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RSS Ideologue and political analyst S Gurumurthy gave a series of interviews to news channels defending Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword>’s move on November 8 to demonetise high denomination notes. In these interviews, he made several claims connecting the circulation of high denomination notes to poor quality GDP that fails to generate large scale jobs. He also claimed India’s high GDP growth years between 2004-2010 were not due to production but asset price inflation. 
 
Here are 5 claims by S Gurumurthy that were fact checked by BOOM and found to be largely untrue. 
 
Claim 1: Cash to GDP grew disproportionately during the UPA/Congress regime from 2004-2014. 
 
Gurumurthy’s central argument is about UPA’s ineffectiveness in controlling the usage of cash in the economy thus contributing to uncontrolled growth of black money. 
 
Fact: A look at the data suggests otherwise. 
 
Cash in the economy grows in line with GDP growth. 
 
Infact the table below clearly shows that cash to GDP ratio fell when GDP growth slowed between 2010 to 2014. 
 
Between 2001 to 2004, with average GDP growth of 5.5%, cash to GDP showed a steady rise from 11.6% to 12.4%. 
 
The UPA came to power in 2004 and till 2010 with over 8% GDP growth, cash to GDP once again showed a steady rise from 12.4% to 13%. 
 
But the period from 2010 onwards to 2014 shows a clear decline in the proportion of cash. The ratio fell from 12.21% to 11.60% and spiked to 12.25% in 2015 at a time when the BJP returned to power. 
 
This clearly shows there is nothing unusual in the rise of cash in the economy as it usually follows the GDP growth trajectory and is also linked to inflation. 
 
 
 
Claim 2: India’s high cash to GDP ratio is responsible for low job creation 
 
Fact: While Gurumurthy is correct that high GDP growth has not necessarily resulted in creation of higher number of jobs, there is no specific research to prove a correlation between high cash and GDP in job creation. 
 
Countries with varied range of cash to GDP ratio have lower unemployment rate. For instance, Japan which has a high cash to GDP ratio at 18% has an unemployment rate of 3.1%. Switzerland’s cash to GDP is at 10% but their unemployment rate is also around 3.3%. 
 
Claim 3: India’s GDP growth between 2004 and 2010 was led by asset price inflation. 
 
Gurumurthy’s next claim dismisses the over 8% GDP growth in the period between 2004-2009. He claims that the growth during this time was primarily led by asset price inflation in real estate,gold and stocks. 
 
Fact: While asset prices did rise exponentially, there is no credence in the claim that economic output or production of goods was poor during 2004-2009. This can be seen in the manufacturing numbers of automobiles and steel. 
 
In the period between 2004-2009, 55 million new vehicles <a href="http://www.ijcrar.com/vol-3-2/M.%20Krishnaveni%20and%20R.%20Vidya.pdf">(click here)</a> were manufactured versus 30 million vehicles manufactured between 1999-2004. Also, around 257 millions of steel <a href="http://steel.nic.in/development.htm">(click here)</a> were produced domestically as compared to 160 million tonnes of steel produced in the five year period between 1999-2004. 
 
This growth in economic output reflected in the profits of BSE 500 companies that grew at a CAGR of 21% in the period between 2004-2009. 
 
Claim 4: Rise in High Denomination Notes was very large between 2004 to 2010. 
 Gurumurthy blames the <keyword id="6359397" type="PERSON" weightage="20" keywordseo="Manmohan-Singh">Manmohan Singh</keyword> government for raising the supply of high denomination notes during this period which made it easier to hoard black money. 
 
Fact: 1,000-Rupee notes were introduced in 2001 and its share rose ten times between 2001-2004. The share of 500 Rupee notes also nearly doubled during this period. This <a href="https://rbi.org.in/SCRIPTs/PublicationsView.aspx?id=14932#3">RBI report</a> points out that 500 denomination notes quickly emerged as the second most important denomination since 1998-99 and replaced 100 Rupeenotes as the most important denomination in 2003-04. 
 
Hence, to single out a particular period for a rise in high denomination notes is selective splicing of data without giving a context of how the supply rose in the preceding years as well. 
 
Claim 5: <keyword id="3315394" type="UNKNOWN" weightage="20" keywordseo="demonetisation">Demonetisation</keyword> will lead to more jobs through better quality GDP growth 
 
Fact: Again, this is Gurumurthy’s personal opinion as he has not presented any data to support this claim. The benefit of demonetisation to the country’s economy is yet to be proven with no domestic or global precedence available. 
 
 
 
 
(The article is written by Jency Jacob and Sneha Alexander. The article was first published in <a href="http://www.boomlive.in/factchecking-rss-ideologue-s-gurumurthys-claims-on-demonetisation/">www.boomlive.in</a>)

Fact Checking: RSS ideologue S Gurumurthy’s claims on demonetisation

A two-day workshop organised by the <a href="http://www.businessinsider.in/RSS-supports-gay-sex-homosexuality/articleshow/51453021.cms">RSS</a> in Delhi saw participation from over 721 academicians and experts, including 51 Vice Chancellors of various central and state universities. 
 
