Last quote about Demonetization

Srivatsan Rajan - Bain & Company India
Both [ goods and services tax] and demonetization I think are necessary steps but it's taking longer for the structural impact, the benefits to play out than a lot of people have
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Oct 05 2017
Shilan Shah, Arundhati Bhattacharya, Pranjul Bhandari and Faraz Syed, are the people who have been quoted the greatest number of times about demonetization. You can find them on this page and an additional total of 55 people who have something to say about this topic. All the 80 quotes on this page are sorted by date and by name. You can also have access to the articles to get the context of the quotes. The most recent quote from Shilan Shah is: “It signals the end of the loosening cycle. Looking ahead, with inflation set to accelerate, we continue to think that rate hikes will come onto the agenda much sooner than is generally anticipated.”.
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Mahesh Vyas - Centre For Monitoring Indian Economy

The estimated total employment during the period (Jan-April 2017) was 405 million compared to 406.5 million during the preceding four months, September-December 2016…This is the total employment in the country, including organised and unorganised sectors, and agricultural and non-agricultural

Mahesh Vyas - Centre For Monitoring Indian Economy

In November 2016, it was still the festive season but, the labour participation rate fell to a new low of 44.8%. It is apparent that this was an immediate impact of

Sukrit Vijayakar

The stutter in Indian demand may have been caused due to the effects of

Quinby Stewart

I definitely don't think the video was even close to the least advertiser-friendly content I've posted. YouTube's policy is just very vague, which makes sense because I think demonetization needs to be handled on a case-by-case basis. Their policies seem more reasonable when you ask a human to check it, but the algorithm that catches videos originally is really

Anas Rahman Junaid

India had a tough year because of disruptive government policies such as demonetization drive. However, on a long term perspective, we do believe that such transparent currency economics will have a positive impact for the

Arundhati Bhattacharya - State Bank of India

(Demonetization) caught the entire system off guard … We had just 24 hours in which to set up exactly the processes by which we could do this – move cash around the country, ensure that there were enough counters for people to come in and get their money exchanged, get our own people trained on how these things would be done. So a huge amount of

Arundhati Bhattacharya - State Bank of India

In my entire career, I have never seen this kind of deposit flow. We were growing at something like 8 to 10 percent. Suddenly, we were growing at 22 to 25 percent, which is huge. We've also seen that the amount of money flowing out once these curbs have been lifted … (but) at least 60 to 65 percent is still in the bank. So to that extent, lendable resources have definitely gone

Arundhati Bhattacharya - State Bank of India

When we found out that 86 percent of the currency had been demonetized, … the sheer size of the task was intimidating. On top of that, remember we had no arrangements ahead of time. I won't say it is 100 percent but mostly, I think things have come back and if you look at the amount of revenues that many of the companies are getting, many of them are quite surprised at the very sharp V-shaped recovery they've seen. Once the mode of exchange came back in, the demand has picked up

Arundhati Bhattacharya - State Bank of India

(Demonetization) was a temporary setback and if you consider the long-term benefits, then I think that definitely outweighs the temporary setback we have

Sonal Varma - Nomura Holdings

The implications from the official GDP statistics that demand in the cash-intensive sectors (private consumption, transportation) picked up after demonetization appears to be at odds with the

Aneesh Srivastava

Perhaps this data is not capturing the impact of demonetization. I am totally surprised and stunned to see this number ... I believe that, with a lag, we will see an impact on GDP

Ravi Jain

Demonetisation has developed a psychology among customers to spend only on essential items. We expect the cash situation to become normal in a couple of months, but we don't know when this psychology will

Shilan Shah - Capital Economics

Subsequent data have shown that, while the economy has taken a hit, the impact has not been

Faraz Syed - Moody's Analytics

One of the main reasons was sticky inflation, or core prices. They've been relatively high compared to headline inflation. The other reason is perhaps global developments, particularly increases in U.S. interest rates that are expected this year. The RBI probably has memories of 2013 in India where capital exited emerging markets at a rapid

Shilan Shah - Capital Economics

Demonetisation itself is likely to be inflationary over the longer term if it leads to supply disruptions even as demand recovers. For example, some farmers in rural areas have reportedly been unable to purchase seeds and/or fertiliser. This could lead to smaller harvests later in the year, which in turn would boost

Faraz Syed - Moody's Analytics

Because of demonetization , lending rates have come down. As well, bank deposits have increased. If those lower lending rates can be translated into higher investment, then there's certainly going to be less risk from demonetization. It will also depend on the monsoon season that's coming up. Monsoon season tends to drive India's food inflation. If we see a good monsoon season, I think food prices will come down even lower than they are at the moment and therefore I think RBI will be cutting interest rates in the second half of the

Shilan Shah - Capital Economics

It signals the end of the loosening cycle. Looking ahead, with inflation set to accelerate, we continue to think that rate hikes will come onto the agenda much sooner than is generally

