Ghost of demonetization haunts Government, RBI: Chidambaram
New Delhi, April 18: Former Finance Minister P. Chidambaram on Wednesday attacked the government and the RBI over the acute cash crunch in the country and said the ghost of demonetization has come back to haunt them.
He also needled the government on the recent bank scams, saying people appeared to have lost confidence in banks.
"I suspect ordinary people are withdrawing cash but not putting back into the banks their surplus cash. It is possible that there is some loss of confidence in the banking system, thanks to the bank scams.
"After demonetizing 500 and 1,000 rupee notes, government printed Rs 2,000 notes! Now, government is complaining that Rs 2,000 notes are being hoarded!! We always knew that Rs 2,000 notes were printed only to help hoarders.
"The ghost of demonetization has come back to haunt the government/RBI. Why are ATMs still bring re-calibrated even 17 months after demonetization?" Chidambaram said in a series of tweets on the reported shortage of money in banks in some states.
"Cash is back with a vengeance," says Navrose Dastur, MD, NCR Corp, India. "I support digitization, but government cannot force the pace of digitization or arbitrarily reduce the supply of cash.
"Is it correct that currency in circulation has increased by only 2.75 per cent since demonetization? If so, I maintain that government/RBI are not allowing money supply to grow at the same rate as the nominal GDP.
"I also suspect that RBI seriously miscalculated demand for cash in the post-harvest season," he said.
"RBI's statement is unsatisfactory. If RBI has printed and supplied sufficient cash, it must explain why there is a cash shortage."
The RBI on Tuesday said that there is "sufficient cash" in its vaults and currency chests and it is "taking steps to move currency to areas" which have witnessed unusually large cash withdrawals.
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'Brand Bharat' is statement of authenticity; of being Vishwa Bandhu, says EAM
New Delhi (PTI): External Affairs Minister S Jaishankar on Saturday extolled the idea of 'Brand Bharat' and said it is "statement of authenticity" in representation, articulation or beliefs, and equally a message that "we are now more comfortable in our own skin".
In a virtual address at India Ideas Conclave, he also underlined that it is also the "brand of Vishwa Bandhu" as on the big stage, a "multi-vector approach" engages the Quad and BRICS, Russia and Ukraine, Israel and Iran and the Global North and Global South.
Nations, like people, enterprises or services, have a reputation. When deeply entrenched into consciousness and easily recognisable, that becomes a brand. Obviously, it is related to the merits of the product and its track record, he said.
"When it comes to a country, the national brand is obviously a fusion and aggregation of different facets of its life. On the global stage, it is much more an integrated positioning of a multiple endeavors. We, in the world of diplomacy, have that responsibility. My thoughts today are about how we discharge that for an India that is more Bharat," Jaishankar said.
In his address, the external affairs minister encapsulated the journey of India from freedom struggle to gaining independence and the course the country took in the succeeding decades.
"Our initial decades after independence saw us struggling with the brand challenge. Given the ground situation, this was not unsurprising. A society recovering from two centuries of colonialism obviously had to painstakingly build itself up, creating new capabilities, institutions and practices," he said.
But at the end of the day, India entered the next century "intact as a polity, energetic as an economy and optimistic as a society".
"None of that could have been taken for granted and some, in fact, failed to make it," he underlined.
The Union minister, who virtually addressed the conclave hosted by India Foundation, lamented that earlier the country, at the global level, was "seen as sizeable player about whom there was limited expectation", and said, however, the last decade has seen a "big shift" in that regard.
"Economically, we are now perceived as much easier to do business. The transformation underway in infrastructure is also increasingly appreciated.
Whether it is the airports, metros, highways or railways, the achievements of the last decade stand out even by global standards. Perhaps, nothing has been more impactful than our embrace of digital technologies," he added.
Jaishankar then went on to expound what is 'Brand Bharat'.
"Bharat is a statement of authenticity, be it in representation, articulation or beliefs. Even our economic energies required a connotation of Atmanirbharta in that background," he asserted.
"It is equally a message that we are now more comfortable in our own skin, drawing on our own past, fashioning our own lexicon and advancing our own ideas," the Union minister added.
He said while recognising these developments, let us also realise that "we are not just one more country".
"Our history, tradition, culture and heritage makes us stand out. We are one of the rare ancient civilisations that have made a successful transition to a nation state. In the past, when our overall standing was less, perhaps this did not count for that much. But when juxtaposed with our achievements in so many fields, it now assumes very different connotation," Jaishankar added.
It is in this context that "we should reflect on Brand Bharat. The very term captures the civilisational aspect, while underlining how much more rooted we have become", he said.
"In a world asserting its independence from a globalised elite, it is an effort to engage the world more on our terms. The formulation of standing on the two legs of technology and tradition is one effective way of expressing Brand Bharat," Jaishankar said.
Coming from the domain of diplomacy, India naturally seek to advance that brand in more specific terms. That means defining how Bharat approaches the world, he said.
"There are a range of answers. The Global South sees a powerful advocate and the driver of Vaccine Maitri. Neighbours recognise a generous and non-reciprocal partner who stood by them during Covid, financial meltdowns or natural disasters. Democracies appreciate a confident partner whose choice has helped universalise their shared attributes," the minister asserted.
"The immediate region and beyond value an emerging 'first responder' and contributor to global goods. And on the big stage, a multi-vector approach engages the Quad and BRICS, Russia and Ukraine, Israel and Iran and the Global North and South. This is the brand of Vishwa Bandhu," he said.
