India cash bombshell

BawliBooch · Thu Feb 16, 2017 3:14 am

dtw2hyd wrote:
I don't think anyone in their right mind will say Congress is not corrupt, they are and will be corrupt to core forever.

Oh no 2 ways about that. All political parties are corrupt, and that includes the newest entrant AAP as well.

The problem is previously you could call the Congress corrupt and not be lynched. You could file for RTI's and get information on corruption. Now with this new regime, bhakta's like to believe the Lord Vishnu has taken avatar in the form of Dear Leader and questioning him is sacrilege! If Dear Leader says something, it must be true and must be defended. If you question the BJP, you are anti-national and should go to Pakistan.

dtw2hyd wrote:
Demo showed the true colors of federal employees and private banks alike. 15 lakh crores event, corrupt officials probably made 1-2 lakh crores easily under so called corrupt free pure regime. Even corrupt politicians were complaining about how corrupt these officials are. This will go down as biggest scam in Indian history.

Its a 24 Lakh crore plus scam - and no this time its not "notional loss" either. But what truly is different this time is the brazenness with which this govt has rammed through with this corruption! Unprecedented.

HAWK21M · Sat Apr 22, 2017 7:54 pm

Things are absolutely normal as on date

BawliBooch · Sun Apr 23, 2017 3:19 am

HAWK21M wrote:
Things are absolutely normal as on date

7 months later! And are things really normal? Say that with a straight face, i dare you!

ATM's in many area's of cities go out of cash in the first week of the month starting 4th or so, and coming back online typically from 10th of every month.

Is this "absolutely normal"? Price India is paying for Dear Leader's incompetence!

dtw2hyd · Mon Apr 24, 2017 2:40 pm

Winners:
Banks by charging for minimum deposit maintenance and over the counter withdrawal fees of your own money.
PayTM and other digital wallet providers.
Civil Servants/Bank Employees - Windfall riches
Political parties still distributing cash for votes

Losers
Customers: Still short on cash, Now paying fees for both withdrawals and digital transactions
Farmers: Screwed nationwide, while farmers have been commuting suicides in Vidarbah(MH),TS and AP for years, BJP never helped them, but waived loans in UP.

AFAIK high quality counterfeit currency is still an issue because new bills don't have many security measures and Kashmir is still flaring up.

BTW they fired the border security force guy who complained about dry roti and watery lentil soup.

BarfBag · Mon Apr 24, 2017 4:03 pm

World Bank CEO lauds PM Modi’s demonetisation move, says “What India has done will be studied by other countries”
Who do you want to believe ? The World Bank, or JNU agitators ?

BawliBooch · Tue Apr 25, 2017 12:09 am

BarfBag wrote:
World Bank CEO lauds PM Modi’s demonetisation move, says “What India has done will be studied by other countries”
Who do you want to believe ? The World Bank, or JNU agitators ?

Since when has the World Bank been worried about the impact of "reforms" on the poor & marginalised?

This is what other leading economists have to say on the Demonetisation move:

Demonetisation: Economists, experts back Manmohan Singh's prediction of GDP slowdown

Apart from the whole question on the need for demonetisation, there is also the question on the execution. Dear Leader's incompetence has cost 100's of lives.

dtw2hyd · Tue Apr 25, 2017 12:54 am

I don't think anybody outside India believes the published Indian GDP number, particularly the foreign think tanks and economists which BJP was so proud of.

The Economist explained one of the issues with the cooked GDP number.

Since demonetization farmers are not getting fair market value for their produce, they are actually dumping the produce (there are several videos). Because there was no cash, organized retailers like Reliance Fresh saw a huge growth, government calculated entire farming industry using that growth number. Which is creative accounting.

Even today staple food produce like Onions, Tomatoes and commercial crops like Chillies are not getting FMV.

Modi is busy winning elections. Took care of Advani Ji, Joshi Ji and Smt. Uma Bharathi all three senior BJP leaders. Tamil Nadu is in shambles. His immediate next target is Odissa.

No political party is safe, no one will even see it coming. What a shame.

BawliBooch · Tue Apr 25, 2017 1:34 am

The primary objective of demonetisation was to hit the cash reserves of the opposition parties which would impact their ability to fight the elections. There are enough indications to show that Dear Leader's party had advance knowledge of the move and priority access to new cash.

Its electoral fraud at its worst. And over 100 people had to die so Dear Leader could win a few elections!

BarfBag · Tue Apr 25, 2017 5:05 am

BawliBooch wrote:
BarfBag wrote:
World Bank CEO lauds PM Modi’s demonetisation move, says “What India has done will be studied by other countries”
Who do you want to believe ? The World Bank, or JNU agitators ?

