RBI Brings Back 100 Tonnes Of Gold Reserves From UK Vaults | Lok Sabha Elections 2024 | News18

you're watching the hard facts from the CNN news 18 Federal Bank Studios viewers what a day what a day it has been the forgettable headline made us feel small in adequate fragile it was as if India was on the brink of collapse on that faithful day in 1991 viewers look to the right of you and you will see the headline on that day the government of India had to hypothecate the nation's gold reserves in exchange for a bailout as we know Indians have an emotional relationship with gold selling gold has been my ized as the ultimate slap in the face so when this morning we woke up to the news that India had brought back 100 tons of its gold reserves lying in UK Banks we all felt 100 ft tall this was the first time we had brought back gold reserves in such a large quantity since a very long time viewers the move underlines India's Rising economic conf confidence just the other day the RBI even paid out a massive dividend to the Indian government which will no doubt be dispersed against welfare measures and as we all based in the Golden Light of our latest import came the doubly delightful news that the Indian economy was growing at a rapid phase we'll talk a little bit about that but first viewers let's focus a little bit on this big story about The Gold return to us why does it matter so much it matters because it underlines as I told you the robustness of the growing Indian economy Testament to the nation's economic confidence and the diversification or foreign exchange reserves it could also of course save storage fees that are paid abroad especially to the United Kingdom to store this gold now viewers as I told you as we were basking in this reflected Glory this Golden Light so to speak the numbers on the economy have also come in and viewers the news was delightful because it tells us that the economy is growing at a rapid pace and you can see those numbers on your screens year after year viewers 8.2% closing out the financi fincial year the government will no doubt claim credit and also Vindication and there are of course if you really look at the numbers you go into the micro details of it you will see viewers that this is a overall well spread out Resurgence let's get a sense of what this means viewers let's open this up let's have a conversation because as you know know this election is not over we still have the last phase and people of course will be voting tomorrow they will be going in with this knowledge on the one hand Dr ranganathan we also going to be joined by Professor Merra but let me tell you on the one hand Dr ranganathan we have this sort of constant droning noise let's put it like that that India it's economy is floundering many many people are out scaming around for scraps there is poverty there is no doubt about that but we've also lifted Millions out of it that under Mr Modi there has been a complete dereliction of Duty now all these numbers are sort of coming through how does this juxtapose against that criticism uh good evening uh Rahul and good evening to my fellow panelist look it's very simple um as they say it's the economy stupid uh one can say that there are cultural reion uh reasons there are cast uh arithmetics or chemistry or whatever that wins elections no at the end of the day it is the economy and the way you've uh come through over the last 5 or 10 years in the economic parameters that the world considers should be the ones that should be monitored essentially five or six uh if you were to look at just beyond that not those those five or six because I'll I'll narrate that story as well you would see that the Indian economy is on a bounce and I speak as a Layman not as an economist you have other panelists who are uh much more well versed with uh the machinations of Economics but what does the Layman see the Layman sees that the GST monthly collection has been the highest ever at 2.1 lakh crores that would not have been the case had the nation not been prospering and the economy not in good hands the Layman sees that the exports are at a 20 Monon high of 12% the Layman sees that the index of industrial production is at a onee high of 5.8% the Layman goes out wants to buy vehicles the Layman sees that vehicle sales are at highest ever at 4.2 million units the inequality is at a record low of 4 gen coefficient the the Layman sees that income tax returns are highest ever at 68 million the Layman if he or she is a banker sees the net NPA ratio is at a 10year low of 3.9% and is all this being made out of helicopter money as they say no the Layman sees that the debt to GDP ratio is at a 4year low of 85% but the most important things the Layman sees that the unemployment is at a record low of 3.1% the Layman sees that NSS plfs LBD shows total employed workers in India now stands at 582 million this means that 85 million jobs were created between 2014 and 2022 not counting the last two years postco Boom the Forex is at an all-time high of 650 billion the inflation is at a 6month low of 4.8% and finally the Layman if he is in investing in the stock sees that a sensex that was 25,000 2014 is today at an alltime high of 75,500 now you tell me this is what the Layman is seeing what is an expert seeing I leave it to you and the experts well that was quite comprehensive for somebody who's not an economist by training so at least you've zeroed in on some of the macro numbers let me bring in professor motra and also Sanju vhma sanjua of course has been a banker so she knows the financial system in and out but let me bring in Professor mahotra because Professor motra look we all woke up to this this great news that India is getting its gold back 100 tons back from the UK the largest such shipment coming back in a very very long time clearly