prasad1
Active member
Former Reserve Bank governor Raghuram Rajan has finally broken his silence. In his latest book – I do what I do – Rajan confirms that at no point until his term ended on September 3 last year did the RBI conclude a decision on demonetisation.
This revelation, coupled with data released by the government and the RBI over the past week, reaffirms what critics of demonetisation have long argued: That it was not only implemented without adequate preparations but, significantly as well, there was no compelling economic rationale for such a disruptive measure.
[FONT="]The growth of the broader economy has, in fact, slowed sharply from 7% in October-December 2016 to 6.1% in January-March and 5.7%in April-June quarter of 2017. The impacts of the cash squeeze and disruptions following the November 8 shock-and-awe decision to scrap high-value banknotes are far from over. Consumer spending continues to be weak and businesses remain wary of making new investments. A sharp turnaround for the economy is unlikely to happen soon.[/FONT]
http://www.hindustantimes.com/colum...e-questions/story-wshDAoQSPwvlAM4g9u4QUM.html
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