Since when has the World Bank been worried about the impact of "reforms" on the poor & marginalised?

This is what other leading economists have to say on the Demonetisation move:

Demonetisation: Economists, experts back Manmohan Singh's prediction of GDP slowdown

Apart from the whole question on the need for demonetisation, there is also the question on the execution. Dear Leader's incompetence has cost 100's of lives.

The International Bank of Reconstruction and Development / International Development Association, a.k.a the World Bank , knows a HELL of a lot about the impact of reforms on the poor and marginalized. Certainly a lot more credibility than:
a) a JNU educated reporter
b) the most incompetent chairwarmer of an excuse for a Prime Minister this country has had.

Meanwhile, IMF upped the 2016-17 GDP forecast to 6.8% from 6.6% stating that demonetisation effect was overstated. And it keeps current fiscal estimate at 7.2%
IMF retains its India GDP growth forecast at 7.2% for 2017-18
ADB estimates even higher:
India’s GDP growth rate to touch 7.4 per cent in 2017-18: ADB

But keep beating your 'anything BJP does is bad bad bad!' drums . After all, you gotta stay employed somehow, and Leftist political entities have no cash left.

Aesma · Tue Apr 25, 2017 1:17 pm

If the economy used to be mainly cash, wasn't the GDP inaccurate anyway ?

dtw2hyd · Tue Apr 25, 2017 3:07 pm

GDP by definition based on surveyed statistics, not on exact data. But in two years GDP jumped 2-3 percentage points, without any visible difference in economy or job growth.

As soon as BJP took power, changed base year and algorithm to boost up the number and they continue to find innovate and creative accounting methods to make it bigger number.

BawliBooch · Tue Apr 25, 2017 3:55 pm

BarfBag wrote:
Certainly a lot more credibility than:
a) a JNU educated reporter
b) the most incompetent chairwarmer of an excuse for a Prime Minister this country has had.

After all, you gotta stay employed somehow, and Leftist political entities have no cash left.

The fact that supporters of Dear Leader and the fascist RSS need to resort to cheap personal jibes to get their point across shows how shaky their whole argument is. Apart from being a reflection on their education and upbringing ofcourse.

the one BarfBag calls "most incompetent chairwarmer of an excuse" is one of the worlds leading economists respected the world over who led India through a period of fantastic economic growth.

The one BarfBag prefers is Dear Leader - a semi-literate 8th grade pass bigot who made his career attacking opponents with such charming invectives like "Italian B***h", "Jersey Cow" and "50 crore Girlfriend". Google the hashtag #ModiTongue to know more of Dear Leader's skill with filthy abuse.

Just like Trump supporters, Dear Leader's supporters show a tendency to be equally abusive. And with good reason.

BarfBag · Tue Apr 25, 2017 7:26 pm

Aesma wrote:
If the economy used to be mainly cash, wasn't the GDP inaccurate anyway ?

"Inaccurate" ? It may be incomplete data-wise, since we're talking a new data series and new statistical basis, and collecting data across a large continent size country takes time. But Indian GDP collection now follows UNSNA2008 standard, and replaces the earlier methodology more closely aligned with the Soviet MPS system. Most modern economies also follow variants of SNA2008, including USA, China and France.

dtw2hyd · Wed Apr 26, 2017 1:17 am

While western countries encouraged India to move to latest statistical model, no one expected them to cook the books. Same countries are questioning published numbers.

Western think tanks always recommend every country should move to complete open economic model with full currency convertibility, intellectual macro economists never implemented such recommendations. IMHO, India escaped GFC2008 for this single reason. With current dismantling without any intellect, when next GFC comes around, India won't be so lucky.

BawliBooch · Wed Apr 26, 2017 5:31 am

International experts raise doubts over India's fudged GDP numbers.
US' doubts over India’s 7.5% GDP shows Modi is fighting a trust deficit

The GDP figures as per new method are being used to show that there has been growth. But if the revised method was applied to UPA2 years, we would get GDP growth figures on 10-12% which are completely unrealistic.

The reality is that the semi-literate Dear Leader has made a mighty mess of the Indian economy and is using statistical jugglery to fudge figures. This combined with the gross incompetence in handling the security situation with Pakistan as well as the internal security situation and we are looking at tough times ahead.

Save this post: I would not be too far off the mark if i forecast that Dear Leader would launch a limited war with Pakistan around 2018 or so: just in time for the 2019 elections. You need a big distraction to divert attention from incompetence. And when the incompetence is of this level, the distraction has to be just as big!

dtw2hyd · Thu Aug 31, 2017 1:49 pm

It is official now. India's demonetization exercise failed to achieve all original intended targets.

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