this is uh a sign of marked confidence it's happening under the Modi government and also of course you see these numbers that have come in NSO data and the NSO data is uh telling us that look we've grown at 8.2% for the last fiscal year Financial year so you now want me to respond yes yes please if if if you're well prepared that is it goes without saying that I'm extremely well prepared sir yeah so first of all GDP growth rate no Economist serious Economist actually believes that one quarter's 8.4% growth is what it is going to be firstly secondly still remaining on the GDP growth please remember that these GDP growth numbers are merely capturing the organized sector of the economy they're not capturing the unorganized sector of the economy because three policy delivered shocks were delivered to the economy by the by the government first demand in 2016 then a poorly planned and designed gstd in 2017 and as a result the growth row down dramatically every quarter until the lockdown the national lockdown at 4 hours notice and that led to a contraction of the economy all of this resulted in a contraction of the unorganized sector and the msme sector which is supposed to contribute some 85% of jobs and number of Enterprises in the whole economy if those contracted and the government is not releasing any data about it how can we be sure about these numbers being actually reliable of growth rate because they are based essentially only on organized sector not the unorganized sector let me turn to inequality we've just just learned from a solid study the best study that I've seen on inequality please remember give me time because you gave the Mr ragunath a lot of time inequality I will deal each one of those with points the worst inequality in 100 years and if you don't believe me please send me the the email numbers of of all your colleagues and I will send you that study who it by Professor petti is the world's best known and I have sent it haa oh my God ha the next is next is not neither of you are Economist don't interrup I did not inter finish I'm not going to be part of this debate let him finish let him finish him finish move on I didn't even interrupt you you can't even allow me to laugh what is this are you in dictatorship okay let him let him finish let him finish yes is Gandhi or prime minister already okay Dr Ran Dr ratan one second let him finish he's he's in in Pik We Trust he says let's move on he's making a third point Come On Let's can't even smile debt to GDP ratio we were told about in 2014 this government inherited a debt to GDP ratio of 58% it is now 82% the total debt of this government which it inherited was 55 lakh CR it stands just for the central government at 165 lakh crores that's three times what it in inherited employment we are told plfs data says 3.1% it is totally non-believable why is it that the CM data shows that youth unemployment is running at 44% okay and overall unemployment is running at 10% okay the 3.1% let me finish Rahul may I because you gave a lot of time to Mr 3 minutes I gave him 3 minutes you taken seven unid family labor unpaid family labor and 60 million workers were added to agriculture is agriculture work the young and educated don't think agriculture is work 60 million workers were added in the last three years alone all account on account of the stupid policies the stocks that were inflicted okay now I just want to since we talked about Mr Pik I just want to make one little interjection before sanjua comes in I just want viewers to know that a large part of Mr pik's original study was funded by George [Applause] Soros of course it is and complete let's not don't bark at meets on his website please I mean for God's sakes and don't use the word bark Mr attacking rabish rubish rabish why are you attacking me why are you saying rubish because you've got your wrong well you can just say that you've got your facts wrong and I will tell you where I got them from please go and look at his website he mentions that he has been funded you question the facts questioning the facts don't question where the money came from I'm only saying that the money came from George Soros who is not really a happy campaigner for this government questioning his anyhow look look you might put Pik on a pedestal there are other people who think he's quite a RI he's quite a riy economist he's a communist by he's a communist he's a he's a communist B out look it's okay it's fine your colors it's okay but he's called the modern marks I don't call him the modern Mark who said so utter utter nonsense rul you have a large a large number of economists have called him the modern marks I'll bring out the code for you complete rubbish okay sir it's fine everything that comes out of particular ecosystem is the truth and everything but anyhow yes sanjua thank you and Rahul if you notice I did not Heckle Mr motra even once and you know Mr ranganathan and me were only laughing and I think that is admissible because uh you know we are not living in Draconian times uh so I hope Mr motra will cool down rather than getting so agitated and now I take strong offense to him saying neither of you is Economist you know Mr ranganathan will defend himself but Mr me I'm a Bonafide Economist I work in the world's biggest you know as an investment banker so please don't give me lectures on what I am or I am not have you heard the name JP Moran now let me complete now let me complete now listen now you better listen because you have this habit of lying with a straight face and I will call out each of your lies because I understand numbers better than most of most of the people that you have the pleasure of debating with first and foremost Rahul are you done laughing I will not ask you to St it's okay it's okay let him be him continue you can laugh him I can't