View this email in your browser JUNE 3, 2017 // SUBSCRIBE Foreign-funded global cuisines in today's Tiffin. CENTRE ON ECONOMY: THIS IS FINE



DK Srivastava, Chief Economic Adviser at EY India, commented on the new data, "demonetisation has clearly had a tangible and adverse impact." The Centre, however, maintained that it was happy with the growth rate, with Chief Statistician T.C.A. Anant saying that the economy was growing "reasonably well." India is no longer the world's fastest growing major economy in the world as GDP growth in the last quarter of 2016-17 was 6.1%, compared to China's 6.9%. In the same quarter last year, India's GDP growth was 7.9%. Gross value added (GVA = GDP + subsidies - taxes on products) slowed down even more sharply to 5.6% compared to the 8.7% in the same quarter last year.DK Srivastava, Chief Economic Adviser at EY India, commented on the new data, "demonetisation has clearly had a tangible and adverse impact." The Centre, however, maintained that it was happy with the growth rate, with Chief Statistician T.C.A. Anant saying that the economy was growing "reasonably well." EC: GET TRANSPARENCY BACK IN POLITICAL FUNDING



On these changes, the EC’s letter states, "This opens up the possibility of shell companies being set up for the sole purpose of making donations to political parties with no business of consequence." Asking the government to withdraw the new proviso, the EC wrote, "In a situation where the contribution received through electoral bonds are not reported, [...] it cannot be ascertained whether the political party has taken any donation [...] from government companies and foreign sources." The Election Commission (EC) has written to the Law Ministry objecting to the recent amendments passed in the Budget session of the Parliament that add secrecy to political funding. The Representation of the People (RP) Act was amended to remove the guideline that political parties had to file contribution reports with details of donors for any contribution above ₹20,000. The Companies Act (2013) was amended to remove the limit on corporate donations to political parties.On these changes, the EC’s letter states, "This opens up the possibility of shell companies being set up for the sole purpose of making donations to political parties with no business of consequence." Asking the government to withdraw the new proviso, the EC wrote, "In a situation where the contribution received through electoral bonds are not reported, [...] it cannot be ascertained whether the political party has taken any donation [...] from government companies and foreign sources." THE ADVENTURES OF MODI



Modi arrived in Madrid on Wednesday to meet with Spanish President Mariano Rajoy and



Modi met Russian President Vladimir Putin in St Petersburg on Thursday to



Modi reached France today to On Tuesday, Prime Minister Narendra Modi met German Chancellor Angel Merkel in Berlin to sign a dozen wide-ranging (but low-profile) MoUs on the subjects of education, health, skill development and sustainability. At a business lunch, CEOs of German corporations nudged both the leaders to conclude the EU-India Trade Agreement, negotiations for which had stalled in 2013. Modi reaffirmed India's commitment to resume the negotiations, and added that the two countries are “made for each other" as Germany has prime place in India's skills initiatives.Modi arrived in Madrid on Wednesday to meet with Spanish President Mariano Rajoy and sign seven agreements, including on cooperation in cyber security, renewable energy and civil aviation.Modi met Russian President Vladimir Putin in St Petersburg on Thursday to conclude a much-awaited agreement to build the last two units of the Kudankulam nuclear power plant in Tamil Nadu. Modi thanked President Putin for playing a crucial role in getting India a membership in the Shanghai Cooperation Organisation. India and Pakistan will officially join six Eurasian countries in the political, economic, and military organisation next week.Modi reached France today to discuss with newly-elected French President Emmanuel Macron issues related to terrorism, climate change, and India's bid for permanent membership in the Nuclear Suppliers Group and United Nations Security Council. More on demonitisation... NPR Planet Money did a podcast on India's currency demonitsation. The first part is about Anil "Guru Mama" Bokil who is credited for giving the idea to Modi. The second part assesses how successful the idea and implementation were with the citizens.

While we're on worthless currency, read about the zero-rupee note.

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