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]
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::printArticle() - APP/Controller/ArtileDetailController.php, line 73
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 88
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: 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]
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::printArticle() - APP/Controller/ArtileDetailController.php, line 74
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 88
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 {
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-Business Today&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Now that a decline in private consumption is pulling down economic growth, the focus needs to shift to improving wages and other measures to spur demand and savings, which does not seem to be happening now&lt;br /&gt;
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&lt;br /&gt;
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&lt;br /&gt;
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&lt;br /&gt;
&lt;em&gt;Declining wage growth: A structural issue&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
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&lt;br /&gt;
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&lt;br /&gt;
Wage growth is also linked to savings and investment. The Economic Survey of 2018-19 gives the example of China, where higher wages drove up savings rate, to argue for well paying jobs in India and an effective minimum wage regime across the country. It notes that gross savings have fallen from 31.1% of GDP in 2015-16 to 30.5% in 2017-18 - entirely contributed by the household sector savings, which declined from 23.6% of GDP in 2011-12 to 17.2% of GDP in 2017-18. With this decline, investment rate has gone down.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Declining wage growth: A structural issue&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The SBI&#039;s latest study, Root Cause of the Current Demand Slowdown, says the reasons for the current slowdown are both structural and cyclical, apart from global uncertainties. Among the structural factors, it holds a substantial decline in both urban and rural wage growth as the &amp;quot;most crucial&amp;quot; one.&lt;br /&gt;
&lt;br /&gt;
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                <strong>Slowdown Blues: Govt needs to raise income levels of working population to boost growth -Prasanna Mohanty</strong></h1>
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                <div align="justify">-Business Today<br /><br /><em>Now that a decline in private consumption is pulling down economic growth, the focus needs to shift to improving wages and other measures to spur demand and savings, which does not seem to be happening now<br /></em><br />New Delhi: That the Indian economy is slipping into a recession is quiet apparent. The real GDP growth has gone down from a peak of 8.2% in 2016-17 to 6.8% in 2018-19, with the fourth quarter of 2018-19 dipping to 5.8%. The first quarter of 2019-20 is expected to dip further to 5.6%. Nor for that matter the fall in private consumption, which has gone down since the second quarter of 2018-19. Private consumption has been the main driver of India's growth, contributing about 60% to GDP, and its fall is dragging economic growth further down.<br /><br />Since consumption expenditure is directly linked to income, especially for the lower and middle income working population forming the bulk of population of India, the imperative is to improve their wages to spur consumption demand.<br /><br />Wage growth is also linked to savings and investment. The Economic Survey of 2018-19 gives the example of China, where higher wages drove up savings rate, to argue for well paying jobs in India and an effective minimum wage regime across the country. It notes that gross savings have fallen from 31.1% of GDP in 2015-16 to 30.5% in 2017-18 - entirely contributed by the household sector savings, which declined from 23.6% of GDP in 2011-12 to 17.2% of GDP in 2017-18. With this decline, investment rate has gone down.<br /><br /><em>Declining wage growth: A structural issue<br /></em><br />The SBI's latest study, Root Cause of the Current Demand Slowdown, says the reasons for the current slowdown are both structural and cyclical, apart from global uncertainties. Among the structural factors, it holds a substantial decline in both urban and rural wage growth as the &quot;most crucial&quot; one.<br /><br />Please <a href="https://www.businesstoday.in/opinion/slowdown-blues-govt-needs-raise-income-levels-working-population-boost-growth/story/373820.html?fbclid=IwAR2YAJgErgSujFp31tSOS99I6I1pfRaTwbxhxr-178TVhR7ese0XheZU0J0" title="https://www.businesstoday.in/opinion/slowdown-blues-govt-needs-raise-income-levels-working-population-boost-growth/story/373820.html?fbclid=IwAR2YAJgErgSujFp31tSOS99I6I1pfRaTwbxhxr-178TVhR7ese0XheZU0J0">click here</a> to read more.</div>               </font>
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&lt;br /&gt;
&lt;em&gt;Now that a decline in private consumption is pulling down economic growth, the focus needs to shift to improving wages and other measures to spur demand and savings, which does not seem to be happening now&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
New Delhi: That the Indian economy is slipping into a recession is quiet apparent. The real GDP growth has gone down from a peak of 8.2% in 2016-17 to 6.8% in 2018-19, with the fourth quarter of 2018-19 dipping to 5.8%. The first quarter of 2019-20 is expected to dip further to 5.6%. Nor for that matter the fall in private consumption, which has gone down since the second quarter of 2018-19. Private consumption has been the main driver of India&#039;s growth, contributing about 60% to GDP, and its fall is dragging economic growth further down.&lt;br /&gt;
&lt;br /&gt;
Since consumption expenditure is directly linked to income, especially for the lower and middle income working population forming the bulk of population of India, the imperative is to improve their wages to spur consumption demand.&lt;br /&gt;
&lt;br /&gt;
Wage growth is also linked to savings and investment. The Economic Survey of 2018-19 gives the example of China, where higher wages drove up savings rate, to argue for well paying jobs in India and an effective minimum wage regime across the country. It notes that gross savings have fallen from 31.1% of GDP in 2015-16 to 30.5% in 2017-18 - entirely contributed by the household sector savings, which declined from 23.6% of GDP in 2011-12 to 17.2% of GDP in 2017-18. With this decline, investment rate has gone down.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Declining wage growth: A structural issue&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The SBI&#039;s latest study, Root Cause of the Current Demand Slowdown, says the reasons for the current slowdown are both structural and cyclical, apart from global uncertainties. Among the structural factors, it holds a substantial decline in both urban and rural wage growth as the &amp;quot;most crucial&amp;quot; one.&lt;br /&gt;
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&lt;br /&gt;
&lt;em&gt;Declining wage growth: A structural issue&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The SBI&#039;s latest study, Root Cause of the Current Demand Slowdown, says the reasons for the current slowdown are both structural and cyclical, apart from global uncertainties. Among the structural factors, it holds a substantial decline in both urban and rural wage growth as the &amp;quot;most crucial&amp;quot; one.&lt;br /&gt;
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Now that a decline in private consumption is pulling down economic growth, the focus needs to shift to improving wages and other measures to spur demand and savings, which does not seem to be happening now

