Editorial with Sujit Nair: Five Years of Demonetization...| Prof. Arun Kumar
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- Опубліковано 15 вер 2024
- "Five year after demonetisation, the central government’s ostensible aim to wipe out black money and switch over to digital transactions seems to have met with limited success, a national online survey by LocalCircles has revealed. While cash usage has declined, it still dominates in transactions like purchase of property, where earlier too black money dominated.
The survey report, based on responses from 36,000 participants across more than 388 districts, including big and small cities. In this episode of the Editorial, our Managing Editor Mr Sujit Nairspeaks to Economist Prof Dr Arun Kumar.
#Demonetization #PMModi #IndianEconomy #BlackMoney #Cash #BlackEconomy #InformalEconomy
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Great to listen to Prof. Arun kumar. And understand the different forms of black economy besides cash.
No noise, no interruptions. Only facts.
Everyone would have been impacted in some way or other.
Waiting in long queues for hours to collect limited money from banks or ATMs is one horrible experience.
Trueee, but that was the tip of the iceberg, now we are facing the massive consequences of demonetization
What a wonderful presentation about what is black money/ economy. Having 34 years experience in banking I never come across any such knowledgeable person with sharp and economists. Black money is not in the form of cash. What a blunder our PM has done
WOWWWWW THIS PROFESSOR IS SIMPLYYYY AWESOME WITH HIS EXCELLENT KNOWLEDGE⭐⭐⭐⭐⭐
Money obtained by political parties through Electoral Bonds is in fact a black money.
100% - NO BETTER EXAMPLE!!
Absolutely ✔️✔️
Note bandi was a scam. This was very knowingly done.by Modi
...
@@RakeshGupta-qu9yj 100% right. but it seems ,the learned prof is so naive as to think that modi was naiev abt note bandi !
It is pure extortion. Anyone who doesn't donate to the Supreme Leader will face consequences.
Sir, Hearty congratulations to you and HW News on Eve of 500th episode of "Editorial with Sujit Nair"
Really today's " Subject " perfectly chosen to celebrate 500th episode.❤️👏👏✋
Prof. Arun Kumar is a brilliant economist n his assessment of demonetisation. If the powers that be only paid heed to his warnings,we might have been in a much better place just now. Thank you Sujit for the wonderful topics you choose to break down n simplify the jargon for us.
That's a myopic view. It was not lack of advice. It must have been done with an eye on up elections with an eye on ii term.
Expecting Modi to understand all this is asking for too much....Modi keeps things simple....hindu-muslim...that works for him.
Don't you think , people are also responsible. They fooled by this Hindu Muslim propaganda. And don't realise which is essentially important for them as well as nation.
Very true...
"Expecting Modi to understand all this is asking for too much" ............
Does it imply that Modi is so ignorant?
Modi keeps things simple..........
Does it imply that Modi is so innocent?
Modi is neither. He takes decisions that greatly benefit: his own image, BJP election prospects, Corporates, etc,
He knows fully well how much the common people suffered. He was the cause of their suffering and tears.
Yes, it must have been beyond the capacity of Modi to empathise with people, and that is probably the reason he could not see the need to make an apology. This is one of the many sides of Modi, who heads India as Prime Minister. He is even capable of shaking off all this by his solemn silence.
@@lourdumary5915 Lady, what I wrote is called SARCASM...whew!!!
@ The Saint
I would have been happy to call you by your name. Brother/Sister, I understood the meaning that you have communicated what you wanted sarcastically. Taking cue from what you said, I communicated what I wanted in a direct way. That's all. All the best in whatever you are doing. God bless you.
It was Meant for UP Elections but
Indian Economy Paid the Price. 🤦♀️
Massive Price 😤
Notable point 👍
No foresightedness.
No Wiseman will do such a great mistake.
The people of India has taken for a ride.
Those who criticized the government were branded as antinationals.
Fully agree
Correct. Massive laundering operation to buy UP. This time they have PMCARES. LOL. Hope that people are smart and vote wisely. UP has the largest amount of seats. And will cause havoc for them in the case of loss.
