Morning Brief: Demonetisation For A Better India; Patel Defends Note Ban; Textile Reforms Go-Ahead

Good Morning, Swarajya Readers! Here's What You Need To Know Today.

Demonetisation Drive For A Better India: Union Finance Minister Arun Jaitley on Wednesday said that Prime Minister Narendra Modi has 'broad shoulders' to face the consequences of demonetisation drive. He hit out at critics of note ban, saying that Modi chose the harder option for a better future of India’s economy and its people.

Urjit Patel Defends Demonetisation: Defending the decision to demonetise high value currency notes, Reserve Bank of India Governor Urjit Patel said it was well planned and 'was not done in haste’. He said more than 19 billion new currency notes have been issued since demonetisation came into effect.

India Inc Disappointed By RBI Move: India Inc on Wednesday expressed disappointment over Reserve Bank of India (RBI) interest rates decision, saying a rate cut was key to stimulating consumption that has been hit by demonetisation. The RBI kept short-term lending rate unchanged even as it lowered GDP growth rate to 7.1 per cent.

Parrikar Says No Compromise On Security: Defence Minister Manohar Parrikar said India is "definitely" for peace, but asserted he is not a "coward" who will compromise on security in fear of a war amid tensions with Pakistan over terrorism.

Cyrus Mistry ‘Disruptive Influence’: Rata Tata Tata Sons board had “lost confidence” in Cyrus Mistry, Tata Group interim chairman Ratan Tata said while seeking support of the resolution moved in the forthcoming extraordinary general meeting of the group for his removal as director. Ratan Tata said their relationship “steadily deteriorated”, and his presence as a director was a “disruptive influence”.

Tata Steel In UK Investment Push: Tata Steel has pledged to stay in Britain with a £1.0 billion investment plan to support steelmaking at its Port Talbot plant in Wales and elsewhere, unions said Wednesday. The company employs more than 4,000 at Port Talbot alone, and hundreds more at other sites across the UK.

Textile Sector Reforms Go-Ahead: The Narendra Modi government on Wednesday gave the green light to bring about reforms in the textile made-ups sector with the intention to boost employment generation by creating 11 lakh jobs over three years and subsequently boosting exports.

Key Samajwadi Party Role For Amar Singh: Samajwadi Party chief Mulayam Singh has appointed Amar Singh to the party’s elite parliamentary board. This move will give him more power and say in the party affairs, including ticket distribution.

Mining Baron In Dirty Money Row: G Janardhan Reddy, whose daughter’s big fat wedding drew a lot of attention, is at the centre of a fresh row, with the car driver of a state official allegedly committing suicide, leaving a note claiming he got Rs 100 crore converted into white money for the mining baron for the marriage.

Pakistan U-Turn Over Indian Spy: Pakistan’s foreign policy chief Sartaj Aziz on Wednesday acknowledged there was no “conclusive evidence” against Kulbhushan Jadhav, who was arrested in Balochistan in March on charges of being an agent of the Research and Analysis Wing. Jadhav was accused by Pakistan of planning “subversive activities” in the country.

MUST READ OP-EDS

Wake Up And Smell The Money: India has welcomed this historic move with open arms. The poor won’t be misled and it is time it stops the theatrics, fear-mongering and propaganda.

The Mystery Of Agricultural Growth: With hopes of an economic revival after demonetisation hinging largely on agriculture, continued neglect of the sector will not only harm the prospects of rural revival, but also the economy as a whole.

The Colour Of Polls: India, considered a gold standard of elections, has a moral responsibility to lead from the front in the fight against the scourge of money power in elections.

Let The Numbers Speak: The discussion on the fall in employment after the November 8 demonetisation relies on anecdotal evidence. It is not backed by data.

A Surprising Pause And An Expected CRR Reversal: The tone of the monetary policy statement served to underscore the independence and credibility of both RBI and its monetary policy committee.

SWARAJYA SPECIAL

It Was Necessary For The RBI To Show It Hasn’t Lost Its Head And It Has Done Exactly That: When the government appears to be conducting policy, it was necessary for the RBI to show that it has not lost its head. It has an inflation mandate and it is sticking to it.

Silent Urjit Patel Speaks Through Inaction; Declines Rate Cuts For Now: Announcing the bi-monthly policy, Patel dispelled the idea that the RBI was commandeered to back the government’s demonetisation decision.

China Fomenting Trouble In Northeast To Help Pakistan: India has to deal with two fronts instead of one. This diversion of attention is just what Pakistan’s deep state needs to keep up its terror activities aimed at destabilising India as well as Afghanistan.

Cho Ramaswamy: Outspoken Journalist, Political Satirist, Soothsayer And Much More: Cho will always live in our memories as a guide for fearless ethical journalism. He had multiple talents and they all centered around one thing - politics.

A Beginner’s Guide To Laundering Black Money, As Seen Post-Demonetisation: Here are some of the known and less-known ways people have found to launder or use black money. Some of them are really amusing.

We hope you enjoyed reading our morning brief. Have a great day ahead!

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