The Corbett Report
6 hours
[audio mp3="httphttp://www.corbettreport.com/mp3/2017-01-23%20Satya%20Sagar.mp3"][/audio] On November 8, 2016, Indian Prime Minister Narendra Modi made a dramatic announcement on live tv: as of midnight that night, the 500 and 1,000 rupee notes would no longer be legal tender. Indians would have to turn in their old cash for new notes in the coming weeks. This "demonetization" scheme was sold to the public as an attempt to rid the Indian economy of so-called "black money," but what was it really about? And what are the real consequences of this action? Today we talk to Satya Sagar of countercurrents.org for the Indian perspective on this startling event.
The Economic Times
9 hours
The Huffington Post
a day
Voice Of America
a day
In India’s southeastern state of Andhra Pradesh, at least 35 people were killed and scores injured in a train accident Saturday night. Railway officials said eight coaches of the train derailed and fell of the track around 11 p.m. as it passed through a remote district when most people were sleeping. Operations were conducted through the night to extricate passengers trapped in the mangled coaches. Many have been moved to nearby hospitals. Those who escaped injuries were taken to the nearby city of Bhubaneshwar. East Coast Railway spokesman J.P. Mishra told Indian television “our priority at the moment is to ensure that all the passengers who are injured get the best of treatment that is possible.” Prime Minister Narendra Modi tweeted that the tragedy was “saddening” and said the Railway Ministry was working to ensure quick relief and rescue operations.
The Sun Daily
a day
Last month two people were killed and dozens injured after another train derailed also near Kanpur. In 2014, an express train ploughed into a stationary freight train, also in Uttar Pradesh, killing 26 people. A 2012 government report said almost 15,000 people were killed every year on India's railways and described the loss of life as an annual "massacre". Prime Minister Narendra Modi's government has pledged to invest US$137 billion (RM609.24 billion) over five years to modernise the crumbling railways, making them safer, faster and more efficient. Writing on Twitter, Modi sent his condolences to the victims' families. "My thoughts are with those who lost their loved ones... The tragedy is saddening," said the prime minister. Modi's government has signed numerous deals with private companies to upgrade the ageing network. Japan has agreed to provide US$12 billion (RM53.36 billion) in soft loans to build India's first bullet train, though plans remain in their infancy. — AFP
Voice Of America
a day
In India’s southeastern state of Andhra Pradesh, at least 27 people were killed and scores injured in a train accident Saturday night. Railway officials said eight coaches of the train derailed and fell of the track around 11 p.m. local time as it passed through a remote district when most people were sleeping. Operations were conducted through the night to extricate passengers trapped in the mangled coaches. Many have been moved to nearby hospitals. Those who escaped injury were taken to the nearby city of Bhubaneshwar. East Coast Railway spokesman J.P. Mishra told Indian television “our priority at the moment is to ensure that all the passengers who are injured get the best of treatment that is possible.” Prime Minister Narendra Modi tweeted that the tragedy was “saddening” and said the Railway Ministry was working to ensure quick relief and rescue operations.
The Sun Daily
2 days
In 2014, an express train ploughed into a stationary freight train, also in Uttar Pradesh, killing 26 people. A 2012 government report said almost 15,000 people were killed every year on India's railways and described the loss of life as an annual "massacre". Prime Minister Narendra Modi's government has pledged to invest US$137 billion (RM609.24 billion) over five years to modernise the crumbling railways, making them safer, faster and more efficient. Writing on Twitter, Modi sent his condolences to the victims' families. "My thoughts are with those who lost their loved ones... The tragedy is saddening," said the prime minister. Modi's government has signed numerous deals with private companies to upgrade the ageing network. Japan has agreed to provide US$12 billion (RM53.36 billion) in soft loans to build India's first bullet train, though plans remain in their infancy. — AFP
Voice Of America
2 days
In India’s southeastern state of Andhra Pradesh, at least 27 people were killed and scores injured in a train accident Saturday night. Railway officials said eight coaches of the train derailed and fell of the track around 11 p.m. local time as it passed through a remote district when most people were sleeping. Operations were conducted through the night to extricate passengers trapped in the mangled coaches. Many have been moved to nearby hospitals. Those who escaped injury were taken to the nearby city of Bhubaneshwar. East Coast Railway spokesman J.P. Mishra told Indian television “our priority at the moment is to ensure that all the passengers who are injured get the best of treatment that is possible.” Prime Minister Narendra Modi tweeted that the tragedy was “saddening” and said the Railway Ministry was working to ensure quick relief and rescue operations.
