The short-term pain might outweigh the uncertain long-term gains of demonetisation, even though the intentions behind the move were in keeping with broader reform efforts, Fitch Ratings said on Tuesday. The Centre’s decision to scrap Rs 500 and Rs 1,000 notes has caused “short-term disruption in India’s economy”, it said in a newsletter titled “Benefits of Demonetisation Are Highly Uncertain”. They added that this had led them to downgrade the country’s growth forecasts for 2017.
In November 2016, Fitch Ratings had revised its forecast for India’s gross domestic product growth to 6.9% from 7.4% for the financial year ending March 2017.
“The withdrawal of bank notes has left consumers without cash needed...and farmers without funds to buy seeds and fertilisers,” the agency said . “Supply chains have been disrupted, and time spent queueing in banks has meant lost hours of productive work. The impact on the economy will increase the longer the disruption continues.”
While noting that the currency ban had some “potential benefits”, Fitch Ratings warned that demonetisation was a “one-off event” and that its positive effects were unlikely to “last long enough to make a significant difference”. The move may succeed in pushing economic activity from the “informal to the formal sector”, but those operating in the shadow economy will “still be able to use the new high-denomination bills and other options (like gold) to store their wealth”, the ratings agency said.
The statement from Fitch Ratings contradicts Prime Minister Narendra Modi’s mantra of “short-term pain for long-term gains”, which he adopted since his government’s decision came under fire from various quarters. Modi, along with several ministers of his government and the Reserve Bank of India, had maintained that banks and ATMs had enough money, even though citizens had been grappling with a cash crunch.
A lesson in harnessing tremendous power to deliver high performance.
Gone are the days when the rich and successful would network during a round of golf, at least in the Silicon Valley. As reported by New York Times, ‘auto-racing has become a favourite hobby for the tech elites’. However, getting together on a race track would require a machine that provides control while testing extreme limits. Enter the Mercedes-AMG range of cars.
Mercedes-AMG’s rise from a racing outfit to a manufacturer of peak performance cars is dotted with innovations that have pushed the boundaries of engineering. While the AMG series promises a smooth driving experience, its core is made up of a passion for motorsports and a spirit that can be summarized in two words – power and performance. These integral traits draw like-minded people who share and express Mercedes-AMG’s style of performance.
The cars we drive say a lot about us, it’s been said. There are several qualities of an AMG performance luxury sedan that overlap with the qualities of its distinguished owner. For instance, creating an impression comes naturally to both, so does the ambition to always deliver an exceptional performance. However, the strongest feature is that both the owner and the AMG marque continually challenge themselves in pursuit of new goals, stretching the limits of performance.
This winning quality comes alive, especially, in the latest Mercedes-AMG marque – the Mercedes-AMG E 63 S 4MATIC+. With the most powerful engine to have ever been installed in an E-class, this undisputed performance sedan promises immense power at the driver’s command. With 612 HP under its hood, the car achieves 0-100 km/h in just a few seconds - 3.4 to be precise. Moreover, the car comes with the latest driver-assistance technology that promises intelligent control and provides an agile and responsive ride.
But, the new AMG is not just about work (or traction in car lingo). One of its core features is to provide its owners a challenge on the race track. Its drift mode, which converts the vehicle into a pure rear-wheel drive, offers pure exhilaration and adds a work-play dynamic to the car. In that sense, the new AMG is a collaborator of sorts - one that partners with its owner to create an impression through performance. And on the weekends, the car pushes him/her to express absolute power using its race mode with a thunderous roar of the engine - the pure sound of adrenalin. This balance between work and play has been achieved using cutting-edge features in the car that together create an almost intuitive driver-machine relationship.
If you’re looking for a car that shares your enthusiasm for driving, you’ll find a partner in the new AMG. However, buying an AMG is not just about owning a powerhouse on wheels, it’s also about adopting a driving philosophy in which power is just the starting point - the main skill lies in how you manoeuvre that power on the road. A performance sedan in its sportiest form, Mercedes-AMG’s latest model takes vehicle performance to an unmatched level. A decade ago, this amount of speed and power in a luxury 4-door model would be un-thinkable.
The new Mercedes-AMG comes with a host of individualisation options through designo, the artistic side of Mercedes’s innovation, so the car becomes an extension of the owner’s distinctive personality. An expressive design with a new radiator grille and a muscular front apron showcase its athleticism. A new-age driver environment, widescreen cockpit, the AMG performance steering wheel and sports seat delivers an intensive driving experience. With the Mercedes-AMG E 63 S 4MATIC+, AMG has created an undisputed performance sedan that can rip the race track as well as provide reliable luxury sedan-duty. To know more about the most powerful E-class of all time, see here.
This article was produced by the Scroll marketing team on behalf of Mercedes-Benz and not by the Scroll editorial team.