<p>Union Minister Nitin Gadkari on Wednesday said his government is ready to "pay a political price" for stringent decisions like demonetisation and the GST, even as he admitted there is an agricultural crisis and rural distress in the country.</p>

<p>He also hoped the results of the 2019 Lok Sabha elections won't be the same as the just-concluded assembly polls, in which the BJP lost three states to the Congress.</p>

<p>Stressing that agriculture was a focus area for the Modi government at the Centre, Gadkari said it was a complex issue and its remedy would take time.</p>

<p>Drawing a parallel, the minister said anything can happen in politics and cricket and it would be wrong to assume that the assembly results were giving a reflection of what would happen during the general elections next year.</p>

<p>He said development was the focus of the BJP and the Prime Minister Narendra Modi-led government, and they were ready to pay a political price for "certain stringent decisions" like demonetisation and GST, taken in the "interest of the country".</p>

<p>Speaking at the India Economic Conclave, the Minister for Road Transport and Highways said agenda of politics was different at national, state, district and municipal levels and it is highly difficult to predict on which issue a political party wins.</p>

<p>"As far as we are concerned, our agenda will be development and for this we have taken a few stringent decisions like demonetisation and GST. But I feel these issues should not be politicised as we are seeing its benefits in the form of reduction in black-money and improvement in the economy," he said.</p>

<p>Admitting that there was an agricultural crisis and rural distress in the country, he said the government has been taking all necessary measures to ensure the sector grows significantly.</p>

<p>"Agriculture is our priority, but we need to understand that it is such a complex issue that there is no immediate solution and remedy to the problems of this sector and it will take time.</p>

<p>"Also, unless the rural and agri economy becomes robust, unless we increase the purchasing power of the large population and improve employment and boost manufacturing and services sectors, we will not be able to achieve overall development of the nation, and this is our priority," he said.</p>

<p>When asked if the BJP's defeat in three states has dented the party's image, Gadkari said, "It is a matter of research on what parameters a voter elects a particular party during elections...Is it stability, economy or employment? But I feel that a major part of politics is dominated by three Cs- cash, caste and criminals. Though this approach has changed to some extent, it still exists."</p>

<p>Talking about the defeat in Madhya Pradesh where the BJP ruled for 15 years under the leadership of Shivraj Singh Chouhan, the minister said, "After ruling for so many years, anti-incumbency was bound to be there. But the outcome of 2019 Lok Sabha maybe or may not be same as that of the recent assembly elections."</p>

<p>"The agenda and subjects of all elections are different. The work which our government has done at the national level will be tested during the Lok Sabha elections only," he said.&nbsp;</p>


Union Minister Nitin Gadkari on Wednesday said his government is ready to "pay a political price" for stringent decisions like demonetisation and the GST, even as he admitted there is an agricultural crisis and rural distress in the country.

Union Minister Nitin Gadkari on Wednesday said his government is ready to "pay a political price" for stringent decisions like demonetisation and the GST, even as he admitted there is an agricultural crisis and rural distress in the country. He also hoped the results of the 2019 Lok Sabha elections won't be the same as the just-concluded assembly polls, in which the BJP lost three states to the Congress. Stressing that agriculture was a focus area for the Modi government at the Centre, Gadkari said it was a complex issue and its remedy would take time. Drawing a parallel, the minister said anything can happen in politics and cricket and it would be wrong to assume that the assembly results were giving a reflection of what would happen during the general elections next year. He said development was the focus of the BJP and the Prime Minister Narendra Modi-led government, and they were ready to pay a political price for "certain stringent decisions" like demonetisation and GST, taken in the "interest of the country". Speaking at the India Economic Conclave, the Minister for Road Transport and Highways said agenda of politics was different at national, state, district and municipal levels and it is highly difficult to predict on which issue a political party wins. "As far as we are concerned, our agenda will be development and for this we have taken a few stringent decisions like demonetisation and GST. But I feel these issues should not be politicised as we are seeing its benefits in the form of reduction in black-money and improvement in the economy," he said. Admitting that there was an agricultural crisis and rural distress in the country, he said the government has been taking all necessary measures to ensure the sector grows significantly. "Agriculture is our priority, but we need to understand that it is such a complex issue that there is no immediate solution and remedy to the problems of this sector and it will take time. "Also, unless the rural and agri economy becomes robust, unless we increase the purchasing power of the large population and improve employment and boost manufacturing and services sectors, we will not be able to achieve overall development of the nation, and this is our priority," he said. When asked if the BJP's defeat in three states has dented the party's image, Gadkari said, "It is a matter of research on what parameters a voter elects a particular party during elections...Is it stability, economy or employment? But I feel that a major part of politics is dominated by three Cs- cash, caste and criminals. Though this approach has changed to some extent, it still exists." Talking about the defeat in Madhya Pradesh where the BJP ruled for 15 years under the leadership of Shivraj Singh Chouhan, the minister said, "After ruling for so many years, anti-incumbency was bound to be there. But the outcome of 2019 Lok Sabha maybe or may not be same as that of the recent assembly elections." "The agenda and subjects of all elections are different. The work which our government has done at the national level will be tested during the Lok Sabha elections only," he said.

Govt ready to pay 'political price' for stringent decisions in country's interest: Nitin Gadkari

<p>On the second anniversary of demonetisation on Thursday, the Congress party poured scorn on Prime Minister Narendra Modi-led Centre`s move, calling it a `black day` for Indian democracy and economy."</p>

<p>The cost and destruction of demonetisation was endured by every citizen of this country other than few crony capitalist friends of Prime Minister Modi. Demonetisation was a black day for our democracy and our economy," read a post on the official Twitter handle of the Congress party.</p>

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<p dir="ltr" lang="en">The cost &amp; <a href="https://twitter.com/hashtag/DestructionByDemonetisation?src=hash&amp;ref_src=twsrc%5Etfw">#DestructionByDemonetisation</a> was endured by every citizen of this country other than few crony capitalist friends of PM Modi. Demonetisation was a black day for our democracy &amp; our economy. <a href="https://twitter.com/hashtag/NotebandiKiDoosriBarsi?src=hash&amp;ref_src=twsrc%5Etfw">#NotebandiKiDoosriBarsi</a> <a href="https://t.co/hpKDlSAEFt">pic.twitter.com/hpKDlSAEFt</a></p>
— Congress (@INCIndia) <a href="https://twitter.com/INCIndia/status/1060361263295971329?ref_src=twsrc%5Etfw">November 8, 2018</a></blockquote>
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<p>Resonating similar sentiments, West Bengal Chief Minister Mamata Banerjee also took to the micro-blogging site and wrote, "#DarkDay Today is the second anniversary of #DeMonetisation disaster. From the moment it was announced I said so. Renowned economists, common people and all experts now all agree."</p>

