Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 150
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Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 151
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 97
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

                trigger_error($message, E_USER_WARNING);

            } else {
$response = object(Cake\Http\Response) {

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    <h1 class="cat-box-title">Indian Economy is in a Vicious Spiral; Only Way Out is by Empowering Working People -Prabhat Patnaik </h1>
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		 Published on</span><span class="text-date"> Jan 30, 2022</span>
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                            <p style="text-align:justify">-Newsclick.in</p><p style="text-align:justify"><em>India needs a larger government expenditure on transfers to the working people. For such larger expenditure, resources have to be raised through greatly increased taxation of the rich- a reversal of the perverse fiscal strategy the government has pursued so far.</em></p><p style="text-align:justify">The Indian economy is currently caught in a vicious spiral of inflation, stagnation and a widening of the fiscal deficit. And this spiral is set to become even more vicious because inter alia of the developments in the world economy.</p><p style="text-align:justify">Even before the current omicron wave, the rate of GDP growth projected by official estimates for 2021-22 over the previous year was 9.2%; but the previous year itself had witnessed a 7.3% contraction because of the pandemic. Hence even if the official projection turns out to be true, the GDP in 2021-22 would be higher than in 2019-20 by only 1.22%, i.e., India would barely recapture its 2019-20-level GDP in 2021-22; but because of the omicron virus, even this would not happen and our current year GDP is likely to still remain below that of 2019-20.</p><p style="text-align:justify">Moreover, whatever recovery of real expenditure over 2019-20 has occurred in the current year has not been in the sphere of household and government consumption, which means that there have been additions to capacity in the interim, even as consumption has remained lower than in 2019-20. This must entail a decrease in the degree of capacity utilisation, in which case the current tempo of investment will not be sustained.&nbsp;</p><p style="text-align:justify">Hence the level of the investment itself will decline, which will further accentuate the decline in consumption (because of the multiplier) so that even this level of GDP growth relative to 2019-20 will not be sustained.</p><p style="text-align:justify">Thus, the recovery we are witnessing, apart from being utterly meagre, is not even sustainable. Some call it a K-shaped recovery as opposed to a V-shaped one, but whatever it is called, it is clearly a recovery constricted by reduced purchasing power in the hands of the people.</p><p style="text-align:justify">Please <a href="https://www.newsclick.in/indian-economy-vicious-spiral-only-way-out-empowering-working-people?fbclid=IwAR2UPG689AHFqvgTOHQDm-zVh_4FLP5c199Gvadf6Rw3GWVk3RXmZ78tO94" title="https://www.newsclick.in/indian-economy-vicious-spiral-only-way-out-empowering-working-people?fbclid=IwAR2UPG689AHFqvgTOHQDm-zVh_4FLP5c199Gvadf6Rw3GWVk3RXmZ78tO94">click here</a> to read more.&nbsp;</p>                                                           
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    <br><a href="https://www.newsclick.in/indian-economy-vicious-spiral-only-way-out-empowering-working-people?fbclid=IwAR2UPG689AHFqvgTOHQDm-zVh_4FLP5c199Gvadf6Rw3GWVk3RXmZ78tO94" class="re" target="_blank">Newsclick.in, 30 January, 2022, https://www.newsclick.in/indian-economy-vicious-spiral-only-way-out-empowering-working-people?fbclid=IwAR2UPG689AHFqvgTOHQDm-zVh_4FLP5c199Gvadf6Rw3GWVk3RXmZ78tO94</a><div class="clear"></div>
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                            <p style="text-align:justify">-Newsclick.in</p><p style="text-align:justify"><em>India needs a larger government expenditure on transfers to the working people. For such larger expenditure, resources have to be raised through greatly increased taxation of the rich- a reversal of the perverse fiscal strategy the government has pursued so far.</em></p><p style="text-align:justify">The Indian economy is currently caught in a vicious spiral of inflation, stagnation and a widening of the fiscal deficit. And this spiral is set to become even more vicious because inter alia of the developments in the world economy.</p><p style="text-align:justify">Even before the current omicron wave, the rate of GDP growth projected by official estimates for 2021-22 over the previous year was 9.2%; but the previous year itself had witnessed a 7.3% contraction because of the pandemic. Hence even if the official projection turns out to be true, the GDP in 2021-22 would be higher than in 2019-20 by only 1.22%, i.e., India would barely recapture its 2019-20-level GDP in 2021-22; but because of the omicron virus, even this would not happen and our current year GDP is likely to still remain below that of 2019-20.</p><p style="text-align:justify">Moreover, whatever recovery of real expenditure over 2019-20 has occurred in the current year has not been in the sphere of household and government consumption, which means that there have been additions to capacity in the interim, even as consumption has remained lower than in 2019-20. This must entail a decrease in the degree of capacity utilisation, in which case the current tempo of investment will not be sustained.&nbsp;</p><p style="text-align:justify">Hence the level of the investment itself will decline, which will further accentuate the decline in consumption (because of the multiplier) so that even this level of GDP growth relative to 2019-20 will not be sustained.</p><p style="text-align:justify">Thus, the recovery we are witnessing, apart from being utterly meagre, is not even sustainable. Some call it a K-shaped recovery as opposed to a V-shaped one, but whatever it is called, it is clearly a recovery constricted by reduced purchasing power in the hands of the people.</p><p style="text-align:justify">Please <a href="https://www.newsclick.in/indian-economy-vicious-spiral-only-way-out-empowering-working-people?fbclid=IwAR2UPG689AHFqvgTOHQDm-zVh_4FLP5c199Gvadf6Rw3GWVk3RXmZ78tO94" title="https://www.newsclick.in/indian-economy-vicious-spiral-only-way-out-empowering-working-people?fbclid=IwAR2UPG689AHFqvgTOHQDm-zVh_4FLP5c199Gvadf6Rw3GWVk3RXmZ78tO94">click here</a> to read more.&nbsp;</p>                                                           
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                            <p style="text-align:justify">-Newsclick.in</p><p style="text-align:justify"><em>India needs a larger government expenditure on transfers to the working people. For such larger expenditure, resources have to be raised through greatly increased taxation of the rich- a reversal of the perverse fiscal strategy the government has pursued so far.</em></p><p style="text-align:justify">The Indian economy is currently caught in a vicious spiral of inflation, stagnation and a widening of the fiscal deficit. And this spiral is set to become even more vicious because inter alia of the developments in the world economy.</p><p style="text-align:justify">Even before the current omicron wave, the rate of GDP growth projected by official estimates for 2021-22 over the previous year was 9.2%; but the previous year itself had witnessed a 7.3% contraction because of the pandemic. Hence even if the official projection turns out to be true, the GDP in 2021-22 would be higher than in 2019-20 by only 1.22%, i.e., India would barely recapture its 2019-20-level GDP in 2021-22; but because of the omicron virus, even this would not happen and our current year GDP is likely to still remain below that of 2019-20.</p><p style="text-align:justify">Moreover, whatever recovery of real expenditure over 2019-20 has occurred in the current year has not been in the sphere of household and government consumption, which means that there have been additions to capacity in the interim, even as consumption has remained lower than in 2019-20. This must entail a decrease in the degree of capacity utilisation, in which case the current tempo of investment will not be sustained.&nbsp;</p><p style="text-align:justify">Hence the level of the investment itself will decline, which will further accentuate the decline in consumption (because of the multiplier) so that even this level of GDP growth relative to 2019-20 will not be sustained.</p><p style="text-align:justify">Thus, the recovery we are witnessing, apart from being utterly meagre, is not even sustainable. Some call it a K-shaped recovery as opposed to a V-shaped one, but whatever it is called, it is clearly a recovery constricted by reduced purchasing power in the hands of the people.</p><p style="text-align:justify">Please <a href="https://www.newsclick.in/indian-economy-vicious-spiral-only-way-out-empowering-working-people?fbclid=IwAR2UPG689AHFqvgTOHQDm-zVh_4FLP5c199Gvadf6Rw3GWVk3RXmZ78tO94" title="https://www.newsclick.in/indian-economy-vicious-spiral-only-way-out-empowering-working-people?fbclid=IwAR2UPG689AHFqvgTOHQDm-zVh_4FLP5c199Gvadf6Rw3GWVk3RXmZ78tO94">click here</a> to read more.&nbsp;</p>                                                           
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Indian Economy is in a Vicious Spiral; Only Way Out is by Empowering Working People -Prabhat Patnaik

