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POLITICO-ECONOMIC WISDOM
A second look at demonetisation !Hari Jaisingh Narendra Modi Dr Manmohan Singh I am not sure who first floated the concept of Modinomics visà- vis world famous economist Dr Manmohan Singh’s Manmohanics. I remember having interviewed the economist Singh as Finance Minister in the P V Narasimha Rao government. I was then impressed by his common man sense concepts in economics viewed on the larger canvas of international reputation he enjoys for his economic wisdom for povertystricken developing countries like India. My thoughts travels back to my years with The Trust- run Tribune in Chandigarh where I had several opportunities to interact with the softspoken gentleman-Prime Minister Dr. Manmohan Singh, who never showed off his tremendous intellectual power, honesty and passions for the uplift of common men and the country’s economy. This was well-reflected when he issued a statement on Prime Minister Modi’s second anniversary of his major decision on Demonetisation on November 8, 2016 which has impacted every section of society.
S. Gurumurthy a comprehensive plan to uplift the socio-economic levels of the poor, the have-nots, tribals and minority sections of the population. I could, however, some signs of stir in the South Block and the North Block with the entry of S. Gurumurthy as an Independent Director in the RBI Board. I don’t go by his “saffron ideologue” label. I have admired him from the days when he was active in the Swadeshi Jagran Manch set-up. I have, of course, often wondered what happened to his Swadeshi spirit which gave some glimses of Gandhian thoughts of “village Republics” -- of course with certain fundamental differences ! There are wheels within wheels in the working of the Indian economy. No one knows which wheel is operating at whose behest. This is a harsh reality no one talks about. We need more transparency and accountability in running our economy, keeping in view that even after over 70 years of Independence we are still seeing a large number of poor children, tribals and deprived sections of the people on the streets in our cities and towns. Are they not part of our economic well-being.
Arun Jaitely
I hope he would play a constructive
role in the RBI set-up and not allow
himself to be carried away by the Modi
governments’ rehetoric ! Good luck to Gurumurthy. I have known him from
my days with Indian Express as its
Resident Editor in Mumbai.
Raghuram Rajan
The same views, more or less, were
expressed by India’s renowned ex-RBI
governor Raghuram Rajan. Speaking at the University of California in Berkeley
on November 9, he was well focused in
conveying his views on
Demonetisation and GST. He stated
that the two major “headwinds” held
back India’s economic growth last
year. The problem here is one of arrogance on the part of the persons at the helm who think that “our PM can do no wrong”, forgetting the harsh truth that even God has to be accountable to his devotees! I hope Modi would sooner or later understand ground realities of Bharat, that is, India ! This underlines one-track mindset
of powers-that-be who believe “we can
do no wrong”! This is the tragedy of the
BJP-led NDA regime headed by Modi. The major problem with the Noteban was a total absence of understanding of rural ground realities and possible woes of common citizens and the plight of those working in informal sectors. This is where millions of people lost their jobs. The Centre for Monitoring Indian Economy estimates that 1.5 million jobs were lost between January and April 2017 ! But, who will listen to cries of farmers’ and ordinary people and say “sorry” and stand corrected? The problem here is one of
arrogance on the part of the persons
at the helm who think that “our PM can
do no wrong”, forgetting the harsh
truth that even God has to be
accountable to his devotees! I hope
Modi would sooner or later
understand ground realities of Bharat,
that is, India! We, of course, salute the people of
Gujarat for their entrepreneur spirit.
But my point is: Gujarat is not India. There are wheels within wheels
in the working of the Indian
economy. No one knows which
wheel is operating at whose behest. |