Somesh Jha Profile picture
16 Dec, 26 tweets, 14 min read
A personal update: Monday was my last day at Business Standard and I can truly count the past 3 years as the golden phase of my career, where I got the opportunity to not only report but also break some of the biggest news stories during this period.
From January, I will be writing for the @BloombergQuint.

Even though I will miss the adrenaline rush of finding my byline in the paper every morning, I am really excited about starting a new journey with a digital platform.
In this thread, I am sharing some of the work that I did at @bsindia, which is close to my heart.
I wrote a series of stories with @dilasha on how the cryptocurrency players in India are surviving in a hostile regulatory climate.

business-standard.com/article/market…
In Feb 2018, I exposed how the government secretly commissioned a survey to two independent economists, giving them unauthorised access to private data of citizens only to establish ‘robust’ job creation.

business-standard.com/article/econom…
State-owned PNB was hit by the country's biggest banking fraud.

This letter written by the finance ministry to the RBI became the first point of friction between the govt and the regulator. (Ultimately, Urjit Patel had to step down as the RBI Guv)

business-standard.com/article/financ…
In Apr 2018, I broke the story about a currency crunch at ATMs in at least 8 Indian states. Why did this happen? Hint: demonetisation

This was followed by extensive coverage on the issue (the govt did acknowledge publicly that there was a cash crunch).

business-standard.com/article/econom…
I continued to dig into the PNB fraud & found this gem:

I reported how PNB (of all banks) didn't receive a crucial directive sent by the RBI in 2016 asking all lenders to strengthen their risk mechanism to avert fraud.

The story about a missing e-mail

business-standard.com/article/financ…
In September 2018, I reported how the government has found over 60% of the money deposited in 37 million Jan-Dhan accounts in the weeks following the note ban announcement in 2016 as “suspicious”

business-standard.com/article/econom…
Politics of data was a project I took up in the past 3 years. The following stories aptly throw light on an ever-important issue:
A day before leaving office as NITI Aayog vice-chairman in 2017, Arvind Panagariya submitted the final report of the task force he chaired for recommending improvements in jobs data. The final report never saw the light of the day. Here are the details:

business-standard.com/article/econom…
An official survey on jobs conducted in 2016-17 by the Labour Bureau (part of the labour and employment ministry) was never made public. Here are the findings of the report (this survey has been officially junked since then):

business-standard.com/article/econom…
The biggest scoop of my career (yet). The unemployment rate rose to a 45-yr-high, a year before India went into elections. Shockingly, the Modi govt didn't officially release the findings of the report until it came back to power in the 2019 elections.

business-standard.com/article/econom…
Some important analysis from the hidden report in the run up to the national elections:

business-standard.com/article/econom…

business-standard.com/article/curren…

business-standard.com/article/econom…
Of course, the government initiated an inquiry to find out my sources but it was to no avail :)

scroll.in/article/944716…
Months later, I brought out the findings of another hidden survey report that showed consumer spending falling for the first time in over four decades.

business-standard.com/article/econom…
The data hasn't been made public till date as the government decided to scrap the survey report the day we published the results.

More in this thread:

I added on to @nit_set's stellar investigative work on electoral bonds to report how the finance ministry knew that there was a hidden serial number which could reveal the donor's identity

business-standard.com/article/financ…
Last winter, I covered the anti-CAA protests. I went to the protest sites across Delhi almost everyday and wrote on the many voices leading the protests

business-standard.com/article/curren…
I visited the riot-affected areas in Delhi with @ari_maj to bring out the horror stories of alienation, distrust and exodus that loomed in parts of the national capital early this year (the most difficult reporting assignment till date for me)

business-standard.com/article/curren…
I am thankful to everyone - my present and former colleagues and editors at @bsindia, industry colleagues, readers, whistle-blowers and everyone who helped give shape and add value to my work. I look forward to your love and support as I embark on this new journey :)

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More from @someshjha7

7 Dec
Breaking: India's chief economic advisor wants the junked consumer spending report to be made public. Krishnamurthy Subramanian wrote to the National Statistical Commission seeking the survey report of 2017-18 for analysis in the upcoming Economic Survey.

business-standard.com/article/econom…
Consumer spending fell for the first time in more than four decades in 2017-18, primarily driven by slackening rural demand, sparking fears of rising poverty in the country. The government withheld the report which was made public by us in November, 2019:

business-standard.com/article/econom…
The day the survey results were made public by us the government announced scrapping of the survey report citing 'data quality issues.'

