THe Blog

December 29, 2016

Did "Black Money Induced Asset Price Rise" Really Cause GDP Growth when UPA was in Power?

Rajya Sabha member, Rajeev Gowda, has an interesting rebuttal to S. Gurumurthy's explanation on GDP growth during the 2004-09 period. He writes:

 

"In essence, the story that black money induced rising asset prices which led to high GDP growth with no jobs is a phantom one, devoid of any basis. This phantom story is then used to justify an unprecedented, ill-conceived, overnight invalidation of nearly 90 per cent of a country’s currency. Dr. Singh expressed genuine concern over the demonetisation policy, its objectives, implementation and potential costs. Is there anyone in the RSS or government who can clearly articulate the intended objectives, economic impact and measurable outcomes of this demonetisation exercise?

 

Read the full article here

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