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: 73
 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]
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: 74
 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]
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]
Warning (2): Cannot modify header information - headers already sent by (output started at /home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php:853) [CORE/src/Http/ResponseEmitter.php, line 148]
Warning (2): Cannot modify header information - headers already sent by (output started at /home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php:853) [CORE/src/Http/ResponseEmitter.php, line 181]
Notice (8): Undefined variable: urlPrefix [APP/Template/Layout/printlayout.ctp, line 8]latest-news-updates/record-profits-boost-corporate-sector-in-pandemic-subodh-varma.html"/> LATEST NEWS UPDATES | Record Profits Boost Corporate Sector in Pandemic -Subodh Varma | Im4change.org
Resource centre on India's rural distress
 
 

Record Profits Boost Corporate Sector in Pandemic -Subodh Varma

-Newsclick.in

This is in contrast to estimated 84% of Indian families reporting decline in their earnings due to pandemic related lockdowns and restrictions.

The trend was visible from last year but the scale of profits reported by listed companies after the last financial year ended in March this year is nothing short of mind-boggling. According to latest data by CMIE or Centre for Monitoring Indian Economy, companies listed at the BSE (formerly known as Bombay Stock Exchange) have reported a collective profit of Rs.9.3 lakh crore in 2021-22. This is over 70% more than the previous year and nearly three times more than the average profit earned every year for a decade before the pandemic, that is, between 2010-11 and 2019-20.  

Even in the first year of the pandemic, 2020-21, the profit of these listed companies had touched a record of Rs.5.5 lakh crore, more than double the preceding year. But the profits accumulated in the second pandemic year have beaten all records.

These estimates are based on the financial statements of 3,288 listed companies that had published their statements for the quarter ended March 2022, by May 30, 2022. There are about 4,700 companies in all. CMIE says that the results of the remaining 1,500 companies are unlikely “to make a material difference to the analysis” because these 3,288 companies accounted for over 90% of the total sales of all listed companies in the previous quarter.

Earlier this year, a briefing by Oxfam had pointed out that during the pandemic (March 2020 to November 2021) incomes of 84% of households in the country declined but the number of Indian billionaires grew from 102 to 142 and their collective wealth increased from Rs. 23.14 lakh crore ($313 billion) to Rs. 53.16 lakh crore ($719 billion). More than 4.6 crore Indians, meanwhile, are estimated to have fallen into extreme poverty in 2020 (nearly half of the global new poor, according to the United Nations.) “The stark wealth inequality in India is a result of an economic system rigged in favour of the super-rich over the poor and marginalised,” the study added.

Please click here to read more.