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LATEST NEWS UPDATES | Is the rural economy driving India’s recovery? -Richard Mahapatra

Is the rural economy driving India’s recovery? -Richard Mahapatra

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published Published on Nov 13, 2020   modified Modified on Nov 17, 2020

-Down to Earth

Government spending has led to demand growth in rural areas; but what if it comes down?

Rural India has emerged as the saviour of the shattered Indian economy. From Ratan Tata to the governor of the Reserve Bank of India, everybody is betting on the consumption demand growth in rural areas to boost the novel coronavirus disease (COVID-19) pandemic-stricken economy.

There is a lot of talk on the ‘green shoots’ the contracted economy is apparently bearing. These green shoots — whether the increase in sales of two-wheelers or the rising sales of paints — are mostly related to or driven by consumption in rural areas.

So, the hope is that ultimately rural India — often perceived to be a cause of distress to the overall economy — will see the country through to an economic growth of ‘zero per cent’. The Indian economy is under contraction and reaching a ‘zero per cent’ growth rate also involves a significant growth in the economy. This will be a rather cheerful piece of news.

This paints a rosy picture of the rural economy that includes primarily agriculture and informal jobs. Close to 97 per cent of the rural employment is in these two segments.

The initial growth in rural demand indicates an increase in income. This is being interpreted as the first signs of the economy on the path of recovery post the pandemic-induced lockdown and in general, a collapse in economic activities.

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Down to Earth, 13 November, 2020, https://www.downtoearth.org.in/blog/agriculture/is-the-rural-economy-driving-india-s-recovery--74227?fbclid=IwAR09GzOF96gH89UjLRsZhfmIAk_vcfBlTih9hjRPHajd5DPM5adGlP32CWg


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