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<p dir="ltr" lang="en"><a href="https://twitter.com/hashtag/DarkDay?src=hash&amp;ref_src=twsrc%5Etfw">#DarkDay</a> Today is the second anniversary of <a href="https://twitter.com/hashtag/DeMonetisation?src=hash&amp;ref_src=twsrc%5Etfw">#DeMonetisation</a> disaster. From the moment it was announced I said so. Renowned economists, common people and all experts now all agree.</p>
— Mamata Banerjee (@MamataOfficial) <a href="https://twitter.com/MamataOfficial/status/1060343918993190912?ref_src=twsrc%5Etfw">November 8, 2018</a></blockquote>
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<p>"On November 8, 2016, @narendramodi announced demonetisation alias Notebandi. It was an epic failure. Over 100 people died standing in bank queues. On second Barsi of This TUGLAKI FIRMAN, please observe 2 minutes silence for martyrs of this folly," Congress leader Manish Tewari tweeted.</p>

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<p dir="ltr" lang="en">On 8 Nov2016 <a href="https://twitter.com/narendramodi?ref_src=twsrc%5Etfw">@narendramodi</a> announced Demonetisation alias Notebandi. It was an epic failure.Over 100 people died standing in bank queues. On second Barsi of This TUGLAKI FIRMAN please observe 2 minutes silence for martyrs of this folly. <a href="https://t.co/7a9rqsbYNc">https://t.co/7a9rqsbYNc</a> <a href="https://twitter.com/hashtag/2ndbarsinotebandi?src=hash&amp;ref_src=twsrc%5Etfw">#2ndbarsinotebandi</a> <a href="https://t.co/LSREZJdH5O">pic.twitter.com/LSREZJdH5O</a></p>
— Manish Tewari (@ManishTewari) <a href="https://twitter.com/ManishTewari/status/1060358904071311361?ref_src=twsrc%5Etfw">November 8, 2018</a></blockquote>
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<p>"We of course are not going to do that! For we are civilised. However @narendramodi 730 days later don`t you think you should stand up at 8 PM today evening and just apologise to the nation. After all, it is but human to err- It is another matter that over 100 people died due to it," read another tweet.</p>

<p>The Congress party is expected to observe a `black day` to mark the second anniversary of demonetisation.&nbsp;</p>

<p>Last year, too, the Congress and other opposition parties protested at various places across India against the central government`s drive.</p>

<p>"Two years ago, a disaster struck India`s economy. So much so that the PM has now stopped speaking about demonetisation after ruining lives of ordinary citizens. History will remember this day as a black day. When you cast your vote for Lok Sabha-never forget notebandi," tweeted Congress leader Ahmed Patel.</p>

<p>On November 8, 2016, the Centre had declared Rs 500 and Rs 1,000 notes as non-legal and introduced new Rs 500 and Rs 2,000 notes. Since then, various opposition leaders have highly criticised the Centre`s move, while the members of the Bharatiya Janata Party (BJP) and its allies have backed the decision.</p>


On the second anniversary of demonetisation on Thursday, the Congress party poured scorn on Prime Minister Narendra Modi-led Centre`s move, calling it a `black day` for Indian democracy and economy.

On the second anniversary of demonetisation on Thursday, the Congress party poured scorn on Prime Minister Narendra Modi-led Centre`s move, calling it a `black day` for Indian democracy and economy." The cost and destruction of demonetisation was endured by every citizen of this country other than few crony capitalist friends of Prime Minister Modi. Demonetisation was a black day for our democracy and our economy," read a post on the official Twitter handle of the Congress party. The cost & #DestructionByDemonetisation was endured by every citizen of this country other than few crony capitalist friends of PM Modi. Demonetisation was a black day for our democracy & our economy. #NotebandiKiDoosriBarsi pic.twitter.com/hpKDlSAEFt — Congress (@INCIndia) November 8, 2018 × Resonating similar sentiments, West Bengal Chief Minister Mamata Banerjee also took to the micro-blogging site and wrote, "#DarkDay Today is the second anniversary of #DeMonetisation disaster. From the moment it was announced I said so. Renowned economists, common people and all experts now all agree." #DarkDay Today is the second anniversary of #DeMonetisation disaster. From the moment it was announced I said so. Renowned economists, common people and all experts now all agree. — Mamata Banerjee (@MamataOfficial) November 8, 2018 × "On November 8, 2016, @narendramodi announced demonetisation alias Notebandi. It was an epic failure. Over 100 people died standing in bank queues. On second Barsi of This TUGLAKI FIRMAN, please observe 2 minutes silence for martyrs of this folly," Congress leader Manish Tewari tweeted. On 8 Nov2016 @narendramodi announced Demonetisation alias Notebandi. It was an epic failure.Over 100 people died standing in bank queues. On second Barsi of This TUGLAKI FIRMAN please observe 2 minutes silence for martyrs of this folly. https://t.co/7a9rqsbYNc #2ndbarsinotebandi pic.twitter.com/LSREZJdH5O — Manish Tewari (@ManishTewari) November 8, 2018 × "We of course are not going to do that! For we are civilised. However @narendramodi 730 days later don`t you think you should stand up at 8 PM today evening and just apologise to the nation. After all, it is but human to err- It is another matter that over 100 people died due to it," read another tweet. The Congress party is expected to observe a `black day` to mark the second anniversary of demonetisation. Last year, too, the Congress and other opposition parties protested at various places across India against the central government`s drive. "Two years ago, a disaster struck India`s economy. So much so that the PM has now stopped speaking about demonetisation after ruining lives of ordinary citizens. History will remember this day as a black day. When you cast your vote for Lok Sabha-never forget notebandi," tweeted Congress leader Ahmed Patel. On November 8, 2016, the Centre had declared Rs 500 and Rs 1,000 notes as non-legal and introduced new Rs 500 and Rs 2,000 notes. Since then, various opposition leaders have highly criticised the Centre`s move, while the members of the Bharatiya Janata Party (BJP) and its allies have backed the decision.

