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CEA Doesn’t Consider Demonetisation a “Reform Achievement” of 2016

The move the govt hailed as a historic step finds no mention in the Chief Economic Advisor’s list of key reforms. 

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India
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Demonetisation, which has been hailed as a historic step by the Modi government, finds no mention in Chief Economic Advisor Arvind Subramanian’s list of major reforms of 2016.

Although the government claims the move will deal a heavy blow to black money, it didn’t figure in a tweet spelling out last year’s key achievements sent out by Subramanian.

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The Economic Survey, released on Tuesday, mentions that demonetisation will have short-term loss but ensure long-term benefit.

The costs include a contraction in cash money supply and subsequent, albeit temporary, slowdown in GDP growth; and benefits include increased digitalisation, greater tax compliance and a reduction in real estate prices, which could increase long-run tax revenue collections and GDP growth.

But the glaring omission of the notebandi “masterstroke” in the CEA’s tweet didn’t go unnoticed by tweeples.

(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)

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