This was the first time the govt scrapped an NSSO survey of this scale since the stats body was established in 1950.

business-standard.com/article/econom…
Read 10 tweets
12 Oct
Thread: Instead of hiking retrenchment compensation for workers, the Modi government has mooted a reskilling fund in the new labour codes.

Retrenched workers will get cash benefits to the tune of 15 days of their last drawn salary. But here's the catch.
Retrenched workers who take cash benefits from the new reskilling fund mooted in the labour codes may have to show proof of reskilling to the government.

But the story doesn't end here...

business-standard.com/article/econom…
If workers are unable to reskill within a fixed period of time, they will have to RETURN the money given to them by the government, according to a proposal being contemplated by the central government. Moreover, the workers may be asked to pay back an interest, too.
Read 7 tweets
5 Oct
Work in the private sector? Thanks to the Modi government, your company can now convert your permanent job into a fixed term contract and take away your retrenchment benefits.

Read our story:

business-standard.com/article/econom…
While the farm Bills created a lot of controversy, contentious labour law changes had no-takers.

The government quietly did away with a key safeguard norm for workers to deter firms from converting existing permanent jobs into fixed-term contracts.
Why is this proposal dangerous?

In India, unlike in China, Vietnam and Indonesia, there will be no cap on the number of times fixed-term contracts can be renewed (companies can do it endlessly).

Fixed-term contracts are seen as stepping stone towards permanent jobs.
Read 9 tweets
2 Oct
Just in: Ten central trade unions (which does not include RSS-affiliated Bharatiya Mazdoor Sangh) to go on a one-day nationwide strike on November 26 against labour codes and new farm laws.
Demands of trade unions:
*Cash transfer of Rs 7500 a month for all non-income tax paying families
*10 kg free ration/person a month to all needy
*Expansion of MGNREGA to provide 200 days’ work in a year in rural areas at enhanced wages; extension of employment guarantee to cities
*Withdraw all farm laws and labour codes
*Stop privatisation of public sector
*Withdraw the circular on forced premature retirement of government employees
*Provide pension to all, scrap NPS and restore earlier pension, improve EPS-95
Read 4 tweets
28 Sep
Six months after a national lockdown was imposed, I travelled to 5 villages of Allahabad (now known as Prayagraj) to talk to over two dozen migrant workers who returned home.

"Nothing feels like home" for them as they struggle to make ends meet.

business-standard.com/article/econom… Image
Ramesh Chand (right) was 15 yrs old when his brother-in-law took him to Mumbai & gave him a job at his garment factory after his father died. Srivastava (now 46), who had made the 'city of dreams' his own, wasnt paid for during the lockdown even by his guardian. Image
According to official estimates, about 10 million workers returned to their home states after the lockdown. Close to one-third belonged to Uttar Pradesh and Allahabad saw the second highest reverse migration in the state (over 100,000). Image
Read 12 tweets
25 Sep
Must read: The labour codes approved by the Parliament earlier this week gives the States unbridled powers to make changes to labour laws without going through the legislative route.

Getting the labour codes approved was a cakewalk for the government.

business-standard.com/article/econom… Image
The move will help industries in pushing authorities for exemption under various labour laws at a micro-level, along with demanding changes to bring greater flexibility in their operations related to retrenchment, safety standards, and collective bargaining.
States can now easily:

*Ease retrenchment, lay-off and closure norms
*Exempt new factories from all occupational safety health & working conditions norms for as long as they want (timelimit is 3 months rn)
*Exempt all establishments from the industrial relations law Image
Read 4 tweets

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