister says - What the government
has been claiming as a surgical strike appears to be a surgeon operating on a
patient without diagnosing him first.
One of the big impacts is
instantly visible on the residential sector which has been experiencing excruciatingly
slow growth in recent times. Let us hope the New year will bring some respite
and good days to the aam aadmi!
You
must be aware, centuries ago, the influence of Hinduism and Buddhism spread to
Far East and South East Asian countries like Cambodia (earlier known as
Kambhoj), Thailand, Indonesia, etc. Did you know that in Bangkok, it has a Sri
Ayodhya road and Rama-I road. There are more such interesting facts.
Bangkok
itself was established as the capital of Thailand by King Rama –I, the founder
of the Chakri dynasty. It is evident from the history of Thailand that many
generations of Thai Kings have identified themselves with Rama, who was
regarded as an ideal ruler. And therefore, successive kings of the dynasty,
have continued to hold the title of Rama with their names. The present king,
His Majesty Bhumi Pol Adulyadej, is called King Rama –IX.
Alongwith
Buddhism, the Hindu epic of Ramayana (known as Ramakin in Thai version) has
excerised powerful influence over the Thai people. There is another Ayodhaya
situated about 90 km north of Bangkok. Now lying in ruins, this ancient city,
known as Ayutthaya in Thai, was founded as the capital of Thailand in 1350 by
King Rama Thibode.
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