5 ms·
That is just one anecdote. OTOH 103 people died in the process, productivity was lost by people standing in lines all day, GDP growth declined by over 2%, RBI's
by statguy 9y ago
That is just one anecdote. OTOH 103 people died in the process, productivity was lost by people standing in lines all day, GDP growth declined by over 2%, RBI's credibility has been destroyed. Sure, some rich suffered, but many more poor lost their livelihood.
- harigov 9y agoJust out of curiosity, what makes you think RBI credibility is destroyed? Indian Rupee seems to be faring well compared to other currencies. Do you have any data around poor losing their livelihood? Last time I checked, street-side vendors continued selling stuff. Most poor people would rarely deal with 500/1000 so I don't know where is this coming from.
- statguy 9y agoA simple google search gets you RBI loosing its credibility: http://www.hindustantimes.com/analysis/post-demonetisation-rbi-s-credibility-has-been-whittled-down/story-OoKW72YVxsp5LxprxREo2J.html http://www.hindustantimes.com/analysis/post-demonetisation-r... http://indianexpress.com/article/business/banking-and-finance/reserve-bank-of-india-demonetisation-urjit-patel-finance-ministry-the-disquieting-silence-of-the-rbi-4474662/ http://indianexpress.com/article/business/banking-and-financ... > This has led to people such as former prime minister Manmohan Singh (himself a former RBI chief), former finance minister P Chidambaram, and former RBI governors Y V Reddy and Bimal Jalan raising concerns about the “harm” to the RBI’s “credibility” and talking of the “institutional damage” it has “suffered” in the process. http://www.mydigitalfc.com/my-world/rbi-row-oppn-slams-govt-destroying-credibility-autonomous-body http://www.mydigitalfc.com/my-world/rbi-row-oppn-slams-govt-... > “I don’t think ever before, the employees of a government institution especially an independent and respectable institution like RBI have written against its national policy. Very clearly RBI has compromised to an extent never ever before. Prime Minister Modi and his government have destroyed RBI, its credibility and the role of an institution,” Congress leader Sandeep Dikshit told ANI. Poor loosing jobs https://thewire.in/157093/1-5-million-jobs-lost-2017-demonetisation/ https://thewire.in/157093/1-5-million-jobs-lost-2017-demonet... http://indianexpress.com/article/india/demonetisation-35-per-cent-job-losses-50-per-cent-revenue-dip-says-study-by-largest-organisation-of-manufacturers-4465524/ http://indianexpress.com/article/india/demonetisation-35-per... https://twitter.com/r0h1n/status/885774769622196224 https://twitter.com/r0h1n/status/885774769622196224
- rajathagasthya 9y ago3 out of the 4 persons mentioned here (Singh, Chidambaram and Dikshit) are opposition party leaders, so I wouldn't take their statements at face value.
- statguy 9y agoDid you even read the articles? There are 5 people mentioned, two of whom are former RBI governors and apolitical. While Manmohan Singh and Chidambaram are from the opposition, they are noted economists - MMS had predicted back in Nov. 2016 that GDP growth would drop by two percentage points and he was bang on target. The third article was about a letter written by RBI employees about the RBI loosing credibility and the Congress spokesperson was simply echoing their words. I can't provide more sources right now (on phone) - during the demonetization period - ATMs were not working, shortage of new notes, RBI issuing new directives each day because it could not cope, a general confusion all around - all severely damaged the RBI.
- harigov 9y agoBTW, the letter from RBI employees was about mismanagement rather than demonetization perse - http://timesofindia.indiatimes.com/business/india-business/feeling-humiliated-by-post-note-ban-events-rbi-employees-write-to-urjit-patel/articleshow/56527140.cms http://timesofindia.indiatimes.com/business/india-business/f... That article that you linked seems to be intentionally ambiguous.