@@juncando It was set up to create a domino effect. Create a huge bank of deprived and poverty-stricken people who have no option other than to live in hope (with jumlas) to ultimately die in despair.
Want thousands of Prof Arun Kumar
And
zero Modi
Excellent enlightening editorial by Mr. SN with Prof. Arun Kumar. Doubts arise whether demonitization was done to replace ₹1000 by ₹2000 currency note. Nothing significant proved by demonetization except for the inconvenience caused to the citizens & dent to the economy.
Yet , fools voted him to power.
Every time Nair says "our good PM", I burst out laughing
yeah he says that so v can laugh on our so called pm,thats mr nairs naughty agenda
@@sagaronline265 not naughty but soul searching
@@harvinderubhi5540 yeah buddy i agree,i said it in funny way.but i wonder soul who has sold himself to evil can he get himself back on right track?
@@sagaronline265 anything is possible, but habits are difficult to change
@@harvinderubhi5540 yes i do appreciate ur and sujit sirs positivity,i also believe giving good wishes is the only way you can turn devil into divine.lets hope our good pm actually becomes good.
It was nothing but "Organised loot, & legalisd blunder " as rightly stated by our really good former PM ,Manmohan Singh.
yes no doubt
2 personalities with long beard.. One who is uneducated but unfortunately running sorry rueining our country and the other full of knowledge and humble person. Jai Bharat
Professor Arun Kumar's knowledge is astounding and kudos to Mr. Nair for cleverly asking questions so that the knowledge is disseminated for the benefit of all. An excellent editorial.
I think people even converted counterfeits during that time. Due to the heavy rush at banks most of the bank employees were not checking the currency notes which were being given to change.
what do you expect when chai wala and bhel walas run the show. Who is surprised?????
no,even chaiwala can be a good pm,but but first he must be good human and shud have love for nation and people.pm chair is such he has so many helping hands under him and india has many bright minds to offer their ideas so that shudnt be a problem ofcourse eduction gives you more advantage.
right now its not being a chaiwala is d main reason for such bullshit pm ,its individual character which is rotten.
Mr 56 chaiwala totally failed in all sectors , how can uneducated pm who can destroy we are seeing
But Andh bhakts can't see, simply because they feel more comfortable with the eyes closed.
He is also ill-cultured as his breeding makes him so
Never in history in entire world, this has ever happened. It's after 7 years that people are finally realizing what has happened and dire consequences which have broken the spine of economy in India. GST is looting Indians on daily basis.
Indian economy will boom in some years just govt need to change wise in the end everything will be sold
.
.
@sujithnair really appreciate prof arun kumar who must be utilised by opposition parties to define policy statement to redefine black economy. I request you to create a Q&a with prof to discuss various aspects of black economy. This govt makes policies which help rich to become more richer. The electoral bonds IBC poor implementation of gst all help crooks in wiping out the income generated by indians.
The way Dr. Arun Kumar explains demonetisation, makes it so easy for all to understand. And that should include our PM. He should heed advise of experts. But, again, the truth is: he only wanted to make political capital, and he continues to do that to this day. And worse: he has hoards who still have blind
faith in him.
And thank you, Sujit Nair. You dare to pick up subjects for discussion that fly in the face of facts.
Look forward to your episodes. May you go on to complete many, many more episodes.
Simple example....
WHEN WAS THE LAST TIME WE HAD SEEN 2000 rupees in the ATMs.....IT HAS ALL BEEN HOARDED BY THE RICH.....
Thanks to Dr Arun Kumar and Mr. Summit Nair for the brilliant analysis and presentation.
This is exactly the kind of informative video everyone should watch. This is real journalism.
It was fooishness of the people to believe that someone who claimed to b a chaiwala could do this calculation of what is black money
India would have been a Super Power
by now if We had a Different PM. 😭
True
@DIET FACTORY did upa buy Rafael gomuthra drinker
India would have been a Super Power had it not been ruled by Nehru Gandhi family.