On its second anniversary, Congress calls demonetisation a 'black day'

<p>Finance Minister Arun Jaitley Thursday said demonetisation resulted in formalisation of economy and increased tax base, prompting the government to earmark more resources for the poor and infrastructure development.</p>

<p>In a Facebook post on the second anniversary of Demonetisation, Jaitley said in first four years of the National Democratic Alliance (NDA) government, the number of income tax returns filers has gone up to 6.86 crore from 3.8 crore in May 2014.</p>

<p>By the time the first five years of this government are over, we will be close to doubling the assessee base, he said in the post titled Impact Of Demonetisation".</p>

<p>The demonetisation of Rs 500 and Rs 1,000 currency notes in November 2016, the minister said, had resulted in more formalisation (of economy), more revenue, more resources for the poor, better infrastructure, and a better quality of life for our citizens.</p>

<p>He further said with the implementation of the goods and services tax (GST), it is now becoming increasingly difficult to evade the tax system and the indirect tax to gross domestic product (GDP) ratio has gone up to 5.4 per cent post-GST, from 4.4 per cent in 2014-15.</p>

<p>Terming the criticism, that almost the entire cash money got deposited in the banks post demonetisation, as ill-informed, Jaitley said confiscation of currency was not an objective of demonetisation.</p>

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<p>Getting it into the formal economy and making the holders pay tax was the broader objective. The system required to be shaken in order to make India move from cash to digital transactions. This would obviously have an impact on higher tax revenue and a higher tax base, Jaitley said.</p>

<p>The government had on November 8, 2016, announced ban on old 500 and 1000 rupee notes, to curb black money in the system.</p>

<p>Of the Rs 15.41 lakh crore worth Rs 500 and Rs 1,000 notes in circulation on November 8, 2016, 99.3 per cent or notes worth Rs 15.31 lakh crore have returned to the banking system.</p>

<p>This means, just Rs 10,720 crore of the junked currency did not return to the banking system.</p>

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<p dir="ltr" lang="en">Former PM Dr. Manmohan Singh's Press Statement on two years of Demonetisation &amp; the devastating impact it had &amp; continues to have on the Indian economy. <a href="https://twitter.com/hashtag/DestructionByDemonetisation?src=hash&amp;ref_src=twsrc%5Etfw">#DestructionByDemonetisation</a> <a href="https://t.co/4d4JE8bdhY">pic.twitter.com/4d4JE8bdhY</a></p>
— Congress (@INCIndia) <a href="https://twitter.com/INCIndia/status/1060401595718918144?ref_src=twsrc%5Etfw">November 8, 2018</a></blockquote>
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<p>After the note ban, old junked notes, called specified bank notes (SBNs), were allowed to be deposited in banks with unusual deposits coming under income tax scrutiny.</p>

<p>Jaitley said demonetisation compelled holders of cash to deposit the same in the banks.</p>

<p>The enormity of cash deposited and identified with the owner resulted in suspected 17.42 lakh account holders from whom the response has been received online through non-invasive method, he said.</p>

<p>The violators faced punitive actions. Larger deposits in banks improved lending capacity for the banks. A lot of this money was diverted to mutual funds for further investments. It became a part of the formal system, Jaitley added.</p>

<p>He said the share of indigenously developed payment system of unified payments interface (UPI) and RuPay card have reached 65 per cent of the payments done through debit and credit cards.</p>

<p>Jaitley said in 2017-18, the tax returns filed reached 6.86 crore, an increase of 25 per cent over the previous year.</p>

<p>This year, as on October 31, 2018, already 5.99 crore returns have been filed - which is an increase of 54.33 per cent compared to the previous year till this date.</p>

<p>As many as 86.35 lakh new filers were added this year.</p>

<p>Economic Affairs Secretary Subhash Chandra Garg said demonetisation and GST reflect long-term vision of the government and its ability to undertake massive structural reforms.</p>

<p>Tax filers under both direct and indirect taxes are close to getting doubled. Digital payments have risen sharply and become commonplace. Fake notes are out,&nbsp;Garg tweeted.&nbsp;<br />
&nbsp;</p>


Finance Minister Arun Jaitley Thursday said demonetisation resulted in formalisation of economy and increased tax base, prompting the government to earmark more resources for the poor and infrastructure development.

Finance Minister Arun Jaitley Thursday said demonetisation resulted in formalisation of economy and increased tax base, prompting the government to earmark more resources for the poor and infrastructure development. In a Facebook post on the second anniversary of Demonetisation, Jaitley said in first four years of the National Democratic Alliance (NDA) government, the number of income tax returns filers has gone up to 6.86 crore from 3.8 crore in May 2014. By the time the first five years of this government are over, we will be close to doubling the assessee base, he said in the post titled Impact Of Demonetisation". The demonetisation of Rs 500 and Rs 1,000 currency notes in November 2016, the minister said, had resulted in more formalisation (of economy), more revenue, more resources for the poor, better infrastructure, and a better quality of life for our citizens. He further said with the implementation of the goods and services tax (GST), it is now becoming increasingly difficult to evade the tax system and the indirect tax to gross domestic product (GDP) ratio has gone up to 5.4 per cent post-GST, from 4.4 per cent in 2014-15. Terming the criticism, that almost the entire cash money got deposited in the banks post demonetisation, as ill-informed, Jaitley said confiscation of currency was not an objective of demonetisation. × Getting it into the formal economy and making the holders pay tax was the broader objective. The system required to be shaken in order to make India move from cash to digital transactions. This would obviously have an impact on higher tax revenue and a higher tax base, Jaitley said. The government had on November 8, 2016, announced ban on old 500 and 1000 rupee notes, to curb black money in the system. Of the Rs 15.41 lakh crore worth Rs 500 and Rs 1,000 notes in circulation on November 8, 2016, 99.3 per cent or notes worth Rs 15.31 lakh crore have returned to the banking system. This means, just Rs 10,720 crore of the junked currency did not return to the banking system. Former PM Dr. Manmohan Singh's Press Statement on two years of Demonetisation & the devastating impact it had & continues to have on the Indian economy. #DestructionByDemonetisation pic.twitter.com/4d4JE8bdhY — Congress (@INCIndia) November 8, 2018 × After the note ban, old junked notes, called specified bank notes (SBNs), were allowed to be deposited in banks with unusual deposits coming under income tax scrutiny. Jaitley said demonetisation compelled holders of cash to deposit the same in the banks. The enormity of cash deposited and identified with the owner resulted in suspected 17.42 lakh account holders from whom the response has been received online through non-invasive method, he said. The violators faced punitive actions. Larger deposits in banks improved lending capacity for the banks. A lot of this money was diverted to mutual funds for further investments. It became a part of the formal system, Jaitley added. He said the share of indigenously developed payment system of unified payments interface (UPI) and RuPay card have reached 65 per cent of the payments done through debit and credit cards. Jaitley said in 2017-18, the tax returns filed reached 6.86 crore, an increase of 25 per cent over the previous year. This year, as on October 31, 2018, already 5.99 crore returns have been filed - which is an increase of 54.33 per cent compared to the previous year till this date. As many as 86.35 lakh new filers were added this year. Economic Affairs Secretary Subhash Chandra Garg said demonetisation and GST reflect long-term vision of the government and its ability to undertake massive structural reforms. Tax filers under both direct and indirect taxes are close to getting doubled. Digital payments have risen sharply and become commonplace. Fake notes are out, Garg tweeted.

