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I don't think the news articles are biased, in fact it properly reflects the current state in India. I was a strong supporter of Modi during the elections and

by kc10 8y ago

I don't think the news articles are biased, in fact it properly reflects the current state in India. I was a strong supporter of Modi during the elections and through the demonetization process. But as I see the rich who had tonnes of cash were able to exchange most of the cash without lot of issues. I am sure there were long lines, it was inconvenient, it was stressful - but most of the cash got exchanged. I heard about a lot of people who used the 2 lakh tax-free income limit to deposit the cash and get it back (basically if I have 1 crore in black money, all I have to do is find 50 poor people and deposit 2 lakhs each into their accounts. Once deposited the rich person can get the money back in new bills and they pay the poor guy some cash for his trouble - trust me it's not hard to find poor people who are willing to take this trouble). The government can't question the poor guy because he's within his 2 lakh limit and need to have to show any proof where it came from. The rich is happy and the poor guy is also happy. Now, people lost trust in the banking system, there are limits on withdrawals, ATMs out of cash, no one wants to deposit the money back - everyone wants to hold on to their cash. If people don't deposit cash, banks can't lend (btw, banks are writing off crores of money as NPAs already, that's another problem) and ultimately the economy will stagnate. Personally I think this experiment was done with good intention to curb all black money and move over everyone into banking system - but not thoroughly thought out and it's a failure.

calvinbhai 8y ago
Not denying your or anyone’s right to opine about whether NYT , NPR are biased or propaganda based not. You are certainly entitled to your opinion about their biases (so am I). I was just giving more perspective about how I view the issue and the reporting related to the issue in the international media, specifically liberal / pro democrats media in the US. “Most people lost trust in banking after demonetization” seems to be widely reported, but hardly supported by reliable data. Though I believed such reports during the initial days of demo, anecdotal evidence (based on friends, relatives, ex colleagues and contractors I have worked with) seems to be that the trust seems to be strong enough for those who never evaded taxes or those who wanted to pay taxes honestly, but never bothered to deposit cash in account. If anyone says demo was a success in solving the black money problem I’d say that’s not true. But demo, combined with GST, RERA and a bunch of other initiatives have really pushed India towards a less tax evading future, which can only mean lesser taxes in the near future since the tax net cast is much wider.

by kc10 8y ago

calvinbhai 8y ago

Not denying your or anyone’s right to opine about whether NYT , NPR are biased or propaganda based not. You are certainly entitled to your opinion about their biases (so am I). I was just giving more perspective about how I view the issue and the reporting related to the issue in the international media, specifically liberal / pro democrats media in the US. “Most people lost trust in banking after demonetization” seems to be widely reported, but hardly supported by reliable data. Though I believed such reports during the initial days of demo, anecdotal evidence (based on friends, relatives, ex colleagues and contractors I have worked with) seems to be that the trust seems to be strong enough for those who never evaded taxes or those who wanted to pay taxes honestly, but never bothered to deposit cash in account. If anyone says demo was a success in solving the black money problem I’d say that’s not true. But demo, combined with GST, RERA and a bunch of other initiatives have really pushed India towards a less tax evading future, which can only mean lesser taxes in the near future since the tax net cast is much wider.