8 ms·
This article seems to be totally biased and not entirely aligned to ground reality. It's what the general people call as a "hit job" by the (mainstream) media.
by adictator 10y ago
This article seems to be totally biased and not entirely aligned to ground reality. It's what the general people call as a "hit job" by the (mainstream) media. Most of the points raised in the article are in line with what the opposition political party - Congress has said, a party universally known for corruption & for playing dirty appeasement politics, a party that has kept India backward & in abject poverty even though it was in power for the last ~70 odd years.
Yes, there were hardships. But Indians can see the benefits in not only black money reduction, but also in decrease in tax evasion, digitalization of the economy & also reduction of terrorism & anti-social elements like mao-ism, naxalism etc.
In any case, I think we should try & maybe fail & learn from this, rather than let the status quo of affairs go on as it has been since India's independence in 1947. This is probably the first bold move ever in Indian economic history.
- denzil_correa 10y ago> But Indians can see the benefits in not only black money reduction, but also in decrease in tax evasion, digitalization of the economy & also reduction of terrorism & anti-social elements like mao-ism, naxalism etc. Except that you did not exactly require demonetization to achieve those benefits.
- fooker 10y agoHow do you determine who has been hoarding undeclared income as cash over the last 20 years? Random raids?
- denzil_correa 10y agoThe Ministry of Finance has done this exercise with the help of Income Tax Department. They report that the unaccounted income in cash is approx. 6%.
- gozur88 10y agoIn the US, cash transactions over a certain limit get reported to the government. Even if you manage to hoard a bunch of cash, it's surprisingly hard to spend without drawing attention to yourself.
- adictator 10y ago> cash transactions over a certain limit get reported to the government. Who reports it? So let's say I pay a bribe of $1 million for some significant but slightly illegal favor. Will the 'bribee' report it, or is it the briber?
- gozur88 10y agoWhere did the money come from? And what will the bribee do with it? Is there a separate bribe economy, where people bribe each other and never use the money to buy houses and cars?
- adictator 10y agoOk. So what exactly do you require to achieve even a modicum of those benefits? And you think that was not tried in the last ~70 years of Indian Independence? I'm not sure your angle, but most people are content with analysis, but there is no urgency for action - a situation of "blissful analysis paralysis". What's worse is that, when someone takes an action, any action, these people are the first to raise all sorts of objections against those very actions that were unable to, incapable of, or totally uninterested in taking.
- denzil_correa 10y ago> I'm not sure your angle, but most people are content with analysis, but there is no urgency for action - a situation of "blissful analysis paralysis". What's worse is that, when someone takes an action, any action, these people are the first to raise all sorts of objections against those very actions that were unable to, incapable of, or totally uninterested in taking. Like repeatedly mentioned in the thread, the costs for this exercise significantly outweigh the benefits. If most people are happy with it, that does not change the benefits to cost ratio. In addition, "trying something" does not equate to success.
- euphoria83 10y agoUnfortunately, your response seems very political and not objective.