Demonetisation led to formalisation of economy, expanded tax base: Arun Jaitley

<p>Manila-based <a href="http://www.wionews.com/business-economy/indias-growth-set-to-be-higher-than-china-in-2018-asian-development-bank-26598">Asian Development Bank(ADB)</a> today projected India's economic growth to pick up to 7.3 per cent this fiscal.</p>

<p>The Bank forecasted India to grow at &nbsp7.6 per cent in 2019-20.&nbsp</p>

<p>Reserve Bank of India had projected the country to grow at 7.4 per cent in 2017 fiscal. The Indian economy grew 6.6 per cent in the last fiscal.</p>

<p>ADB said the growth will pick up as the new tax regime improves productivity and as banking reform and corporate deleveraging take hold to reverse a downtrend in investment.</p>

<p>"In sum, growth is forecast to pick up to 7.3 per cent in FY2018 on improved rural consumption, a modest uptick in private investment, and less drag from net exports. Urban consumption growth will remain stable, and impetus from public investment modest," ADB said.</p>

<p>In December, the ADB had made a similar prediction asserting that South Asia will remain the fastest growing region in Asia Pacific with India projected to grow at 7.3 per cent.</p>

<p>"Also set to catalyse growth are benefits from the GST as it mitigates geographic fragmentation and adds revenue to the exchequer, as well as further progress on fiscal consolidation and reform to promote FDI," the Bank added.</p>

<p>ADB had said India's growth would be at a lower rate of 6.7 per cent in 2017 from the previous estimate of 7.0 per cent, however, as far as China was concerned the bank had said it would grow at 6.8 per cent &nbspbut in 2018 the country could see a dip with the economy growing at 6.4 per cent.<br />
&nbsp</p>


ADB said the growth will pick up as the new tax regime improves productivity and as banking reform and corporate deleveraging take hold to reverse a downtrend in investment.

Manila-based Asian Development Bank(ADB) today projected India's economic growth to pick up to 7.3 per cent this fiscal. The Bank forecasted India to grow at &nbsp7.6 per cent in 2019-20. Reserve Bank of India had projected the country to grow at 7.4 per cent in 2017 fiscal. The Indian economy grew 6.6 per cent in the last fiscal. ADB said the growth will pick up as the new tax regime improves productivity and as banking reform and corporate deleveraging take hold to reverse a downtrend in investment. "In sum, growth is forecast to pick up to 7.3 per cent in FY2018 on improved rural consumption, a modest uptick in private investment, and less drag from net exports. Urban consumption growth will remain stable, and impetus from public investment modest," ADB said. In December, the ADB had made a similar prediction asserting that South Asia will remain the fastest growing region in Asia Pacific with India projected to grow at 7.3 per cent. "Also set to catalyse growth are benefits from the GST as it mitigates geographic fragmentation and adds revenue to the exchequer, as well as further progress on fiscal consolidation and reform to promote FDI," the Bank added. ADB had said India's growth would be at a lower rate of 6.7 per cent in 2017 from the previous estimate of 7.0 per cent, however, as far as China was concerned the bank had said it would grow at 6.8 per cent &nbspbut in 2018 the country could see a dip with the economy growing at 6.4 per cent.

Indian economy to grow at 7.3 per cent this fiscal, 7.6 per cent in 2019-20: Asian Development Bank

<p>Continuing his attack on Prime Minister Narendra Modi, former prime minister Manmohan Singh once against described November&nbsp;8, 2016 when Prime Minister Narendra Modi&#39;s announced his demonitisation&nbsp;drive, as a black day for &#39;&#39;our economy and democracy&#39;&#39;.&nbsp;</p>

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<p dir="ltr" lang="en">Nothing is gained as often attempted by Modi ji to pit the two great leaders (Pandit Nehru and Sardar Patel) of power (against each other): Former PM Manmohan Singh <a href="https://t.co/87HsOnTGJn">pic.twitter.com/87HsOnTGJn</a></p>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/936900584057192449?ref_src=twsrc%5Etfw">December 2, 2017</a></blockquote>
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<p>Campaigning in Gujarat&#39;s Surat ahead of state assembly elections on Saturday, the former PM invoked the memories of 100 people who lost their lives during demonitisation.&nbsp;</p>

<p>&#39;&#39;I invoke memories of more than 100 people who lost their lives while standing in queues as a result of demonetisation,&#39;&#39; he said.&nbsp;</p>

