Demonetisation drive that cost India 1.5m jobs fails to uncover ‘black money’

Costly banknote recall did not flush out untaxed wealth, as PM Narendra Modi had promised

More than 99% of the currency that India declared void in a surprise announcement in 2016 was returned to the country’s banks in subsequent weeks, according to a Reserve Bank of India (RBI) report.

The figures suggest prime minister Narendra Modi’s demonetisation policy, which likely wiped at least 1% from the country’s GDP and cost at least 1.5m jobs, failed to wipe significant hordes of unaccounted wealth from the Indian economy — a key rationale for the move.

Related: India’s banknote ban: how Modi botched the policy yet kept his political capital

Related: India’s small businesses facing ‘apocalypse’ amid biggest financial experiment in history

Related: India’s slowing growth blamed on ‘big mistake’ of demonetisation

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Car manufacturing in Britain fell by 11% in July, reports SMMT

Trade body calls for ‘political and economic clarity’ after sharp reduction in UK demand

The number of cars built in UK factories slumped by 11% last month compared with a year ago.

Just over 121,000 cars left production lines, with a fall of 35% in models built for the UK, according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT). Car production for export in July fell by 4.2%.

Related: Aston Martin unveils London Stock Exchange flotation

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Mapping The Countries Shutting Down The Internet The Most

With President Trump raising the threat rhetoric over conservative bias among the giant US megatech firms, it is worth remembering that when it comes to curbing dissent and freedom of expression, some governments take the drastic step of shutting down the internet.

Across the world, as Statista’s Niall McCarthy notes, internet shutdowns and deliberate slowdowns are becoming more common and they generally occur when someone (usually a government) intentionally disrupts the internet or mobile apps to control what people do or say.

According to Access Now data reported by Vice News, India has the most shutdowns of any country by a huge distance – 154 between January 2016 and May 2018. By comparison, second-placed Pakistan only had 19 shutdowns during the same period.

Infographic: The Countries Shutting Down The Internet The Most | Statista

You will find more infographics at Statista

In many countries, flicking the off switch on the internet is a preemptive or reactive measure in response to mass or potential unrest.

Egypt’s 2011 revolution and the failed Turkish military coup of 2016 are prime examples.

This is also true in India to a certain extent where internet access is cut off due to political turmoil, protests and military operations.

Shutdowns are even known to occur in certain regions to prevent cheating during examinations. Recent cases include a 45-day internet shutdown in Darjeeling in West Bengal due to political demonstrations and protests from activists seeking a separate state while Nawada in Bihar experienced a 40-day shutdown due to communal clashes.

Given how important the internet has become, limiting access to it can have financial consequences. In India, the huge number of shutdowns and their length, are getting very expensive. A report by The Indian Council for Research on International Economic Relations (ICRIER), found that 16,315 hours of intentional internet downtime between 2012 and 2017 has cost the Indian economy $3.04 billion.

Ten years after the financial crash, the timid left should be full of regrets | Larry Elliott

Capitalism’s near-death experience with the banking crisis was a golden opportunity for progressives. But they blew it

Placards are being prepared. Photo-opportunities are being organised. A list of demands is being drawn up by a coalition of pressure groups, unions and NGOs. Yes, preparations are well under way for protests to mark next month’s 10th anniversary of the collapse of Lehman Brothers – the pivotal moment in the global financial crisis.

Make no mistake, the fact that events will take place in all the world’s financial centres is no cause for celebration. On the contrary, it is a sign of failure. The banks were never broken up. Plans for a financial transactions tax are gathering dust. Politicians toyed with the idea of a green new deal and then promptly forgot about it. There never was a huge swing of the pendulum away from the prevailing orthodoxy, just a brief nudge that was quickly reversed. The brutal fact is that the left had its chance, and it blew it.

Related: Labour condemns ‘sickening’ Lehman Brothers reunion party

The process of challenging business as usual lacked a unifying analysis of what had caused the crisis

Related: The Lehman Brothers party is a red herring – it’s the system that stinks | Stefan Stern

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