laugh let him laugh let him laugh it doesn't matter make your points please thank you first and foremost to us laughing why did you object to us laughing I did not object move on rul okay okay please can I you know this is this is an important debate I did notle any of the gentlemen very important thank you yeah let's let's not lose sight of the woods for the trees and trivialize the phenomenal achievements of the last couple of years uh on the economy front that we've uh had the pleasure of witnessing right now right here first and foremost the GDP growth this year is provisionally estimated to have grown at 88.2% in FY 23 it grew at 7% and the financial year prior to that it grew at 99.7% tell me one country in the world a one major economy after facing two black SW events there was the Russia Ukraine conflict and prior to that you had the worst pandemic the covid in more than 100 years despite two debilitating Black Swan events India is the only major economy to have consistently grown at more than 7 and a half% which is the threeyear average threee average will actually be closer to 8% or even more the most important Point are two things which keep coming up in every discussion inflation so let me tell tell you let's not go by the inflation number 4.83 uh you know in uh uh you know last month and prior to that 4.85 or that wholesale inflation is only 1.26% after having been negative for the longest time let's talk about averages because picking up one number from one month does not give you the true picture the average inflation under Narendra Modi in the last 10 years is 5.1% the average inflation under the Congress Le UPA from 2004 to 2014 was 9 .1% Point number one unemployment people say 3.1% is a figure which I don't believe so let's talk very quickly in 10 seconds let's talk hard numbers every month if you take epfo and esic data 28 lakh subscribers get get added which means every year 3.36 CR subscribers get added which means in the last 10 years 33.6 CR subscribers got added let us round the off to 34 CR subscribers now n might say you know not everybody who gets added onto the EPF or esic payroll is a first time is a person who's getting job for the first time there could be double counting yes there could be people who are just getting redeployed and not getting employed for the first time that is why I say don't take the 34 CR figure on face just take a conversion rate of 63% if you take a conversion rate of 63% % it means in the last 10 years 21.7 CR roughly 22 CR people have got jobs and in this I'm not counting mudra I'm not counting uh you know uh jobs uh that are uh you know um uh that the job growth that is seen say if a doctor says you know nursing or or the assistant hire or say a small uh you know sweet Meat Shop says I need two more assistants we have not talking of these people so first and foremost 22 CR jobs created in the last 10 years I gave the data now despite a debilitating covid the highest inflation under the Narendra Modi government was in April 2022 7.79% the highest inflation under the Congress Le UPA was in November 2013 14.72% despite no black one event now let us talk about FDI the FDI in the last 10 years from 2004 to 2014 under the Congress was $300 billion roughly under the BJP LED Narendra Modi government it's 65650 billion plus now let me tell you GDP real GDP in numbers was 91 lakh CR in 2013 today real GDP at constant prices is 174 lakh CR which means real GDP at constant prices in the last 10 years of the Modi government has seen a phenomenal 91% jump and last but not the least I will wind up by saying this the two biggest controversies are external debt external debt our overall debt to GDP is 83% but anyone who has an iota of Common Sense knows that the central government debt to GDP is only 57% and why should India not be scared despite the 83% debt to GDP because our GDP is not denominated in dollars it is denominated in our home currency in Indian rupees that is why we are insulated from any kind of an external debt bubble whereas beat Japan beat China beat United States beat Australia their debt is denominated in dollars and by the way Mr Santos motra let me tell you something else what the world is talking about today is the fact that under Congress we had the twin deficit problem we had fiscal deficit and current account deficit if you strip out the covid years India's fiscal deficit average is 5.4% under the Congress last point last Point under the Congress current account deficit average was 4.9% and do you know Rahul the current account deficit under Narendra Modi average of last 10 years is 1.3% we do not have the twin deficit problem which existed let me come back to you on this Point look there is also data which suggests and this is government data which also suggests that there are many more people seeking manrega wages so obviously there is some distress in the rural sector but before you answer that I just want to since I've been accused of spreading rubbish viewers you see there is there is another magazine called The Economist now other unless we believe it is economical with the truth let me tell you one of its own headlines this is on Mr a modern Marx is what the economist designated him and it's not just the economist viewers there are several other top World Economist so to speak Mr Krugman and others who called him a modern mask marks uh not just that NDTV in 2016 which is Mr motra and some of the Congress ecosystem and beyond their favorite Channel at least in those days when the so-called adani hadn't taken over even they even they called him the modern marks quoting two other top economists so viewers I don't spread rubbish these are the hard facts now you can contest that you may agree you may disagree that's your call but I'm only just talking about what usually people