The theme of the workshop was to brainstorm over how to make Indian education more oriented towards ‘Bharatiya perspectives’. 
 
Also read: <a href="http://www.businessinsider.in/IISc-Bengaluru-ranks-6th-in-top-50-BRICS-universities/articleshow/53297784.cms">India has eight universities in the top 50 list of BRICS nations</a> 
 The workshop, titled <keyword id="2662128" type="UNKNOWN" weightage="20" keywordseo="Gyan-Sangam">Gyan Sangam</keyword>, was organised over the 25th-26th March weekend, and was held by the RSS-backed initiative called <keyword id="4343866" type="UNKNOWN" weightage="20" keywordseo="Prajna-Pravah">Prajna Pravah</keyword>. 
 On Sunday, the main speaker of the workshop was <keyword id="42702" type="PERSON" weightage="20" keywordseo="Mohan-Bhagwat">Mohan Bhagwat</keyword>, the chief of <keyword id="42498" type="COMPANY" weightage="20" keywordseo="RSS">RSS</keyword>, and senior RSS functionaries Sahkarvayah Krishna Gopal and Suresh Soni were also present at the workshop venue in the national capital. 
 
Also read: <a href="http://www.businessinsider.in/Party-must-work-like-Apple-and-not-RSS-Rahul-Gandhi/articleshow/49046082.cms">Party must work like Apple and not RSS: Rahul Gandhi</a> 
 
Bhagwat spoke about “non-governmental and autonomous Indic thinking," and said, "This is not the alternative but the real attempt to develop a Bharatiya perspective.” 
 
Also read: <a href="http://www.businessinsider.in/fact-checking-rss-ideologue-s-gurumurthys-claims-on-demonetisation/articleshow/56337038.cms">Fact Checking: RSS ideologue S Gurumurthy’s claims on demonetisation</a> 
 
"Our education was marked with the absence of Indian-ness. The centre of gravity of our education system shifted towards the west,” said J Nandakumar, the head of Pranja Pravah. He added that the event was held so that ways to bring the centre of gravity back to Indic thinking could be brainstormed. 
 
Also read: <a href="http://www.businessinsider.in/Mark-Zuckerberg-leads-50-million-investment-in-Indian-education-startup/articleshow/54202329.cms">Mark Zuckerberg leads $50 million investment in Indian education startup</a> 
 
In the coming days, events like this would be held in various other states in India. 
 
(Image source: Vishwa Samvada Kendra)

Over 700 academicians were a part of RSS workshop on making education more ‘Indian’

