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Modi's Demonetization Called "Colossal Failure That Ruined Economy" As India GDP Growth Slumps To 2-Year Lows

印度GDP增长暴跌至2年来的低点,莫迪废钞令被称为“破坏经济的巨大失败”

by Tyler Durden Sep 2, 2017 10:05 PM
India's embattled Prime Minister Narendra Modi faced a double whammy of abuse this week as his nation's economic growth collapsed to its weakest since Q1 2014 and India's Central Bank released a report on Modi's extraordinary "demonitization" plan last year showing that 99 per cent of the high denomination banknotes cancelled last year were deposited or exchanged for new currency, crushing Modi's lie that his contentious 'war on cash' would wipe out huge amounts of so-called 'black money'.

问题缠身的印度总理纳伦德拉·莫迪本周面临着双重责难:他的国家的经济增长崩溃至2014年第一季度以来的最低点;而且,印度中央银行发布了关于莫迪去年非同一般的“废钞令”计划的报告,报告显示,去年作废的大面额钞票有99%被存入银行或兑换成新货币,这粉碎了莫迪的谎言——他那有争议的“现金战争”将消灭大量所谓的“黑钱”。



When Modi announced in November that Rs1,000 ($16) and Rs500 notes would no longer be legal tender, he suggested that corrupt officials, businessmen and criminals — popularly believed to hoard large amounts of illicit cash — would be stuck with “worthless pieces of paper”. At the time, government officials had suggested that as much as one-third of India's outstanding currency would be purged from the economy - as the wealthy abandoned or destroyed it, rather than admit to their hoardings - reducing central bank liabilities and creating a government windfall.

当莫迪在11月宣布1000卢比(16美元)和500卢比面额钞票将不再是合法货币的时候,他说腐败官员、商人和不法分子——普遍认为藏匿了大量非法现金——将会被“毫无价值的纸张”缠住。当时政府官员认为,多达三分之一的印度流通货币会从经济中清除——因为富人会遗弃或销毁,而不会承认藏匿了它们——这可以减少中央银行债务,并给政府带来一笔横财。

Since he unleashed his cunning plan, India's GDP growth has slowed dramatically.

自从发布了他的狡猾计划后,印度的GDP增长戏剧性地减缓了。

After India's Composite PMI collapsed, India's Q2 GDP growth slowed to 5.7% - its weakest since Q2 2014...

在印度的综合PMI指数崩溃后,印度第二季度的GDP增长减缓至5.7%——2014年第二季度以来的最低点……



And now, as The FT reports, the Reserve Bank of India's annual report on Wednesday suggested that most holders of the old currency managed to dispose of it, estimating that banned notes worth Rs15.28tn ($239bn) were returned to the bank. That amounts to 99 per cent of the Rs15.44tn of the old high-value notes that were in circulation when Mr Modi made his announcement, according to the finance ministry.

现在,正如金融时报报道的,印度储备银行星期三的年度报告显示,大多数旧货币持有人成功处理了它们,估计被废止的钞票有价值15.28万亿卢比(2390亿美元)回流到了银行。根据财政部,这相当于莫迪宣布之时流通中的15.44万亿卢比大面额旧钞票的99%。

The government's critics were quick to seize on the RBI's announcement as evidence of the policy's failure.

政府批评者很快把握住印度储备银行的公告,把它作为政策失败的证据。

“99 per cent notes legally exchanged! Was demonetisation a scheme designed to convert black money into white?” former finance minister P Chidambaram tweeted.

“99%的钞票合法兑换了!废钞令是专门把黑钱洗白的计划吗?”前财政部长P Chidambaram发推说。

Rahul Gandhi, de facto leader of the opposition Congress party, tweeted: “A colossal failure which cost innocent lives and ruined the economy. Will the PM own up?”

反对党国大党的事实领袖拉胡尔·甘地发推说:“一个夺去了无辜生命以及破坏了经济的巨大失败。总理会坦承错误吗?”

The bank's figures are a political embarrassment to Mr Modi, who had appealed to the nation to endure the disruption and hardship to punish the rich and corrupt, and deprive them of their ill-gotten gains.

银行的数据对莫迪来说是个政治窘境,他曾呼吁国民忍受(暂时的)混乱和艰难以惩罚富人和腐败分子,并剥夺他们的非法所得。

Many lower income Indians hard hit hard by cash shortages supported the demonetisation policy because they believed the rich were suffering more.

很多遭受到现金短缺严重影响的低收入印度人支持废钞令,因为他们相信富人更痛苦。

It appears they were suckered!

看来他们被骗了!