WHY WE NEED TO LOOK AHEAD OF GDP?
“What we measure informs what we do. And if we’re measuring the wrong thing, we’re going to do the wrong thing.”
Nobel Laureate in Economic Sciences (2001)
In an election rally in UP, PM Narendra Modi recently took a jibe at the economists criticizing demonetization. He quoted the new GDP growth data released by Central statistical Organisation, which puts the growth rate at 7 per cent in the third quarter of the financial year 2016-17. For decades now, GDP and its growth thereof, has been regularly cited in discussions related to the economic progress. China for one has remained obsessed with the growth so much so that as to set specific targets for GDP growth in its annual and five year plans.
It has been 30 days since the 5o0 and 1000 rupee notes were demonetised and the opposition used it as an opportunity to observe Black Day at the parliament.while 200 MPs protested it was Rahul Gandhi who spearhead the scathing attack.
‘THIS A FOOLISH DECISION’
This is not a bold decision, it is a foolish decision which has been taken without any due consideration. It has devastated the poor, the farmers, the daily wage workers. We want to have a discussion. We want a vote, the government doesn’t.
‘HIS NARRATIVE IS INCONSISTENT’
The Prime Minister’s narrative has changed. It started by saying it’s against black money, then terrorism, then counterfeit currency and now cashless economy.
PAYTM MEANS ‘PAY TO MODI’
If I am allowed to speak in Lok Sabha, I will show to all how Paytm means ‘Pay to Modi’. The idea behind cashless economy is that a few people must get maximum benefits from these transactions. This has damaged the nation. If he comes to the House for debate, we won’t let him run.