refer to him as and Dr ratan let me also say do do you think I'm being provocative in the extreme or simplistic if I say that the man was funded I only said that I don't know why people are reading so many motives into it I just said he's funded interestingly by George Soros at least his research for the first time his first book was largely funded by him and this is something that he's accepted and he's written there I owe a debt of gratitude to George Soros he's written it in his own book now I mean I don't know I've read the book actually I made the mistake of reading Petes book but I like to read what other people on the other side of the fence so to say you know have you know have said about certain things so I like I read it yes go ahead no one thing I would look Rahul you know I I went off first thanks to you I did not take anyone's name no I just gave out the data I did not denigrate anyone all I did at the end without taking any names was to smile and laugh at something that's all would you call that Interruption would you call that a reason the atra for somebody to you know throw blow his stop the problem with these mediocre people is that the only thing lower than their credibility is their intelligence okay I'm I'm very thankful that this man has retired because his students are you know new students are saying we don't want to professor professor okay let's set it do in anything yadav Manish Shankar a that cck they they are the ones who calculate GDP all sitting all night long this is s yra y and he must be shown his place okay okay you guys okay gentlemen you guys can take this you can take your differences Etc somewhere else but I just want to quickly get back to Mr mer Mr mer isn't it a fact that the GDP revision of the methodology is long overdue I'm sure you would agree number one number two I just want you to tell me if in this particular data has hasn't been mentioned that manufacturing is grown by 10% if that is actually happened it would stand to reason that somebody would be employed by those manufacturers to make goods and offer services uh that would mean that jobs are being actually created now they may not be getting created at the pace you like them to be created but to say that there are no jobs Etc I think is a bit of an overreaction that's my question to you sir okay I hope you will give me a chance to respond to you Mr sh Shankar so you I I will start where you finished about manufacturing and manufacturing jobs let me just put the numbers on the table in 2012 just before the government this government took over there were 60 million workers in manufacturing in India in 5 years time that number was down to 55 million okay an absolute decline in the total number of workers that had never taken place for the next 4 years we never caught up to the 2012 manufacturing employment secondly manufacturing's contribution to GDP in 20134 when the current government came to power was 177% in the last 5 years it has it fell systematically to 133% of GDP it has only in the last two years that it has climbed back up to 177% that this government inherited what is the meaning of this it the meaning is that in respect of manufacturing output and manufacturing employment we have seen a lost decade okay secondly secondly secondly rul can I quickly come in please you made only respon make your point second Point yes F FDI if I might okay FDI as a proportion of GDP under this government in 10 years despite the absolute numbers that were cited by both the other speakers yes sir has never exceeded 2% of GDP okay okay that's now let let the other side respond you made two interventions let the other side respond yes sanjua one minute please I need to move on yeah you know Rahul let's be very clear you know jam rames and you know the entire Kabal which does not understand difference between GDP and GNP have been saying Narendra Modi changed the methodology what Narendra Modi did was that the base year of GDP rather than being 20045 it was made 20101 and in developed countries like us UK Australia can you please keep quiet now why are you heckling can you extend the same cuty to me Rahul can I finish your her Point mistake no there is no mistake please keep quiet if there's a mistake you can reut when your turn comes the GDP base year was changed to 20101 after Narendra Modi took over in 2014 because it was long overdue and instead of using GDP at Factor cost we started using GDP at market prices as the methodology which is what is widely used globally what is GDP at market prices is it is nothing but GDP at Factor Cost Plus product taxes minus product subsidies so this is a very comprehensive definition which includes the output of the country it includes the impact of taxes it includes the impact of subsidies so anybody sitting here and saying that GDP at market prices is a flawed methodology needs to have his credentials check okay one one very important measure let me just tell you and this is the pen world tables data now Professor motra has not given us the source for his statistics but I'm giving you mine I am ending this debate on this government data the pen World tables data reveals the rate of growth of productivity in India productivity viewers pre 2014 was 1.3% post 2014 it is 2.7% more than double what does this tell us it reflects the several reforms that have been implemented by this Government after 2014 and the higher growth perhaps stems from the higher productivity now viewers who is producing these goods and services it must be individuals I lited this viewers is just a big data point I've left for you to ponder and chew over I'm coming right back viewers on a very big story don't go away he

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Id: JXAbXZfKdf4

Length: 29min 36sec (1776 seconds)

Published: Fri May 31 2024