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Richard Thaler Supported Demonetisation, there is More to the Story

Demonetisation is what Richard Thaler had long supported. However, he remarked "Really? Damn," when he was informed about the introduction of Rs. 2,000 notes in place of the discontinued Rs. 500 and 1,000 notes thereby highlighting how his joy of seeing a step towards a cashless economy and reduction of corruption was momentary.

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Richard Thaler
Richard Thaler won the Nobel Prize in Economic Sciences on 9th October.Wikimedia

When Prime Minister Narendra Modi decided to scrape Rs 500 and Rs 1,000 notes last November, Nobel Prize winner Richard Thaler supported demonetization describing it as a policy that he had long supported.

Dr. Richard Thaler, a Professor of Economics and Behavioural Science at the University of Chicago won the Nobel Prize in Economic Sciences on 9th October.

Did Richard Thaler really support demonetization in the way BJP took it? There is more to the story than what meets the eye.

As soon as Thaler was declared the Nobel Prize winner, members of the Bharatiya Janata Party (BJP) started sharing Thaler’s tweet regarding demonetization on social media affirming that the move which was severely criticised by the members of the opposition was actually supported by a Nobel Prize winner. The BJP IT cell head Amit Malviya retweeted the old tweet within a fraction of a second.

However, Richard Thaler remarked “Really? Damn,” when he was informed about the introduction of Rs. 2,000 notes in place of the discontinued Rs. 500 and 1,000 note thereby highlighting how his joy of seeing a step towards a cashless economy and reduction of corruption was momentary.

It was not only the BJP supporters but also a large number of BJP leaders who were flowed away with incomplete picture depicted by Malviya and tweeted about it.‬ This included Union Minister Giriraj Singh, former BJP IT Cell Head Arvind Gupta, and many others.

Soon after, twitterati realized that the full picture of Thaler’s statement on demonetization was rather hidden.

Prime Minister Modi declared that the motivation behind scrapping Rs 500 and Rs 1,000 notes was to promote cashless economy and reduce corruption. This decision was severely criticised by different sections of the society putting on Modi the ultimate responsibility for heralding economic deceleration. Demonetisation pulled down India’s GDP growth rate to a mere 6.1% in 2016-17.

Some highlighted that the introduction of Rs 2000 note was an ephemeral panacea for remonetization and that its printing has been terminated.

-Prepared by Mohima Haque of NewsGram, Twitter: mohimahaque26

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Delhi University Students Win the Enactus World Cup 2017

India wins the Enactus World Cup 2017

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Delhi University
India wins Enactus World Cup 2017. Twitter.

New Delhi, Sep 30: After an extremely tough competition between different students across the world in the Enactus World Cup 2017, Team India, represented by Shaheed Sukhdev College of Business Studies (SSCBS), Delhi University emerged as the winner. The winning projects were project UDAAN and Mission RAAHAT.

Supporting the Government of India’s Digital India and Swachh Bharat Abhiyan mission, RAAHAT strives to effectively eliminate open defecation and provide safe sanitation in the urban slums; whereas, UDAAN aims at narrowing the digital divide between rural and urban India by setting up computer centres.

The Delhi University college team was led by the college’s faculty advisor, Anuja Mathur and student president of SSCBS Student President Aditya Sharma. The winning projects included 34 more members. The Enactus India and Enactus SSCBS were presented the Ford Better World Award of USD 50,000.

Also Read: Three Indian Women on Fortune’s Most Powerful Business Women

President and Global CEO, Enactus, Rachael A. Jarosh congratulated the Indian for winning the world cup and called the projects- RAAHAT and UDAAN, inspirational success stories of Enactus students, who are sowing businesses. She said that the projects address the real world challenges efficiently and innovatively. Enactus India President Farhan Pettiwala said that the two projects created by Delhi University students contribute to the country’s betterment, as they support the Government’s civil and social agenda.

Enactus is an international nonprofit organisation, with 72,000 students from 1,700 universities in 36 countries, which held its annual global event in London from September 26 to 28. A selected group of 3,500 students, business, government leaders and academicians across the globe were present at the event. Participants for the final competition round are qualified from over 72,000 university students. Each team has about 17 minutes to present their projects of entrepreneurial action.

Enactus works to nurture the entrepreneurial skills of students, and to address fundamental, social and economic challenges by developing innovative and experiential learning opportunities for students.

-by Megha Acharya of NewsGram. Megha can be reached at @ImMeghaacharya.

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PM Narendra Modi: Don’t believe in vote bank politics, Nation comes first

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Prime Minister Narendra Modi.
Prime Minister Narendra Modi. Wikimedia

Varanasi, Sep 23: Prime Minister Narendra Modi, on Saturday, said that the BJP did not believe in vote bank politics as the country was above party politics. This is his second day of the visit to his parliamentary constituency in Varanasi.

Modi told a gathering that he had launched a major war against corruption and the corrupt to ease the life of the common man. He also said cleanliness was worship for him as it could rid the poor of various diseases and a lot of economic burdens.

“Governance for us is not about votes or winning elections. The priority is the development of the nation. For us, the country is bigger than party,” he said, in his address to farmers in Shahanshahpur on the outskirts of Varanasi.

He said most of the problems faced by the common people in India were rooted in corruption.

“I have launched a war against it and will take it further to ensure that graft is weeded out from the country.”(IANS)