New Delhi: That the...&#039;
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Now that a decline in private consumption is pulling down economic growth, the focus needs to shift to improving wages and other measures to spur demand and savings, which does not seem to be happening now

New Delhi: That the..."/>
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                <strong>Slowdown Blues: Govt needs to raise income levels of working population to boost growth -Prasanna Mohanty</strong></h1>
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                <div align="justify">-Business Today<br /><br /><em>Now that a decline in private consumption is pulling down economic growth, the focus needs to shift to improving wages and other measures to spur demand and savings, which does not seem to be happening now<br /></em><br />New Delhi: That the Indian economy is slipping into a recession is quiet apparent. The real GDP growth has gone down from a peak of 8.2% in 2016-17 to 6.8% in 2018-19, with the fourth quarter of 2018-19 dipping to 5.8%. The first quarter of 2019-20 is expected to dip further to 5.6%. Nor for that matter the fall in private consumption, which has gone down since the second quarter of 2018-19. Private consumption has been the main driver of India's growth, contributing about 60% to GDP, and its fall is dragging economic growth further down.<br /><br />Since consumption expenditure is directly linked to income, especially for the lower and middle income working population forming the bulk of population of India, the imperative is to improve their wages to spur consumption demand.<br /><br />Wage growth is also linked to savings and investment. The Economic Survey of 2018-19 gives the example of China, where higher wages drove up savings rate, to argue for well paying jobs in India and an effective minimum wage regime across the country. It notes that gross savings have fallen from 31.1% of GDP in 2015-16 to 30.5% in 2017-18 - entirely contributed by the household sector savings, which declined from 23.6% of GDP in 2011-12 to 17.2% of GDP in 2017-18. With this decline, investment rate has gone down.<br /><br /><em>Declining wage growth: A structural issue<br /></em><br />The SBI's latest study, Root Cause of the Current Demand Slowdown, says the reasons for the current slowdown are both structural and cyclical, apart from global uncertainties. Among the structural factors, it holds a substantial decline in both urban and rural wage growth as the &quot;most crucial&quot; one.<br /><br />Please <a href="https://www.businesstoday.in/opinion/slowdown-blues-govt-needs-raise-income-levels-working-population-boost-growth/story/373820.html?fbclid=IwAR2YAJgErgSujFp31tSOS99I6I1pfRaTwbxhxr-178TVhR7ese0XheZU0J0" title="https://www.businesstoday.in/opinion/slowdown-blues-govt-needs-raise-income-levels-working-population-boost-growth/story/373820.html?fbclid=IwAR2YAJgErgSujFp31tSOS99I6I1pfRaTwbxhxr-178TVhR7ese0XheZU0J0">click here</a> to read more.</div>               </font>
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&lt;em&gt;Now that a decline in private consumption is pulling down economic growth, the focus needs to shift to improving wages and other measures to spur demand and savings, which does not seem to be happening now&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
New Delhi: That the Indian economy is slipping into a recession is quiet apparent. The real GDP growth has gone down from a peak of 8.2% in 2016-17 to 6.8% in 2018-19, with the fourth quarter of 2018-19 dipping to 5.8%. The first quarter of 2019-20 is expected to dip further to 5.6%. Nor for that matter the fall in private consumption, which has gone down since the second quarter of 2018-19. Private consumption has been the main driver of India&#039;s growth, contributing about 60% to GDP, and its fall is dragging economic growth further down.&lt;br /&gt;