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<p dir="ltr" lang="en">I invoke memories of more than 100 people who lost their lives while standing in queues as a result of demonetisation. I say with immense pain &amp; a sense of deep responsibility that the 8th of November was a black day for our economy &amp; democracy: Manmohan Singh in Surat <a href="https://twitter.com/hashtag/Gujarat?src=hash&amp;ref_src=twsrc%5Etfw">#Gujarat</a> <a href="https://t.co/AGDuZgsf5r">pic.twitter.com/AGDuZgsf5r</a></p>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/936884654132535297?ref_src=twsrc%5Etfw">December 2, 2017</a></blockquote>
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<p>With immense pain and a sense of deep responsibility that the 8th of November was a black day for our economy &amp; democracy, Singh said.&nbsp;</p>

<p>Attacking the PM on another major issue, he said nothing was gained as often attempted by Modi ji to pit the two great leaders (Pandit Nehru and Sardar Patel) of power (against each other).&nbsp;</p>


Campaigning in Gujarat's Surat ahead of state assembly elections in the state, the former PM invoked the memories of 100 people who lost their lives during demonitisation

Continuing his attack on Prime Minister Narendra Modi, former prime minister Manmohan Singh once against described November 8, 2016 when Prime Minister Narendra Modi's announced his demonitisation drive, as a black day for ''our economy and democracy''. Nothing is gained as often attempted by Modi ji to pit the two great leaders (Pandit Nehru and Sardar Patel) of power (against each other): Former PM Manmohan Singh pic.twitter.com/87HsOnTGJn — ANI (@ANI) December 2, 2017 × Campaigning in Gujarat's Surat ahead of state assembly elections on Saturday, the former PM invoked the memories of 100 people who lost their lives during demonitisation. ''I invoke memories of more than 100 people who lost their lives while standing in queues as a result of demonetisation,'' he said. I invoke memories of more than 100 people who lost their lives while standing in queues as a result of demonetisation. I say with immense pain & a sense of deep responsibility that the 8th of November was a black day for our economy & democracy: Manmohan Singh in Surat #Gujarat pic.twitter.com/AGDuZgsf5r — ANI (@ANI) December 2, 2017 × With immense pain and a sense of deep responsibility that the 8th of November was a black day for our economy & democracy, Singh said. Attacking the PM on another major issue, he said nothing was gained as often attempted by Modi ji to pit the two great leaders (Pandit Nehru and Sardar Patel) of power (against each other).

November 8 black day for our economy and democracy: Manmohan Singh

<p>China&#39;s state-run <a href="http://www.wionews.com/india-news/wont-be-easy-for-india-to-bring-sri-lankas-hambantota-to-life-china-daily-23767">Global Times newspaper today spoke about &quot;twin disasters&quot;</a> post-demonetisation giving a few &quot;thought-provoking&quot; tips to New Delhi.&nbsp;</p>

<p>The right-leaning n<a href="http://www.wionews.com/india-news/eye-on-obor-after-beidou-satellite-launch-china-aims-to-build-own-global-positioning-system-23603">ewspaper said Modi&#39;s reforms was heavily criticised as it dwelt a heavy blow </a>to India&#39;s small businesses, emphasizing that China had gradually moved away from a &quot;pure focus on the state sector since reform and opening-up began almost four decades ago&quot;.</p>

<p>&quot;The stark difference in economic structures actually suggests that India can&#39;t just copy China&#39;s reform model, because sweeping reforms can easily backfire in India,&quot; the newspaper said in its &quot;eye on economy&quot; section.</p>

<p>The newspaper said small businesses and workers are the backbone of the Indian economy and&nbsp;may &quot;find the costs of reform unaffordable.&quot;</p>

<p>&quot;Successful reformers need both a strong revolutionary will as well as the acumen to identify the pain points of the public and move to address them,&quot; it said adding that the &quot;Modi administration should take this into consideration.&quot;</p>

<p>&quot;In the case of India, this means the government must find a way to make reforms benefit the country&#39;s small businesses, rather than turning them into victims,&quot; the newspaper concluded.</p>

<p>&nbsp;&nbsp;</p>


Global Times said China had gradually moved away from a "pure focus on the state sector since reform and opening-up began almost four decades ago".

China's state-run Global Times newspaper today spoke about "twin disasters" post-demonetisation giving a few "thought-provoking" tips to New Delhi. The right-leaning newspaper said Modi's reforms was heavily criticised as it dwelt a heavy blow to India's small businesses, emphasizing that China had gradually moved away from a "pure focus on the state sector since reform and opening-up began almost four decades ago". "The stark difference in economic structures actually suggests that India can't just copy China's reform model, because sweeping reforms can easily backfire in India," the newspaper said in its "eye on economy" section. The newspaper said small businesses and workers are the backbone of the Indian economy and may "find the costs of reform unaffordable." "Successful reformers need both a strong revolutionary will as well as the acumen to identify the pain points of the public and move to address them," it said adding that the "Modi administration should take this into consideration." "In the case of India, this means the government must find a way to make reforms benefit the country's small businesses, rather than turning them into victims," the newspaper concluded.

Post-demonetisation: India can't just copy China's reform model, says China daily

<p>On the eve of the anniversary of demonetisation<a href="http://www.wionews.com/business-economy/demonetisation-november-8-watershed-moment-in-history-of-indian-economy-says-arun-jaitley-23652">, finance minister Arun Jaitley addressing reporters said demonetisation</a> choked terror funds, asserting that during the UPA government there was &quot;policy paralysis&quot;.</p>

<p>&quot;Demonetisation was done to <a href="http://www.wionews.com/india-news/i-repeat-was-organised-loot-and-legalised-plunder-manmohan-singh-on-demonetisation-23656">revive the economy, remonetisation was done quite rapidly</a> and the process was undertaken with relative ease,&quot; India&#39;s finance minister said.</p>

<p>&quot;Note ban brought more money into banks, earlier tax evasion was a constant problem,&quot; he said.</p>

<p>Even as Jaitley declared demonetisation as a &quot;watershed moment in the history of Indian economy&rdquo; India&#39;s opposition led by the Congress said they would observe November 8th as an &quot;Anti-Black Money Day&quot;.</p>

<p>Jaitley was quick to react to&nbsp;UPA&#39;s criticism, saying: &quot;There was complete&nbsp;policy paralysis during UPA.&quot;</p>

<p>Earlier writing in a blogpost, the finance minister had said&nbsp;that the process was started soon after the BJP came to power in 2014.</p>