Rupa Rege Nitsure - Bank of Baroda

It's quite disappointing that RBI has come out with a strongly hawkish policy at a time when growth slowdown has become very acute in the aftermath of

Jan Zalewski - Verisk Maplecroft

The mere potential of voter backlash raised the prospects of a populist

Tim Cook - Apple

We are in discussions on a number of things, including retail stores, and fully intend to invest significantly in the country and believe it's a great place to be. Despite the demonetisation move in India that created lots of economic pressure there last quarter, despite that, we had all-time record revenue results, and so we were very happy about that. The demonetisation impact has not worked its way through yet. It's still definitely having some overhang. But I think in the longer term, it's a great move, and I feel really good about how we're doing

Shailesh Kumar - Eurasia Group

Indian politics is determined by intangible factors of voter perception and not necessarily just the tangible economic numbers. For the Indian voter, demonetisation signals that Modi is trying, and is perhaps the only one doing something to address

Radhika Rao

Despite the negative impact on short-term growth from demonetization, fiscal discipline will remain a priority. Signs of a populist Budget will be positive for markets but if accompanied by a larger-than-expected borrowing program, sentiments will quickly reverse. The demonetization initiative is also likely to raise one-off revenues, which along with other measures, such as tweaks to the capital gains tax regime, or a revival of the cash transaction tax, might be channeled to fund fresh spending

Radhika Rao

This could provide flexibility for more public investments to offset the drag on growth from the recent demonetization

Ankit Agarwal - Centrum Wealth Management

Results (at financial firms) have positively surprised the markets so far. The negative impact of demonetisation was probably not as bad as it was initially

Rushabh Doshi - Canalys

Local brands' target customers typically buy in cash and from independent retailers. With the short-term liquidity crunch caused by demonetization, these retailers are suffering a slowdown in consumer spending. Local vendors are losing out as retailers look to shift their stock to fast-moving, current

Dipen Shah - Kotak Securities

Markets are generally getting excited about results declared by some finance companies as the numbers have not shown any major impact of

Kunal Kumar Kundu

The very fact that Prime Minister Modi had to announce (systems of procedures) for certain sections of the population, is in itself a tacit admission that the effects of demonetization have been more painful than

Kunal Kumar Kundu

We also see the potential revival in already anemic private investment taking far longer than we originally

Pranjul Bhandari - HSBC

Inflation is in single digits, the twin deficits are under control and foreign exchange reserves are at comfortable

Pranjul Bhandari - HSBC

India is likely to witness two big 'reforms' over the year - the play-out of the demonetization drive and the implementation of the Goods and Services Tax (GST) bill. The hope is that both of these are followed up by necessary actions, which are critical to reaping long-term

Frederic Neumann

For a region highly reliant on credit growth, the resulting tightening of financial conditions is a that may grow over the coming

Frederic Neumann

It appears unlikely that exports will make a sustained recovery this year, or take over as a growth driver at a time when domestic demand continues to slow. Protectionist sentiment is strengthening, not just in the U.S. but elsewhere as well, raising the risk that restrictive measures may be increasingly adopted

Suresh Sivanandam - Wood Mackenzie

We see Indian demand growth slowing ... due to the recent currency demonetisation drive by the Indian

Sri Paravaikkarasu

The cash crunch ... is dampening growth in agricultural and other small-to-medium scale sectors, which are heavily cash-reliant. It will easily take three to six months for the dust to

Aneesh Srivastava

I am very worried about the projected growth rate. Taking demonetisation into account, the rate will drop

Varun Khandelwal - Bullero Capital

Mostly the impact of demonetization will be proportionally higher in micro-, smaller- and medium-scale

Tirthankar Patnaik - Mizuho Bank

The budget is expected to be fiscally disciplined, with hopes that the government may take measures to boost economic recovery post the demonetisation impact. The key driver for markets will be earnings growth. Due to the impact of demonetisation, we believe that earnings growth numbers will pare down

David Moskowitz

I think it's an interesting alternative asset class, especially as a hedge towards things like demonetization or other geopolitical factors. If you do have a portfolio, I see very little harm in having a little bit of crypto-currency in that portfolio to hedge some of these different geopolitical

Pollyanna De Lima - IHS

Having held its ground in November following the unexpected withdrawal of 500 and 1,000 bank notes from circulation, India's manufacturing industry slid into contraction at the end of 2016. Shortages of money in the economy steered output and new orders in the wrong direction, thereby interrupting a continuous sequence of growth that had been seen throughout

Siddharth Purohit

Banks could be falling due to fears that lending rate cuts may hurt their net interest margins. The market in general is expected to be rangebound in the near term while the key focus will be on the upcoming earnings season as traders wait to see the impact of demonetisation on corporates'

Jugal Jadhwani

2016 was boring but Modi brought about a twister near the end. It's good for India. 2016 was good and with demonetization 2017 should be good for the Indian economy and India should move to the digital