&lt;br /&gt;
Since consumption expenditure is directly linked to income, especially for the lower and middle income working population forming the bulk of population of India, the imperative is to improve their wages to spur consumption demand.&lt;br /&gt;
&lt;br /&gt;
Wage growth is also linked to savings and investment. The Economic Survey of 2018-19 gives the example of China, where higher wages drove up savings rate, to argue for well paying jobs in India and an effective minimum wage regime across the country. It notes that gross savings have fallen from 31.1% of GDP in 2015-16 to 30.5% in 2017-18 - entirely contributed by the household sector savings, which declined from 23.6% of GDP in 2011-12 to 17.2% of GDP in 2017-18. With this decline, investment rate has gone down.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Declining wage growth: A structural issue&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
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-Business Today

Now that a decline in private consumption is pulling down economic growth, the focus needs to shift to improving wages and other measures to spur demand and savings, which does not seem to be happening now

New Delhi: That the...&#039;,
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-Business Today&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Now that a decline in private consumption is pulling down economic growth, the focus needs to shift to improving wages and other measures to spur demand and savings, which does not seem to be happening now&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
New Delhi: That the Indian economy is slipping into a recession is quiet apparent. The real GDP growth has gone down from a peak of 8.2% in 2016-17 to 6.8% in 2018-19, with the fourth quarter of 2018-19 dipping to 5.8%. The first quarter of 2019-20 is expected to dip further to 5.6%. Nor for that matter the fall in private consumption, which has gone down since the second quarter of 2018-19. Private consumption has been the main driver of India&#039;s growth, contributing about 60% to GDP, and its fall is dragging economic growth further down.&lt;br /&gt;
&lt;br /&gt;
Since consumption expenditure is directly linked to income, especially for the lower and middle income working population forming the bulk of population of India, the imperative is to improve their wages to spur consumption demand.&lt;br /&gt;
&lt;br /&gt;
Wage growth is also linked to savings and investment. The Economic Survey of 2018-19 gives the example of China, where higher wages drove up savings rate, to argue for well paying jobs in India and an effective minimum wage regime across the country. It notes that gross savings have fallen from 31.1% of GDP in 2015-16 to 30.5% in 2017-18 - entirely contributed by the household sector savings, which declined from 23.6% of GDP in 2011-12 to 17.2% of GDP in 2017-18. With this decline, investment rate has gone down.&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Declining wage growth: A structural issue&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The SBI&#039;s latest study, Root Cause of the Current Demand Slowdown, says the reasons for the current slowdown are both structural and cyclical, apart from global uncertainties. Among the structural factors, it holds a substantial decline in both urban and rural wage growth as the &amp;quot;most crucial&amp;quot; one.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://www.businesstoday.in/opinion/slowdown-blues-govt-needs-raise-income-levels-working-population-boost-growth/story/373820.html?fbclid=IwAR2YAJgErgSujFp31tSOS99I6I1pfRaTwbxhxr-178TVhR7ese0XheZU0J0&quot;&gt;click here&lt;/a&gt; to read more.
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-Business Today