<p>&quot;When the country is participating in &ldquo;Anti-Black Money Day&rdquo;, a debate was started that whether the entire exercise of demonetisation has served any intended purpose,&quot; Jaitley said in his blog, adding,&quot;one of the important objective of demonetisation was to make India a less cash economy and thereby reduce the flow of black money in the system.&quot; &nbsp;</p>

<p>Based on big data analytics, cash seizure by Income Tax Department has more than doubled in 2016-17 when compared to 2015-16; during search and seizure by the Department Rs.15,497 crore of undisclosed income has been admitted which is 38% higher than the undisclosed amount admitted during 2015-16, Jaitley noted in his blogpost.<br />
&nbsp;</p>

<p>&nbsp;</p>

<p><br />
&nbsp;</p>


Jaitley was quick to react to?UPA's criticism, saying that there was complete?policy paralysis during UPA's tenure

On the eve of the anniversary of demonetisation, finance minister Arun Jaitley addressing reporters said demonetisation choked terror funds, asserting that during the UPA government there was "policy paralysis". "Demonetisation was done to revive the economy, remonetisation was done quite rapidly and the process was undertaken with relative ease," India's finance minister said. "Note ban brought more money into banks, earlier tax evasion was a constant problem," he said. Even as Jaitley declared demonetisation as a "watershed moment in the history of Indian economy” India's opposition led by the Congress said they would observe November 8th as an "Anti-Black Money Day". Jaitley was quick to react to UPA's criticism, saying: "There was complete policy paralysis during UPA." Earlier writing in a blogpost, the finance minister had said that the process was started soon after the BJP came to power in 2014. "When the country is participating in “Anti-Black Money Day”, a debate was started that whether the entire exercise of demonetisation has served any intended purpose," Jaitley said in his blog, adding,"one of the important objective of demonetisation was to make India a less cash economy and thereby reduce the flow of black money in the system." Based on big data analytics, cash seizure by Income Tax Department has more than doubled in 2016-17 when compared to 2015-16; during search and seizure by the Department Rs.15,497 crore of undisclosed income has been admitted which is 38% higher than the undisclosed amount admitted during 2015-16, Jaitley noted in his blogpost.

Demonetisation choked terror funds, says Jaitley

<p>Just a few days after Congress vice-president<a href="http://www.wionews.com/india-news/rahuls-sholay-jibe-at-bjp-in-gujarat-gst-is-gabbar-singh-tax-22763"> Rahul Gandhi called the Goods and Services Tax (GST) - &quot;Gabbar Singh Tax&quot;</a>, West Bengal chief minister Mamata Banerjee termed the government&#39;s new tax as &quot;Great Selfish Tax&quot;.</p>

<p>Speaking at an election rally in Gandhinagar, <a href="http://www.wionews.com/india-news/rahul-gandhi-first-gst-gabbar-singh-tax-now-gabbar-singh-tax-yeh-kamai-mujhe-de-de-22820">Gujarat last month, the Congress vice-president had alleged that the &quot;GST</a> is not GST, it is <em>Gabbar Singh</em> Tax&quot; referring to the&nbsp;notorious decoit in the famous Bollywood blockbuster&nbsp;Sholay released in 1975.</p>

<p>Taking a cue from Rahul Gandhi, the West Bengal chief minister posted her thoughts on Twitter, saying: &quot;Great Selfish Tax (GST) to harass the people. To take away jobs. To hurt businesses. To finish the economy. GoI totally failed to tackle #GST.&quot;</p>

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<p dir="ltr" lang="en">Great Selfish Tax (GST) to harass the people.To take away jobs. To hurt businesses. To finish the economy. GoI totally failed to tackle <a href="https://twitter.com/hashtag/GST?src=hash&amp;ref_src=twsrc%5Etfw">#GST</a></p>
&mdash; Mamata Banerjee (@MamataOfficial) <a href="https://twitter.com/MamataOfficial/status/927413460094218241?ref_src=twsrc%5Etfw">November 6, 2017</a></blockquote>
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<p>Mamata Banerjee&#39;s comments comes ahead of the first anniversary of demonetisation by the Modi government on November 8th, opposition parties led by the Congress have announced that they would observe it as a &#39;Black Day&#39; and carry out nationwide protests.</p>

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<p dir="ltr" lang="en"><a href="https://twitter.com/hashtag/Noteban?src=hash&amp;ref_src=twsrc%5Etfw">#Noteban</a> is a disaster. On <a href="https://twitter.com/hashtag/Nov8BlackDay?src=hash&amp;ref_src=twsrc%5Etfw">#Nov8BlackDay</a> to protest against this scam that destroyed the economy, let us also change our Twitter DP to black</p>
&mdash; Mamata Banerjee (@MamataOfficial) <a href="https://twitter.com/MamataOfficial/status/927391955465539584?ref_src=twsrc%5Etfw">November 6, 2017</a></blockquote>
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<p>&quot;#Noteban is a disaster. On #Nov8BlackDay to protest against this scam that destroyed the economy, let us also change our Twitter DP to black,&quot; the chief minister said on Twitter.</p>

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<p dir="ltr" lang="en"><a href="https://twitter.com/hashtag/Noteban?src=hash&amp;ref_src=twsrc%5Etfw">#Noteban</a> is a disaster. On <a href="https://twitter.com/hashtag/Nov8BlackDay?src=hash&amp;ref_src=twsrc%5Etfw">#Nov8BlackDay</a> to protest against this scam that destroyed the economy, let us also change our Twitter DP to black <a href="https://t.co/yrheSPiZE5">pic.twitter.com/yrheSPiZE5</a></p>
&mdash; Mamata Banerjee (@MamataOfficial) <a href="https://twitter.com/MamataOfficial/status/927440847699718144?ref_src=twsrc%5Etfw">November 6, 2017</a></blockquote>
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Mamata Banerjee's comments comes ahead of the first anniversary of demonetisation by the Modi government on November 8th