Jan Zalewski - Verisk Maplecroft

The countless unpredictable consequences that will continue to show in the coming weeks and months mean that it is, in effect, a huge gamble. Inflicting such huge costs for what is an uncertain outcome is problematic. One of the major problems with the demonetization move is that success is so difficult to measure. In and of itself, it can't end black money, stop terrorism funding and the counterfeiting of

Subhrajit Roy

Next year also, in terms of (IPO) deals it should be quite strong. Due to demonetization, in some cases valuations might have to be adjusted for certain sectors. However, the other noteworthy aspect is that demonetisation will channelise substantial savings to the financial

Tobias Kormind

The knock-on effect of Indian demonetisation has meant a reduction in the prices of lower quality

Ashok Jain

Many retail consumers are not buying. They think the government might bring new law to limit how much gold people can hold. They are waiting for this demonetisation process to get over before making big

Rajendra Pandit

Until such a notice is received, we will not accept the new Indian

Dharmakirti Joshi

We expect lower private consumption in fiscal 2017, but expect demand to revive and growth to rebound in fiscal 2018. India should shortly revert back to an 8 percent annual growth

Bruce Cleaver

We continued to see good demand for De Beers rough diamonds in our latest sales cycle. While the treade in lower value rough diamonds is experiencing a temporary slowdown as a result of the demonetisation programme in India, demand across the rest od the product mix continued to be healthy and overall sales remained in line with seasonal

Daman Prakash Rathod

Everyone is running business with limited inventory. Jewellers are waiting for correction in prices and want to see how demonetization pans

Varun Khandelwal - Bullero Capital

It's not possible to make a sensible forecast on what will happen in February. We need to take stock at the end of January to see how India is affected by the Fed's stance, the union (federal) budget and the impact of

Murthy Nagarajan - Quantum

If you look at the October statement, you'll see that he (Patel) had said that the focus will be on growth and not towards CPI. After demonetisation, when people are saying that there are concerns around growth, he has shifted and said that our focus is on CPI inflation and growth is not much of a concern. We really don't know what it is that he has got in his

Eswar Prasad - The Brookings Institution

It's a very difficult time for the RBI because there are conflicting signals coming from different parts of the economy. On the one hand, the demonetization experiment does look like it might have a negative effect on growth in the short run. But at the same time all the money flooding into the banks right now as people clean out their closets of their cash holdings does pose some risks for inflationary

Pravin Shah - Society of Indian Automobile Manufacturers

While we expected an improved auto industry performance on the back of the festive season and other positive parameters such as rural demand and interest rates softening, the sudden announcement of demonetisation has brought in an immediate disruption and uncertainty. This has dampened overall sentiments leading to postponed buying, thereby resulting in a major drop in volumes during

Anil Sharma - Global Marketing Systems

It (demonetisation) is unlikely to bring in some sort of demand destruction. What we are talking about is shifting of demand from one month to another

Ian Harebottle - Gemfields

The new demonetisation programme will require an adjustment period to allow industries and stakeholders to adapt to the new policies... we have decided to delay our forthcoming emerald auction by approximately two months. This decision has been well received, and appreciated, by our auction

Kunal Kumar Kundu

The improved growth is no cause for cheer going forward, since consumption, the main growth driver of the economy, will likely be the biggest casualty in the months ahead as demonetization takes its toll on overall consumption, especially in rural

Faraz Syed - Moody's Analytics

Demonetization aside, the other major caveat when it comes to India GDP is accuracy... The economy is likely growing a few percentage points slower than what official data

Devendra Kumar Pant - India Ratings and Research

Post-demonetisation the situation is really grim whether you look at any sector or talk to the

Shilan Shah - Capital Economics

In terms of the policy implications, today's release is unlikely to have much of an impact. Attention has already turned to the impact of the government's demonetisation

Shilan Shah - Capital Economics

We think that it will attempt to cushion the blow from

Dev Kar - Global Financial

The key issue at stake here is an improvement in overall governance...But the policies required to tackle governance issues on a lasting basis are much more substantive than just demonetization, you can't rely on that

Manu George

From an investment perspective, the demonetisation drive is likely to have a disinflationary impact, given how dependent on cash the Indian economy is for internal

Pranjul Bhandari - HSBC

We assume that growth for these components (will) halve on the back of the monetary

Sasha Riser-Kositsky - Eurasia Group

After lagging initially, implementation is now turning a corner and officials are likely to roll out creative new means of reaching rural populations in the coming weeks. The central government recently constituted small teams of senior bureaucrats tasked with assessing the local-level impact of the note

Jan Zalewski - Verisk Maplecroft

A lot will yet depend on the agility of the federal government to adequately and quickly respond to the pain felt by large sections of the

Sushil Aaron

This is politically a moment fraught with great risk for the BJP. It is the first time that the people's everyday experience is in conflict with Delhi's self-assured narrative. That is not a situation any government likes to be

Ashish Vaidya - DBS Bank

Earlier I was expecting a rate cut in February. But now I expect a rate cut in December given that the demonetisation move is fiscal and inflation

Niranjan Shah

The demonetisation has had a big impact on the

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