@@npd9758 Yes..India was exactly like how it was in 1947....until 2014....then roads came, telephone came electricity came..all the colleges, 5th largest army, premier research institutes, nationwide railways, Airports all came in 2014.. I still Remember in 2013...I used to ride a bullock cart to college...Thanx to Modi Ji ...now I have a bus service... 💘
@DIET FACTORY keep both the deal approached by congress and modi then decide.
Now I could all the dots. Amazing. I m proud to be a paid subscriber of HWnews.
Made opposition parties in UP cashless during last election
It was not lack of knowledge, the motivation was something else
Motivation was quixotic tughlaqian egomania. 🤣🤣🤣
Demonitization was done to squeeze the black money out of opposition parties, when their party people and cronies had been intimated. Even i had initial doubt about the good intensions of it. However the poaching of MPs in Karnataka and MP with huge amounts in crores got rid of that. All election expenditure of Bjp in elections after that ( 70 of all the money spent by them) made by conviction even stronger.
In kerala, Surendran the BJP chief conducted election campaigns in a helicopter, which was unprecedented and frowned upon by people, stood for 2 assembly seats and lost both with Bjp losing its sole seat.
Demonetisation met its purpose. Benefited party's economy in the cost of country's economy and citizens 100+ death.
After the demonetisation announcement, when it was seen that the public were struggling enormously in huge queue to obtain their own hard earned money, there were restrictions on how much money they could withdraw as adequate cash was not printed yet, rs 2000 notes were issued & struggling to find some change, people fighting & also many dying in the long queue in front of banks, it was seen that this was a colossal nightmare the poor public in this country didn't need..
Every single person has been affected in some way, not having cash for buying food & essential at that time
Heartbroken at all the suffering people had to undergo due to this "reform" which helped no one in any way & destroyed small business entirely
Speechless.. 🙄
But yet , they voted him to power.
Demonitization was a foolish act. An act of uneducated person. Yet he doesn't agree that he made a blunder
He does... That is why he never talks about this master stroke...
He was shrewd. Maybe easy way to win up elections
Modi demonetised ₹500,₹1000 the same day Trump became USA President, any sensible man do it at the juncture of change of guard taking place in world's economic powerhouse? Modi's non-sensical decision killed India's economic growth trajectory largely
This was Modi's scam. . Biggest ever scandle in india.
That is why MOTIJI is modern day TUGHLAQ.
Prof.Arunkumar,s presence is full of education and clearance of doubts
Very useful information. How nicely he differentiated between black wealth or economy and black money. Such an interesting conversation 👍
prime sevak is mastering black money and black wealth by his Bonds, CARE fund and donations from companies for his own benefit than development of Nation
it is naive to see the implementation of demonitization without linking it with a Ram Temple and Hindu Rashtar.. Majority silently approved the snatching of Babri Masjid and twisting Sikhs hisptry in process... you get what you deserve.. now you can hail your Hindu rashtar..
& we will suffer long for this hindutva gift.
Outstanding detailed explanation by Prof Arun Kumar. Proves what an excellent job he did all his years at JNU inculcating solid economic foundations in his students except of course in Nirmala Sithaanan the current FE who did not learn a word from economics lectures given in JNU while studying there!
Thanks for beautifully explained us about black wealth and black money.
Now heard about black wealth.
Thanks to Professor Arun Kumar and Mr. Sujit Nair
Great video. I know demonetisation was bad for our economy, but my understanding of it was very basic, this video enlightened me on this issue, thanks.
@SN sir, since the professor mentioned round tripping into the stock market through the stock market, why don't you do an investigative report about he Adani holding structure? That whole issue has disappeared from the news cycle.
The biggest mistake in Nov, 2016 is that the Supreme Court sat over a Public Interest Litigation filed against the demonetization fiasco. The PMO as well as the Union Govt would have been rigorously questioned by the highest court, had that petition been taken up. The Parliament too did not play its role by holding the Govt to account. There is no difference between emergency imposed on 26th June, 1975 by the then Prime Minister and the demonetization announcement of Nov 8th, 2016 by the current Prime Minister almost 41 years later. The same exercise was played all over again on 24th March, 2020, resulting in a national lockdown because of COVID at 4hrs notice. Can the Supreme Court show a bit of magnanimity by reviving the petition of November, 2016. It is a good 5 years late but better late than never.