Just a few days after Congress vice-president Rahul Gandhi called the Goods and Services Tax (GST) - "Gabbar Singh Tax", West Bengal chief minister Mamata Banerjee termed the government's new tax as "Great Selfish Tax". Speaking at an election rally in Gandhinagar, Gujarat last month, the Congress vice-president had alleged that the "GST is not GST, it is Gabbar Singh Tax" referring to the notorious decoit in the famous Bollywood blockbuster Sholay released in 1975. Taking a cue from Rahul Gandhi, the West Bengal chief minister posted her thoughts on Twitter, saying: "Great Selfish Tax (GST) to harass the people. To take away jobs. To hurt businesses. To finish the economy. GoI totally failed to tackle #GST." Great Selfish Tax (GST) to harass the people.To take away jobs. To hurt businesses. To finish the economy. GoI totally failed to tackle #GST — Mamata Banerjee (@MamataOfficial) November 6, 2017 × Mamata Banerjee's comments comes ahead of the first anniversary of demonetisation by the Modi government on November 8th, opposition parties led by the Congress have announced that they would observe it as a 'Black Day' and carry out nationwide protests. #Noteban is a disaster. On #Nov8BlackDay to protest against this scam that destroyed the economy, let us also change our Twitter DP to black — Mamata Banerjee (@MamataOfficial) November 6, 2017 × "#Noteban is a disaster. On #Nov8BlackDay to protest against this scam that destroyed the economy, let us also change our Twitter DP to black," the chief minister said on Twitter. #Noteban is a disaster. On #Nov8BlackDay to protest against this scam that destroyed the economy, let us also change our Twitter DP to black pic.twitter.com/yrheSPiZE5 — Mamata Banerjee (@MamataOfficial) November 6, 2017 ×

Now, Mamata calls GST 'Great Selfish Tax'

<p>Activity&nbsp;in&nbsp;India&#39;s&nbsp;services&nbsp;companies limped out of contraction in September as&nbsp;demand&nbsp;recovered and pushed firms to increase hiring at the fastest pace in over six years, a business survey showed on Thursday.</p>

<p>The lingering impact of the government&#39;s cash ban late last year pushed&nbsp;growth&nbsp;in Asia&#39;s third-largest economy to slow unexpectedly to a three-year low of 5.7 per cent in the April-June quarter from a year earlier.</p>

<p>Disruptions to businesses from confusion on product pricing after the implementation of a goods and&nbsp;services&nbsp;tax (GST) on July 1, which aimed to unify multiple taxes, have also cast a shadow on economic&nbsp;growth.</p>

<p>But last month, a surge in&nbsp;demand&nbsp;helped a recovery in&nbsp;activity&nbsp;among&nbsp;services&nbsp;firms after contracting for two months prior to that.</p>

<p>The Nikkei/IHS Markit&nbsp;Services&nbsp;Purchasing Managers&#39; Index rose to 50.7 in September from 47.5 in August, moving back above the 50-mark that separates&nbsp;growth&nbsp;from contraction.</p>

<p>&quot;The&nbsp;Indian private sector regained some lost ground since the implementation of July&#39;s goods and&nbsp;services&nbsp;tax (GST) as service providers followed the manufacturing industry back to&nbsp;growth,&quot; said Aashna Dodhia, an economist at IHS Markit.</p>

<p>A sub-index on new business, which measures both domestic and foreign&nbsp;demand, jumped to 51.1 from 47.3 in August.</p>

<p>That pushed firms to increase hiring at the fastest pace since June 2011 in&nbsp;September after cutting headcount in the previous two months.</p>

<p>A composite&nbsp;PMI, which takes into account both manufacturing and&nbsp;services&nbsp;activity, returned above break-even last month to 51.1 from 49.0 in August, aided by an expansion in manufacturing&nbsp;activity&nbsp;in&nbsp;September.</p>

<p>Both manufacturing and&nbsp;services&nbsp;firms continued to absorb some input cost pressures in September to attract&nbsp;demand, which is likely to keep inflation below the Reserve Bank of&nbsp;India&#39;s 4 percent medium-term target.</p>

<p>But the RBI kept its policy rate steady at a nearly seven-year low of 6.00 per cent on Wednesday, reflecting its concern consumer inflation could accelerate further after hitting a five-month high of 3.36 per cent in August.</p>


The lingering impact of the government's cash ban late last year pushed?growth?in Asia's third-largest economy to slow unexpectedly to a three-year low of 5.7 percent in the April-June quarter from a year earlier

Activity in India's services companies limped out of contraction in September as demand recovered and pushed firms to increase hiring at the fastest pace in over six years, a business survey showed on Thursday. The lingering impact of the government's cash ban late last year pushed growth in Asia's third-largest economy to slow unexpectedly to a three-year low of 5.7 per cent in the April-June quarter from a year earlier. Disruptions to businesses from confusion on product pricing after the implementation of a goods and services tax (GST) on July 1, which aimed to unify multiple taxes, have also cast a shadow on economic growth. But last month, a surge in demand helped a recovery in activity among services firms after contracting for two months prior to that. The Nikkei/IHS Markit Services Purchasing Managers' Index rose to 50.7 in September from 47.5 in August, moving back above the 50-mark that separates growth from contraction. "The Indian private sector regained some lost ground since the implementation of July's goods and services tax (GST) as service providers followed the manufacturing industry back to growth," said Aashna Dodhia, an economist at IHS Markit. A sub-index on new business, which measures both domestic and foreign demand, jumped to 51.1 from 47.3 in August. That pushed firms to increase hiring at the fastest pace since June 2011 in September after cutting headcount in the previous two months. A composite PMI, which takes into account both manufacturing and services activity, returned above break-even last month to 51.1 from 49.0 in August, aided by an expansion in manufacturing activity in September. Both manufacturing and services firms continued to absorb some input cost pressures in September to attract demand, which is likely to keep inflation below the Reserve Bank of India's 4 percent medium-term target. But the RBI kept its policy rate steady at a nearly seven-year low of 6.00 per cent on Wednesday, reflecting its concern consumer inflation could accelerate further after hitting a five-month high of 3.36 per cent in August.