Published on Jan 30, 2022   Modified on Jan 31, 2022

-Newsclick.in India needs a larger government expenditure on transfers to the working people. For such larger expenditure, resources have to be raised through greatly increased taxation of the rich- a reversal of the perverse fiscal strategy the government has pursued so far. The Indian economy is currently caught in a vicious spiral of inflation, stagnation and a widening of the fiscal deficit. And this spiral is set to become even more vicious because inter alia of the developments in the world economy. Even before the current omicron wave, the rate of GDP growth projected by official estimates for 2021-22 over the previous year was 9.2%; but the previous year itself had witnessed a 7.3% contraction because of the pandemic. Hence even if the official projection turns out to be true, the GDP in 2021-22 would be higher than in 2019-20 by only 1.22%, i.e., India would barely recapture its 2019-20-level GDP in 2021-22; but because of the omicron virus, even this would not happen and our current year GDP is likely to still remain below that of 2019-20. Moreover, whatever recovery of real expenditure over 2019-20 has occurred in the current year has not been in the sphere of household and government consumption, which means that there have been additions to capacity in the interim, even as consumption has remained lower than in 2019-20. This must entail a decrease in the degree of capacity utilisation, in which case the current tempo of investment will not be sustained.  Hence the level of the investment itself will decline, which will further accentuate the decline in consumption (because of the multiplier) so that even this level of GDP growth relative to 2019-20 will not be sustained. Thus, the recovery we are witnessing, apart from being utterly meagre, is not even sustainable. Some call it a K-shaped recovery as opposed to a V-shaped one, but whatever it is called, it is clearly a recovery constricted by reduced purchasing power in the hands of the people. Please click here to read more.

Newsclick.in, 30 January, 2022, https://www.newsclick.in/indian-economy-vicious-spiral-only-way-out-empowering-working-people?fbclid=IwAR2UPG689AHFqvgTOHQDm-zVh_4FLP5c199Gvadf6Rw3GWVk3RXmZ78tO94

Tagged with: Public Expenditure Union Budget Union Budget 2022-23 Livelihoods Purchasing Power Wealth Tax Inequality Fiscal Spending Fiscal Expenditure

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