So clearly explained. Perhaps there are not many people from the micro sector who will be watching this. The impact on the micro sector will finally hit the rest of the people of India also.
Waiting for someone to put posters thanking the pm for his foresight and economic acumen, for his "masterstroke" on introducing demonitisation 😀😀
My father was a BSNL employee retired in 2011. He had a major stroke in 2015 and his memory got weaker. In 2016 me and my mother exchanged what we could find in the house which wasn't huge amount. In 2020 after my father's death I was searching pension papers to close it and I found 1 lakh amount lying in the almirah. I emailed RBI they told me that the exchange last date was 1st quarter of 2017 and now no exchange can be done. My father's hard earned money is wasted like this.
The demonitization was forced and promulgated on the people of India .The agenda was hidden not that mentioned by the promoters.
Tku sir for this interview with Prof.Arun Kumar an authority the black economy. His analysis of black money generation in our country is certainly brilliant. The foolish step of demonitisation followed immediately with faulty implementation of GST in 2016 has destroyed our economy as the GDP has brought down to around 3 percent from the high of 8 percent before 2015 & the economy was further wrecked in the last 2 years due to pandemic. Only the rich & super rich & pharma co's comprising around 2 percent of our population have benefited massively at the tragic cost of the middle class & poor who were terribly hit due to present pandemic & earlier due to sluggish & declining economic growth...
This man is a storehouse of knowledge but this Government does not believe in advice of such people.
SIMPLE. ANSWER IS THAT BOTH MODI N SHAH R UNEDUCATED, HENCE THEY DON'T UNDERSTAND A WORD FROM AN INTELLIGENT MAN. JAI RAM.
Thanks to Prof. Arun Kumar for explaining the black money generation in our country. A good number of people who understand our economy had advised our government that there is no sense in demonetisation but our government though thought it otherwise. Unfortunately almost all currency notes returned. This caused great damage to the poor people and it resulted in better rewards in winning more seats by the BJP across the country. The people have now realised their folly. Unfortunately our opposition parties have been weakened in trusting a government which has no proper planning. It will take more years to cope up with the deficits in our economy.
What Prof. Arun Kumar is saying is rational and impressive and I know of no retort or explanation from the Government. Demonetization has affected me and my family directly as it has to other NRIs and OCIs I had a certain amount of legal Indian rupees in large notes denomination, obtained from the SBI. When demonetization was announced, I was not in India and could not submit my notes anywhere abroad. I was assured that upon arrival in India, in Bombay, in my case, I could go to an official point in the airport that the Government would set up where I could exchange my currency for the new notes. In Bombay and one other airport no such facilities existed and until today the Government has made no facilities to exchange my legal tender. I find it mind-boggling that such an official 'theft' of money from its citizens can occur with impunity. Is it really not possible to take collective legal action against such injustice?
Qn: Why isn't Prof. Kumar the Chief Economic Advisor of India?
Ans: Because there will be no more black money after that!
Incompetent leader never like to have competent in his team. Especially the leader is a megalomaniac and narcissist.
I think we could not have better explanation on various economic issues related to black economy that keep on creeping in our mind. As always an excellent interview by Shri Sujit Nair sir. Thanks a lot.
Very resourceful and enlightening discussion. Please continue to hold such discussions in future too. Thank you 🙏🏽
A suggestion:In videos such as this where a authority on a subject is dominant , please have subtitles.. as audio is slightly weak .. the experience would be great.tnks
Good suggestion!
Thanks
Welcome
with in weeks of demonitisation,asset of Junior Amitsha increased by 300 fold and BJP assets also increased many much fold.. Congress and opposition pappered...can you tell it was a foolish decision? it was a cunning corporate bynami decision suffered by poor citizens...organised loot
wonderful ,full of knowledge as always, thanks, unfortunate no politician bashing which is a trend nowadays.
Super like this editorial for not uttering political names. Would love to see more like this. Subscribed to HW news after this video.
