Good Morning, Swarajya Readers! Here's What You Need To Know Today.
Modi Says Cash Crunch Will Crush Culprits: Prime Minister Narendra Modi has told senior bureaucrats to spread the “message that demonetisation is aimed at improving the ordinary citizen’s life”. He said less cash in circulation will disincentivise criminal activities as well as impact “socially harmful practices” such as asking for dowry and college capitation fees.
Rs 2,000 Crore Aid For PoK Refugees: The Indian government has approved a Rs 2,000-crore development package for displaced people of Pakistan-occupied Kashmir (PoK). The Cabinet, chaired by Prime Minister Narendra Modi, approved the financial aid to 36,384 families, many of whom are living in Jammu region after being displaced from PoK post Independence.
Pay Day Chaos: The fears of pay day chaos began to come true on Wednesday as queues at banks and ATMs became longer, cash ran out quicker, and banks sought police protection and put their own limits on withdrawals. Companies have devised their own methods with some offering a day off to employees to queue up at the bank.
Ministers Push For Aadhaar-Enabled Economy: A group of ministers charting out a strategy for digital payments, has suggested that the financial systems of the country have to be made Aadhaar-enabled to make the transition to a digital economy. They said the Aadhaar link should be made at the existing point of sale level and at the internet banking level to “formalise cashless banking in the country”.
India Signs Rs 5,000 Crore Howitzer Deal With US: India has signed a deal with the US for importing 145 M777 lightweight Howitzers for the Indian Army today, costing approximately Rs 5,000 crore. The contract will also further consolidate the position of the US as one of the largest arms suppliers to India, having bagged deals worth over $15 billion since 2007.
Chandrababu Naidu To Lead Cashless Economy Push: The Central government has set up a committee, which includes six chief ministers, to come up with an action plan to rapidly expand the use of digital payment platforms across the country. Andhra Pradesh Chief Minister Chandrababu Naidu would head the 13-member committee, which would also include top names from industry and academia.
Nagrota Attack Was To Avenge Afzal Guru Hanging: Police are investigating if Jaish-e-Mohammed (JeM) was responsible for Tuesday's terror attack on an Army camp in Nagrota that left seven soldiers dead, after a note bearing the name of JeM's Afzal Guru Squad was recovered from three slain terrorists. The note said the attack was to avenge the hanging of 2001 Parliament attack accused Afzal Guru.
Venkaiah Naidu Says National Anthem In Theatres Will Boost Patriotism: The Supreme Court's direction to cinema halls across the country to play the national anthem before screening a film was lauded by Union Minister Venkaiah Naidu, saying it will inculcate a sense of patriotism among people. While, all major political parties welcomed the apex court order, AIMIM chief Asaduddin Owaisi said the question whether you can make somebody a patriot by this order.
Cyclone Nada Alert For Tamil Nadu: A cyclone building up in the Bay of Bengal is expected to cross the Tamil Nadu coast this Friday, 2 December, the Met department has said. Cyclone Nada is expected make landfall close to Cuddalore between Vedaranyam in Tamil Nadu and Puducherry. All schools in Chennai, Kancheepuram, Tiruvallur, Cuddalore and Nagapattinam districts and in Vanur and Marakanam taluks of Vilupuram district will remain closed on Thursday and Friday.
FDI In Telecom Sees Major Surge: In first eight months of 2016-17, foreign direct investment (FDI) in the Indian telecom sector has jumped to more than $10 billion in, registering a six to seven fold increase as against $1.3 billion in 2014-15 and $2.9 billion in 2015-16, Telecom Secretary, J S Deepak said at an ASSOCHAM event in New Delhi.
Trump Leaving Business To Focus On Presidency: US President-elect Donald Trump has announced he is leaving "business in total" to focus on the presidency and avoid perceived conflicts of interest. He said legal documents are "being crafted which take me completely out of business operations," he added, saying the presidency is "a far more important task”!
MUST READ OP-EDS
Narendra Modi And The Allure Of Marketing: Narendra Modi is almost single handedly holding up the large cracks in the so-called demonetisation process without concomitant overhauling of the taxation system and systemic corruption which creates and sustains the black economy.
How To Sow A Reform: The government needs to act on a war footing to increase liquidity and promote e-payments in rural areas. Is the government ready to bite the bullet? Only time will tell.
Case For Rate Cut Ambiguous At Best: Domestic and international factors suggest little room for a sustained monetary policy easing, while the disruption generated by demonetisation demand clear and effective communication from Patel on RBI’s strategy and tactics for managing the shock.
America’s True Lies: Trump’s time is the Great American Tragi-Comedy, where America will realise lies, like truths, need no passport. What you gift the world will come home too.
Post-Demonetisation GDP Blues May Be Overblown; We Shouldn’t Rule Out A Spike Either: Maybe the GDP will take a hit, but can one totally rule out a spike in GDP growth due to demonetisation? Let us not confuse hardship with GDP loss.
Ohio Attacker Was Wrong, Rohingyas Too Have A Bloody History To Answer For: The facts of history are clear. The Rohingya side has a lot of violence, atrocities, and plunder to answer for in Myanmar.
The Conduct Of The US Presidential Election Sucks; India Does Far Better: Maybe the thing the US really needs to outsource, apart from software, is the conduct of its presidential polls to the Election Commission of India!
Modi May Not Get Demonetisation Bonanza From RBI, But Tax Base Is Set To Soar: Modi’s demonetisation may not bring him any worthwhile windfall cash dividend from the RBI, but he has just made it possible for the economy as a whole to gain from this shock treatment.
We hope you enjoyed reading our morning brief. Have a great day ahead!
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