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LATEST NEWS UPDATES | Role of collective organisations during economic crises -Indranil De, Mubashshir Iqbal and Rooba Hasan

Role of collective organisations during economic crises -Indranil De, Mubashshir Iqbal and Rooba Hasan

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published Published on Sep 6, 2020   modified Modified on Sep 7, 2020

-The Hindu Business Line

The government, market and collectives should have worked in tandem to develop resilience of economic institutions during the slowdown in India

The sharp downfall in the economic growth rate could be attributable to a lack of resilience of Indian economy. Only fiscal and monetary policies may not halt the downfall of the economy. Collective organisations, including NGOs, have played an important role in consumption and income-smoothing. The downfall could have been lesser had the market, the government and collective organisations worked together.

A 23.9 per cent contraction during the first quarter of the present financial year is unnerving. It exposes the lack of resilience of the economic institutions of the country. A closer look at the data reveals that contraction is highest in the construction sector at 50 per cent, followed by trade, hotels and other services at 47 per cent. Both these sectors constitute a substantial proportion of the country’s GDP: construction constitutes 9 per cent and trade, hotels and other services account for 18 per cent. Both these industries are labour-absorbing. Massive loss of jobs due to the contraction has taken a toll on private consumption expenditure, bringing it down by 36 per cent.

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The Hindu Business Line, 6 September, 2020, https://www.thehindubusinessline.com/opinion/role-of-collective-organisations-during-economic-crises/article32535071.ece?fbclid=IwAR16pzng9gZNrev_rGjTmZM5-V5l9lmUQ6_OmP7CRmC0Wz1fELsiVvKRisI#


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