The Sun Daily - World News
2 days
In 2014, an express train ploughed into a stationary freight train, also in Uttar Pradesh, killing 26 people. A 2012 government report said almost 15,000 people were killed every year on India's railways and described the loss of life as an annual "massacre". Prime Minister Narendra Modi's government has pledged to invest US$137 billion (RM609.24 billion) over five years to modernise the crumbling railways, making them safer, faster and more efficient. Writing on Twitter, Modi sent his condolences to the victims' families. "My thoughts are with those who lost their loved ones... The tragedy is saddening," said the prime minister. Modi's government has signed numerous deals with private companies to upgrade the ageing network. Japan has agreed to provide US$12 billion (RM53.36 billion) in soft loans to build India's first bullet train, though plans remain in their infancy. — AFP
The Sun Daily - World News
2 days
BBC News 24
2 days
The Economic Times
2 days
The Economic Times
2 days
Since November 8, 2016 India has seen a sudden spurt in the number of emotional economists. These economists either support or oppose demonetisation based on emotions rather than facts. So you have long posts on Facebooks and multiple tweets but the real impact of demonetisation or the lack of it is just lost in this noise. No doubt demonetisation—like everything else announced by Prime Minister Narendra Modi-- has ended up polarising people. Either demonetisation is the second best thing to have taken place in India since 1991 liberalisation or it’s akin to the rule of Louis XVI of France— whose political mismanagement led to the French revolution. Taking Modi’s assertion on its face value that demonetisation was aimed at reducing black money, one wonders whether it has been a success or a failure. But before we get to that, we have to set the parameters for measuring success or failure.
The Economic Times
3 days
The Economic Times
3 days
The Huffington Post
3 days
The Economic Times
3 days
"Please exploit the forward looking policies of the state as well as central government for your own benefits," he said. Referring to cashless transactions being promoted by Prime Minister Narendra Modi, the Union minister said, "Dishonesty which is pulling down the country could be eliminated through digital economy." He said it was necessary that the country moved along with the government and they should work together for a better future. Claiming that over Rs 40,000 crore was deposited in 'Jan Dhan' accounts across the country post-demonetisation, Raju said no rich man contributes to the nation but only the poor through their hard earned money. "Quality of life needs to be improved and for this we need to contribute as well," he said. He said unlike the previous regime, now Indian citizens with Aadhaar card could open a bank account without any hassle.
The Economic Times
4 days
The Economic Times
4 days
Daily Mail - India
4 days
Several months ago, during an interaction with a group of senior (serving and retired) civil servants, the discussion turned to one of Prime Minister Narendra Modi's flagship schemes, 'Smart Cities'.
Ruptly TV
4 days
The Economic Times
4 days
The Economic Times
4 days
"But if much of this money is from savings of people, which was sitting in their cupboards or wherever, then obviously it won't go out," she said. "Once it's in the bank, it'll stay in the bank and therefore that's why we have a very wide kind of range."For weeks, investors have speculated over whether the surging bank deposits caused by the November 9 ban on high-value notes will ultimately benefit lenders. The S&P Bankex Index, which tracks 10 lenders, rose almost 4 per cent following the move, before slumping 13 per cent and has since clawed back much of that slump."Retaining more deposits means low cost funds that can be lend out to improve bottom line at banks," Payal Pandya, a Mumbai-based analyst at Centrum Wealth Management Ltd., said by phone. "Lenders focus should shift to deploying the money as loans as soon as they can."Prime Minister Narendra Modi stunned the nation by banning old Rs 500 and Rs 1,000 notes, a move that dragged cash-intensive businesses to a standstill and had millions of Indians lining up at banks to deposit their now invalidated currencies or exchange them for new notes.
The Economic Times
4 days