“Demonetization is a good example. It was a shock to the economy, right? And we still not recovered fully from that shock.”
quote is from the automated transcript, cleaned for reading:
filler sounds and stutters are removed, nothing is rephrased. names can be misheard
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More from Raj Rishi Singhal
AssertionNot checkable as stated
Singhal: Corruption adds at least 25% to business costs in some states
“From their experience they were saying that cost of doing business so if you are in certain states, corruption is at least 25% of your cost, total cost, and you now have to live with it.”
Raj Rishi SinghalOct 11, 2024▶ 5:16How 24 July 1991 Changed India | Senior Journalist On Corruption, GST, Demonetisation, Rajiv Gandhi
Insight
Singhal: Illicit wealth is deployed into assets, not hoarded as depreciating cash
“If there is a person who's corrupt, then his or her resources earned through corrupt means is not kept in cash, right? It'll be him deployed somewhere. Because you don't keep cash, I mean, cash depreciates in value. So the idea that, you know, all the corrupti…”
Raj Rishi SinghalOct 11, 2024▶ 7:09How 24 July 1991 Changed India | Senior Journalist On Corruption, GST, Demonetisation, Rajiv Gandhi
AssertionNot checkable as stated
Singhal: Politicians across all parties control most Indian cooperative banks
“If you see most cooperative banks are controlled by politicians today, and I meant all parties, so not just one party, but all parties want to control these banks.”
Raj Rishi SinghalOct 11, 2024▶ 28:50How 24 July 1991 Changed India | Senior Journalist On Corruption, GST, Demonetisation, Rajiv Gandhi
Insight
Singhal: Political campaign finance is the root cause of corruption in India
“I think the root cause for corruption in our society, in our lives, is primarily the way parties finance their election campaigns.”
Raj Rishi SinghalOct 11, 2024▶ 3:41How 24 July 1991 Changed India | Senior Journalist On Corruption, GST, Demonetisation, Rajiv Gandhi
Opinion
Singhal: India's economic reforms began in the 1980s under Rajiv Gandhi
“So, you know, the reforms process
Had begun in the eighties.
I think it began with the Rajiv Gandhi government.”
Raj Rishi SinghalOct 11, 2024▶ 8:12How 24 July 1991 Changed India | Senior Journalist On Corruption, GST, Demonetisation, Rajiv Gandhi
AssertionNot checkable as stated
Singhal: Major Indian Banks Drive Profits from Fees and Treasury, Not Lending
“If you dissect the profits, a large chunk of it actually comes not from lending. Comes from, ah, doing treasury, let's say foreign exchange trading, bond trading, getting fees for recommending or getting you to invest in some insurance product.”
Raj Rishi SinghalOct 11, 2024▶ 31:44How 24 July 1991 Changed India | Senior Journalist On Corruption, GST, Demonetisation, Rajiv Gandhi
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