What a fabulous explaintion.... This government had made commen man life Harsh and worshed
In one way, demonitization, helped to store more black cash in higher denomination and also convert then existing black money into white. However assets acquired abroad through black money got momentum. Inspite of increase in cash in circulation, we don't get to see Rs2000 notes of late.
Explained so well. 🙏👍
Yes
Very well explained...and well asked queries ...required another session for solutions...in phased manner
WAAAAAAA MODI WAAAAAA...
WHAT A BLOODY FRUAD...
THE BIGGEST MISTAKE INDIANS DID BY VOTING 8JP BOTH IN 2014 N 2019. WAKE UP, N PLEASE DON'T MAKE THE SAME MISTAKE AGAIN. JAI HIND.
YOU ARE SPOT ON .....PRAY ALL RIGHT THINKING INDIANS....WILL DO THE RIGHT THING.......NO EVM ..NO JALSA PARTY....HEY RAM ..WHAT ARE YOU GOING TO DO WITH MADMODI AND 40 OR MORE CHORRRRRRSSS.
To catch a rat he destroyed a mountains'..chacha thought all the glittering are Gold.. Lack of knowledge matters here. Not Educated from Harward university is matter here.
Same as CAA. To identify a few thousand intruders, crores of people will be made to fight one another and new controversies will be created
Being educated and sensitive rather than being Harvard educated matters. MOTIJI is modern day TUGHLAQ.
Very well explained.. it is sad that a decision as massive as this only took us back economy wise, caused death and unnecessary pain and suffering to the poor and marginalized, created massive unemployment etc etc.
great work sir! very educative and enlightening interview!
Welcome🎉 Welcome🎉 Welcome🎉 Nair Sir...
Yes.. I am still waiting for some funds to come in my account as promised...
It's been 5 years..
😁😀😆😝😜🤪😃
Great interview. Thanks.
Sujit for the first time I feel stumped. I consider myself quite in control of my understanding of the black economy. But where you lost me was how is there black money generated in the organized sector - especially when it is all on Letter of Credits, Bank Transactions, and Credit Cards. Please do a show to simplify things. Perhaps you can put your heads together once again - ie Prof Arun and you!
Good interview
You are absolutely right
Prosperity is not gdp numbers but the distribution of wealth across maasrs
Good analytical comments about black wealth .I understood well.
Listen and learn. Don't live in hope to die in despair. There is still time to correct what brought the nemesis on our head. We, and all others in micro sector suffered hugely, crashing all our hopes and aspirations. Relent and return to sanity.
Is it possible to translate this talk into regional languages and aired? it will give many people the meaning of Black money and Black Wealth.
Brilliant interview sir.very nicce
We as an nation of hard working people... can progress in the true sense... only when we stop feeling, thinking, talking and behaving like individuals... and then... we can start working as teams in all areas and achieve all goals...
🙏
Brilliant! Thanks Dr Arun kumar
Not a single person has given good comment on de-monetization. Why and how black money is created. Black money is created to pay to 1. Govt officials to get legal and illegal jobs done. Tax officers, pollution control officers etc. 2. Politicians, otherwise there will be income tax rice, cbi raid etc. How it is created...Do not show the part of production , taxes are saved. In Bellary mines case, some bureaucrats and chief ministers were indicted. In many cases 100% of cost goes to govt in the form of customs duty, corporate income tax, registration fees, toll tax , property tax, licence fees etc. As per Arthkranti 56 types of taxes are paid to govt. After Gst intruduction number of taxes were merged. Amount remained same. More than 99 % of old new was replaced with new notes. People lost jobs, hawkers income reduced. I believe 90% black money is not cash but in the form of gold and real estate. DEMONETIZATION WAS A TOTAL FAILURE.
Great information. Never got such clarity regarding demonetisation before thank you sir.
Wonderful session 👍
Very informative post.
Black money is in real estate...
Ambani got property in london.. that too iconic one @ 2 cr. Per acre.( 592 cr for 300 acre).
And its impossible to find land at such rate even to open a dhaba....😄😄😄
That too in London @ 2 crores per acre, if it is declared so.
If your point is true... You hit on the head of modi, and his andha bhakts.
