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Time to put away the smoke and mirrors on demonetisation

Mohan Kumaramangalam, ON 2018-08-04 09:43:21

A few days ago , Mylapore's very own auditor and Editor of Thuglak, Mr.Gurumurthy, had written in these columns of the untold benefits of the great indian circus that was demonetisation. His intentions while undoubtable, his facts seemed to be drawn from a post-truth world. This article intends to set the record straight on a number of these facts and also iterate some fundamentals of economics that the erudite auditor seems to have forgotten.

Local politics, not national policies

In his article, Mr. Gurumurthy seems to confuse electoral wins in the local body elections of BJP run states with the public’s ringing endorsement for demonetisation.

This reminds me.....

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The Coming Storm of Stagflation

Mohan Kumaramangalam, ON 2018-08-04 09:22:54

The recent developments in the Indian economy are indeed distressing for all the stakeholders. Three data points that have come to light are worrying and threaten to derail the economy. They are

  1. The estimated growth rate according to the central statistics office is going to be 6.5% for this year while the finance minister assumed that the growth rate of the Indian economy will be 7.5% for the year. This will send all budgetary calculations awry.
  2. The consumer price index has breached the target set by the Reserve Bank and is at 5.12% for the month of December and is heading further north in the coming months.
  3. The Government has revealed that it will borrow 20000.....

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A black-day marking failure

Mohan Kumaramangalam, ON 2018-08-04 08:50:07

The 8th of November, 2016 will forever be remembered as a dark day in India’s democratic history. It was on that day, the prime minister took a unilateral decision to invalidate 86% of India’s legal tender. The action, commonly referred to as demonetization, is now inarguably hailed as a colossal error in judgment that led to an unprecedented destruction of value and caused irreversible personal loss to millions of our country’s workers and entrepreneurs.

The Indian democracy rests on three independent and sturdy pillars – the legislature, the executive and the judiciary. If any one of these pillars fail, the other two are supposed to ensure that the constitution.....

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Salman Anees Soz Regional Coordinator – AIPC North Zone
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Mohan Kumaramangalam President, AIPC-Tamilanadu State