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...The prime minister announced on November 8 that high denomination value notes of Rs 500 and Rs 1,000 would be demonetised with immediate effect. It is a unique experiment with no parallel in the world. The move has already started changing banking habits in the country and has been successful in ushering among the masses an urge to adopt digital banking. More recently, the government has announced a 13-member committee of chief ministers headed by Chandrababu Naidu, chief minister of Andhra Pradesh, to boost the digital payment system in the country. There have been different estimates of the impact of demonetisation on economic growth. However, social implications of demonetisation need attention. Demonetisation has brought the country together as there is a consensus that this was a step in the right direction, and needed courage to announce and implement. ...Indian Express on Dec. 16, 2016, 12:25 a.m.
...While the IMF generally gives good advice, in some cases it is clear that there is a lack of practical experience.To illustrate, practitioners from any country would know that when faced with sudden capital movements, capital controls and not quick attempts to erect macro prudential norms are the only effective tools.Similarly, earlier, there was a reluctance to accept that inflation targeting was unfeasible for many countries.This late recognition of simple facts can do immense harm to the countries being advised.The other area is forecasts, especially for developing countries, which are frequently changed and can have financial implications for markets and ratings.Illustratively, Finance Minister P. Chidambaram had to contest the latest estimates made by the IMF on India's growth rate.The IMF's annual report could shed some light on these problems. ...Indian Express on Nov. 5, 2013, 5:55 a.m.
...Real estate, including housing and construction, with inter-linkages with nearly 300 industries is an important sector of any economy and accounts for nearly 10 per cent of the GDP in India.The development of the real estate sector can have a significant and direct impact on employment generation and growth in the economy.The sector is labour-intensive, employing around 33 million people, which is expected to rise to 83 million by 2022.In India, the real estate and housing markets are in a nascent stage compared to countries like China, Malaysia, Spain, Thailand and the US.The government, RBI and National Housing Bank have been making efforts to develop the market, which recorded an outstanding housing loan portfolio of around Rs 6 lakh crore in March 2012. ...Indian Express on June 17, 2013, 5:11 a.m.