Indian Rupee

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Indian Rupee

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Has Narendra Modi, India's Prime Minister, a mental block, or something, about the Indian psyche?

It seems he is totally out of touch with his country men and women. I lived in East Africa for the first 14 years of my life, and like John Kelly, understand how they tick only too well! India thrives on black market and not paying taxes! So this buffoon reasons that the way to combat this is to restrict the money supply by overnight making large denominations of notes worthless, and to forbid the import of gold and silver, (also traditional bargaining chips!) Is he mad? Not only does he invite unprecedented turmoil, with banks unable to cope with the sudden demand for security by panicking masses, but his altruism threatens the world commodities and currency markets in the process, which is why in that area, everything against prediction, in that sphere, is now in disarray since the Trump ascendancy, and probably calm will elude the markets for at least 2 months, I'd say. Spare us from these textbook economists, please! His predecessor used the words of Modi's own gospel preacher, John Maynard Keynes as his own caveat! We all have a limited shelf life! In Modi's case, it might be shorter than he thinks!

This is an extract from an article in yesterday's Times - no further comment!

"An elderly man was trampled to death as a crowd fought to withdraw money from a bank in northern India yesterday, becoming the latest victim of a self-inflicted cash crisis that has paralysed the country.

Ramnath Kushwaha, 65, was trying to withdraw cash to pay for his pregnant daughter-in-law’s medical treatment when the crowd stampeded in Uttar Pradesh. Trampled underfoot in the crush, Mr Kushwaha was declared dead on his arrival at hospital.

More than 50 people are reported to have died as a result of the crisis that has erupted since Narendra Modi, the prime minister, scrapped India’s two most valuable banknotes at a moment’s notice two weeks ago. As the largely cash-based nation flocks to banks in a frantic effort to exchange redundant 1,000 (£12) and 500 rupee notes, dozens have collapsed in queues. There have been several reports of suicides.

With no sign of the crisis easing, Mr Modi is under mounting pressure to appear before parliament and justify his decision, which has plunged the world’s fastest-growing large economy into chaos overnight and left 1.2 billion people scrambling for money.

The Indian parliament reopened for its winter session last week but Mr Modi is yet to attend, instead touring the country rallying support for the initiative, which he has billed as an attack on corruption."
David A
John Kelly John Kelly
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Re: Indian Rupee

David A
 And we thought our politicians were a bunch of useless tossers!