India services activity returned to growth in September: Study

<p>Denver has become the first city in the United States to legalise the social use of cannabis in businesses, including bars, yoga studios and art galleries.</p>

<p>The new ordinance was part of several marijuana measures put to voters in nine US states during last week&#39;s general election. Denver officials said on Tuesday that Initiative 300 had garnered enough votes to pass after nearly all the ballots had been counted.</p>

<p>The measure allows private businesses in Colorado&#39;s capital to seek permits to create areas where customers can bring their own cannabis and consume it. However, applicants would first need to receive backing from a local business group or neighbourhood.</p>

<p>&quot;This is absolutely historic and ground-breaking,&quot; said Emmett Reistroffer, a key proponent of the measure and a cannabis consultant in Denver. &quot;We are the first in the United States and potentially the first place in the world to regulate the consumption of cannabis.&quot;</p>

<p>He told AFP that the vote was in line with a measure approved by the state four years ago allowing the recreational use of marijuana by adults.</p>

<p>&quot;Essentially what we passed is a continuation of that same belief that adults should be able to use and socialise with cannabis as they are able to do with alcohol,&quot; Reistroffer said.</p>

<p>The city&#39;s trailblazing measure comes as more and more states across America move to legalise cannabis either for medical or recreational use. California, the nation&#39;s most populous state, last Tuesday handed a major victory for backers of legalisation by approving recreational use of the drug. Massachusetts approved a similar measure.</p>

<p>According to industry professionals, the marijuana market in the United States could expand to $23 billion by 2020, compared to $5.7 billion in 2015.</p>

<p>In Denver, the new ordinance will be implemented as part of a four-year pilot program that will test the concept and determine its long-term feasibility. Opponents, including Colorado&#39;s governor and former Denver mayor John Hickenlooper, had argued that it would encourage the public use of marijuana, which is banned on the state and federal level, and harm public safety.</p>

<p>&quot;I look at it as the camel&#39;s nose getting under the tent flap,&quot; Hickenlooper told the Denver Post before the vote. Protect Denver&#39;s Atmosphere, a group which also opposed the ballot measure, urged city officials to tread carefully in issuing licenses to businesses.</p>

<p>&nbsp;</p>

<p><strong>Concert venues &amp; comedy clubs</strong></p>

<p>&quot;Initiative 300 allows the concurrent consumption of marijuana and alcohol, which can lead to greater impairment than the&nbsp;use of either substance alone,&quot; Rachel O&#39;Bryan, campaign manager for the group, said in a statement.&nbsp;</p>

<p>&quot;It will also allow the public consumption of slow-acting marijuana edibles and highly potent marijuana concentrates,&quot; she added. &quot;How can these businesses possibly monitor patrons for marijuana intoxication?&quot; She also noted that the initiative had received less backing from voters than the bill legalising recreational marijuana use in 2012.</p>

<p>The Denver Post, which supported the bill, in an editorial also called for caution as local officials &quot;move forward with this experiment&quot;.</p>

<p>&quot;But right now Denver is struggling with a public consumption problem, some who want to consume have no place to go, legally,&quot; the editorial said. &quot;It&#39;s a problem that should get solved sooner rather than later, now that voters have spoken.&quot;</p>

<p>Supporters of the marijuana ordinance stressed that the measure is so restrictive that it is unlikely that pot smoking will flourish in public places where food and alcohol are served.</p>

<p>&quot;I don&#39;t see this coming to a lot of restaurants,&quot; Reistroffer said. &quot;I see it happening in certain art galleries, concert venues and even comedy houses where adults go for generally adult entertainment.&quot;</p>

<p>(AFP)</p>


Farmers will be able to withdraw up to $370 every week against their crop loans, cash withdrawal of $3700 for weddings approved

Denver has become the first city in the United States to legalise the social use of cannabis in businesses, including bars, yoga studios and art galleries. The new ordinance was part of several marijuana measures put to voters in nine US states during last week's general election. Denver officials said on Tuesday that Initiative 300 had garnered enough votes to pass after nearly all the ballots had been counted. The measure allows private businesses in Colorado's capital to seek permits to create areas where customers can bring their own cannabis and consume it. However, applicants would first need to receive backing from a local business group or neighbourhood. "This is absolutely historic and ground-breaking," said Emmett Reistroffer, a key proponent of the measure and a cannabis consultant in Denver. "We are the first in the United States and potentially the first place in the world to regulate the consumption of cannabis." He told AFP that the vote was in line with a measure approved by the state four years ago allowing the recreational use of marijuana by adults. "Essentially what we passed is a continuation of that same belief that adults should be able to use and socialise with cannabis as they are able to do with alcohol," Reistroffer said. The city's trailblazing measure comes as more and more states across America move to legalise cannabis either for medical or recreational use. California, the nation's most populous state, last Tuesday handed a major victory for backers of legalisation by approving recreational use of the drug. Massachusetts approved a similar measure. According to industry professionals, the marijuana market in the United States could expand to $23 billion by 2020, compared to $5.7 billion in 2015. In Denver, the new ordinance will be implemented as part of a four-year pilot program that will test the concept and determine its long-term feasibility. Opponents, including Colorado's governor and former Denver mayor John Hickenlooper, had argued that it would encourage the public use of marijuana, which is banned on the state and federal level, and harm public safety. "I look at it as the camel's nose getting under the tent flap," Hickenlooper told the Denver Post before the vote. Protect Denver's Atmosphere, a group which also opposed the ballot measure, urged city officials to tread carefully in issuing licenses to businesses. Concert venues & comedy clubs "Initiative 300 allows the concurrent consumption of marijuana and alcohol, which can lead to greater impairment than the use of either substance alone," Rachel O'Bryan, campaign manager for the group, said in a statement. "It will also allow the public consumption of slow-acting marijuana edibles and highly potent marijuana concentrates," she added. "How can these businesses possibly monitor patrons for marijuana intoxication?" She also noted that the initiative had received less backing from voters than the bill legalising recreational marijuana use in 2012. The Denver Post, which supported the bill, in an editorial also called for caution as local officials "move forward with this experiment". "But right now Denver is struggling with a public consumption problem, some who want to consume have no place to go, legally," the editorial said. "It's a problem that should get solved sooner rather than later, now that voters have spoken." Supporters of the marijuana ordinance stressed that the measure is so restrictive that it is unlikely that pot smoking will flourish in public places where food and alcohol are served. "I don't see this coming to a lot of restaurants," Reistroffer said. "I see it happening in certain art galleries, concert venues and even comedy houses where adults go for generally adult entertainment." (AFP)

Demonetisation: Indian government eases cash withdrawal limit for farmers, weddings

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