@@lazzatehayat yess as per the news says.. 592 cr for 300 acre property.😉😉😉
Well said Prof. Kumar! The people of this country really suffer at the hands of crooks.
Viral shah had come out strongly against the govt s stupidity while in office.. Latter he too resigned.. So many of his economic advisors have either resigned before their tenure ended or refused a continuation after the tenure.. Another one few days ago refused after his tenure ended
Well explained by Prof. Arun and clearly understood now. Thanks for the episode!
Very well explained
Every action of our good PM is aimed at political milage , unfortunately our economy and country paid a heavy price but yielded good electoral dividend.
He need do nothing for electoral divided. People are so mesmerized by him that even if he renders them homeless and starving by taxes and high-prices, they will still vote for him. I have a friend who says he will buy petrol for 1,000 rupees per litre but still vote for modi. He says even if modiji takes his job or kills his entire family, he will still vote for modiji. What do you say to that? He has mastered the art of delivering sweet speeches. That's all people are hungry for. So, modiji need not worry about inflation, unemployment or economy any issue. His PMship is reserved for his lifetime.
@@archer5956 sad but true.
@@prabhakirandeogam4140 poor people are beginning to see through his tricks. It is the middle-class and educated who are still mesmerized by him. And, ironically this is the most screwed class. The more he screws them, the more they like him. It is a classic case of trees falling in love with axe. But....there's a limit for everything and such things eventually reach a breaking point.
Reduction in part of black money in real estate is still felt even after so many years of demonetizasion
The whole process was to earn a huge cut in exchanging the old currency to new ones which was done by the govt. itself.
Secondly they printed excessive 2k notes which was unaccounted & used it.
Thirdly they wanted all the oppositions to be without cash and only they had cash which was used for UP elections & won.
Fourthly they've hoarded 2k notes instead of 500rs notes which consumes less space and it's easier to carry. Not much of 2k notes are in circulation now as all have been kept in for next elections.
It was DISASTROUS for the economy but beneficial for them in many ways.
Demonetisation a big blunder throwing common man into deep abyss.
I can never... never forgive him for this blunder called demonitisation... for so many days l had to stand in a line in the bank to get My MONEY...l used to curse our PM...the whole country taken for a ride..and he is not ready to admit the mistake or apologize 😠😠
still u voted for HIM?
One should encourage our family friends to vote wisely.
Well said sir , really enlightening.🤗
Black is KING!! at least with Indians more so than others.
11,000 business men committed suicide in the year 2020.
And it was mostly businessmen who chanted "modi modi modi" since 2014.
Agricultural mandis also transacting in digital mode now. But a long way to go overall. Good idea, corrupt banks ruined the idea. Lot of people exchanged notes @30% commission.
Why did RAGHURAM RAJAN and all other sensible economists opposed it Only half baked economists like BOKIL supported it. Demonetisation like GST(the way it was implemented) CAA NRC, Article 370 abrogation, farm laws are all TUGHLAQIAN decisions.
Mr Sujit.. we know that we are not to advise you in how to conduct the editorial.. but I still suggest don’t call “ Our Good PM” it’s really confusing whether it is a satire or not…
Demonetization is a trademark disaster perpetrated by PM Modi on our economy by way of ill-conceived objectives , and sheer misconceptions of black economy as enumerated eloquently.
There is another angle to this. Conversion and absorption of BJP black money in Gujarat. And suddenly bankrupting Mayawati and Akhilesh. The main targets were political and even Jaitley was kept out of the picture. The other reasons are all 100% jumlas. Modi miscalculated only one thing. The impact on the cash economy.
Another thing Prof Kumar confirmed of my own analysis as otherwise I am from Engineering Science background never did any course even of basic economics! During my research days itself in 1980s I had found the nexus of Politician + Businessman + Bureaucracy have ruined India to become a super economic power it could as stated by putting his figures on the triad too by Prof Kumar. Then on further digging in I found the triad he has put fingers on is only formed by the "Swarn Jatis" who are less than 10% of our population in India controlling 90% of Indian resources!
Demonatisation was to destroy the opposition parties.
Mamta Bannerjee immediately reacted that the step will be disastrous for common men.
Good show