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India’s growth slowdown substantially due to demonetisation: Raghuram Rajan

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Davos, Jan 24 (IANS) Former RBI Governor Raghuram Rajan feels a substantial part of the growth slowdown in India was because of the after effects of the demonetisation decision of November, 2016.

“I think the jury is still out. We have an argument that it will improve compliance till we see the last tax numbers in, I feel the jury is still out. That said, I would suspect that a substantial part of the growth slowdown was because of the effects (of demonetisation)…some of it was in the informal economy which weren’t immediately captured, which we are seeing now. Businesses that have shut down, because they couldn’t survive that episode,” Rajan told NDTV here.

He said to understand the positive impact of demonetisation “we have to wait and see”.

“I think it did give some fillip to the digital payments system. But that’s relatively smaller…compared to the other (aspects).”

Asked whether he would have taken up demonetisation during his tenure, Rajan said: “This is an easy sort of answer to give in hindsight. I think the government at that time asked us our views.. we gave them. But at the same time, I think its very hard. I didn’t think it would have the desired effect. And that it would have cost.”

He added: “Yes, any monetary economist would say that, better print the money before taking it away. But, that said I think the real sort of question is, should the RBI be a fifth column if the government wants to go ahead on something. In my guess, both legally and ethically you can’t stop the institution. You may refuse to along with it, but you cannot stop the institution.

Regarding the Goods and Services Tax regime, he said: “Now I think in the long term GST will have very positive effect. There are people who say we should have prepared better, we should have delayed it. My sense is many of the problems just come from doing it. So, if we solve those problems and go forward that will be very beneficial.”

— IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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