<ul><li><keyword id="559334" type="PERSON" weightage="20" keywordseo="actor-Rajinikanth">Actor Rajinikanth</keyword> announced that he will not be taking the political plunge and launching his own party as promised in 2021 citing a ‘warning from God’.</li><li>He was recently discharged from a Hyderabad hospital after being treated for blood pressure fluctuations.</li><li>The 70-year old asserted that he will continue to serve the people of Tamil Nadu in whatever way he can without entering electoral politics.</li></ul>Tamil Nadu is bracing for the state assembly election in 2021. A big chunk of the polity i.e. the fans of <keyword id="14509" type="PERSON" weightage="20" keywordseo="Rajinikanth">Rajinikanth</keyword> have already been disappointed by the Super Star, who has, once again, decided not to launch a political party. This wasn’t the first time the 70-year old actor⁠— who has enjoyed a demigod status in the southern state for decades⁠— has pulled back on the promise of a political party. However, his last declaration was that a new political outfit (with a “spiritual” ideology) would be born by year end. That has come to a nought. Rajinikanth’s decision to avoid the ring has left the upcoming election as a battle between the two large, entrenched parties ⁠— the incumbent All India Anna Dravida Munnetra Kazhagam (AIADMK), the biggest challenger Dravida Munnetra Kazhagam (DMK), and some emerging contenders like the Makkal Needhi Mayyam led by actor Kamal Haasan and Naam Tamilar Katchi led by director-turned-politician Seeman to name a few. Here’s the translation of Rajinikanth’s latest letter addressed to the people of Tamil Nadu: Greetings to the loving people of Tamil Nadu who have been the source of my life/livelihood. Having ignored the warnings from doctors, I had announced that I would notify my new political party in January, and headed for a film shoot in Hyderabad. The 120-member crew was tested daily for coronavirus and steps were taken to ensure social distancing and use of masks, as the shooting progressed. Despite the controlled environment, we found out today that four people had contracted the virus. Immediately, the director stopped the shooting and got everyone, including me, tested. While I tested negative for COVID-19, my blood pressure was found to be a bit volatile. Medical opinion says that having such sharp rise and fall in blood pressure for a long-enough time might badly affect my kidney that was recently transplanted. Therefore, as advised by my doctors, I had to spend three days in a hospital under supervision. Considering my health issues, the producer, Kalanithi Maran, has deferred the shooting for the rest of the film. Due to this, many people have lost their jobs, suffered losses worth crores, and all this has been caused by my poor health. I see this as a warning from God. Once I have started the party, campaigning through news channels and social media will not be enough to create awareness among people about my political ideology and win big in the election. It’s a fact that no one with experience in politics will deny. I would have to go out on campaign, meet people and draw thousands of people, maybe even lakhs, for my rallies. I had to spend three days under medical supervision in a hospital after COVID-19 struck us among just a 120-member crew. Now, this pandemic has a new strain and a second wave is looming large. Even after a vaccine is available, if I, who has to consume immunosuppressants, have any health issue during the campaign, it may cause a lot of trouble ⁠—physical, economic and mental⁠— to me, and to those who have placed their trust in me and my political journey. I do not want to use those who trust me as sacrificial lambs in the fear of criticism for having gone back on my promise that I wouldn’t worry about my life, and will start a political party. Therefore, I share with deep sadness that I won’t be able to launch a party and enter politics. Only I know how much it hurts me to say this. I seek forgiveness from all members of the Rajini Makkal Mandram and all the fans who have been disappointed/betrayed by my decision. Members of the Rajini Makkal Mandram have, over the last three years, bound by my words, acted with restraint, virtue and honesty, and continued to serve people even during the pandemic. The efforts will not go in vain. The fruits of your virtuous behaviour (punniyam) will protect you and your family. When we met on November 30, you all unanimously said that “my good health will be your priority and whatever decision I take, you will agree to it.” I will never forget it till I am alive. I bow in front of your love and affection towards me. Let the Rajini Makkal Mandram continue working as always. I want to share my heartfelt gratitude to the honourable Tamizharuvi Manian Ayya for supporting me and telling me to focus on my health for the last three years, in the face of every criticism. I am also duty bound to thank Arjun Murthy who left a responsible position in a big party to work with me. Whatever service I can provide to the people, without entering electoral politics, I will continue to do that. I have never been afraid to speak the truth. It is my earnest request to the fans, who love me and help me thrive, who care for truth, transparency, and my wellbeing, to accept my decision. Long live Tamils! May Tamil Nadu prosper! Jai Hind! Affectionately, Rajnikanth Superstar with a super impact Rajinikanth’s decision may be seen as a setback for the Bharatiya Janata Party (BJP) ⁠— to which Prime Minister Narendra Modi belongs ⁠— which has had little or no influence in the state so far. The party was hoping to ride on Rajinikanth’s popularity to create a bank of Hindu-nationalist vote in a state that has been led by the Dravidian ideology (atheist more in principle than practice) for over five decades. National parties, including the Indian National Congress, have only been marginal players in Tamil Nadu where local identities and leaders have found resounding support. “My own assessment is that those who would like to join the BJP may also join Rajinikanth’s party,” S Gurumurthy, the 71-year old editor of the iconic Tamil Magazine Tughlaq⁠— a board member at the Reserve Bank of India, and a long-time ideologue for Hindu majoritarian politics, the Rashtriya Swayamsevak Sangh (RSS) and the BJP⁠— <a href="https://www.thehindu.com/news/national/tamil-nadu/impact-of-rajinis-entry-will-be-similar-to-mgrs-says-gurumurthy/article33273887.ece">said earlier this month</a>. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/three-anil-ambani-companies-accused-of-fraud-ten-times-more-than-vijay-mallya/articleshow/80002892.cms">Three Anil Ambani companies have reportedly been accused of fraud by banks⁠ — the amount at stake is nearly ten times more than what Mallya owed</a> <a href="https://www.businessinsider.in/business/corporates/news/jack-ma-ant-group-asked-to-overhaul-its-business-model-by-china-central-bank/articleshow/79987683.cms">China's central bank wants Jack Ma's Ant Group to overhaul its business model</a> <a href="https://www.businessinsider.in/science/environment/news/top-10-most-expensive-natural-disasters-of-2020-in-the-world/slidelist/79986294.cms">Cyclone Amphan was the most expensive cyclone of 2020 and the fourth most expensive natural disaster overall</a>

A 'warning from God' makes Rajinikanth break the promise of launching a political party

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Fact Checking: RSS ideologue S Gurumurthy’s claims on demonetisation

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Over 700 academicians were a part of RSS workshop on making education more ‘Indian’

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A 'warning from God' makes Rajinikanth break the promise of launching a political party

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