Now that a decline in private consumption is pulling down economic growth, the focus needs to shift to improving wages and other measures to spur demand and savings, which does not seem to be happening now

New Delhi: That the...&#039;
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Now that a decline in private consumption is pulling down economic growth, the focus needs to shift to improving wages and other measures to spur demand and savings, which does not seem to be happening now

New Delhi: That the..."/>
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                <strong>Slowdown Blues: Govt needs to raise income levels of working population to boost growth -Prasanna Mohanty</strong></h1>
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                <div align="justify">-Business Today<br /><br /><em>Now that a decline in private consumption is pulling down economic growth, the focus needs to shift to improving wages and other measures to spur demand and savings, which does not seem to be happening now<br /></em><br />New Delhi: That the Indian economy is slipping into a recession is quiet apparent. The real GDP growth has gone down from a peak of 8.2% in 2016-17 to 6.8% in 2018-19, with the fourth quarter of 2018-19 dipping to 5.8%. The first quarter of 2019-20 is expected to dip further to 5.6%. Nor for that matter the fall in private consumption, which has gone down since the second quarter of 2018-19. Private consumption has been the main driver of India's growth, contributing about 60% to GDP, and its fall is dragging economic growth further down.<br /><br />Since consumption expenditure is directly linked to income, especially for the lower and middle income working population forming the bulk of population of India, the imperative is to improve their wages to spur consumption demand.<br /><br />Wage growth is also linked to savings and investment. The Economic Survey of 2018-19 gives the example of China, where higher wages drove up savings rate, to argue for well paying jobs in India and an effective minimum wage regime across the country. It notes that gross savings have fallen from 31.1% of GDP in 2015-16 to 30.5% in 2017-18 - entirely contributed by the household sector savings, which declined from 23.6% of GDP in 2011-12 to 17.2% of GDP in 2017-18. With this decline, investment rate has gone down.<br /><br /><em>Declining wage growth: A structural issue<br /></em><br />The SBI's latest study, Root Cause of the Current Demand Slowdown, says the reasons for the current slowdown are both structural and cyclical, apart from global uncertainties. Among the structural factors, it holds a substantial decline in both urban and rural wage growth as the &quot;most crucial&quot; one.<br /><br />Please <a href="https://www.businesstoday.in/opinion/slowdown-blues-govt-needs-raise-income-levels-working-population-boost-growth/story/373820.html?fbclid=IwAR2YAJgErgSujFp31tSOS99I6I1pfRaTwbxhxr-178TVhR7ese0XheZU0J0" title="https://www.businesstoday.in/opinion/slowdown-blues-govt-needs-raise-income-levels-working-population-boost-growth/story/373820.html?fbclid=IwAR2YAJgErgSujFp31tSOS99I6I1pfRaTwbxhxr-178TVhR7ese0XheZU0J0">click here</a> to read more.</div>               </font>
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-Business Today<br />
<br />
<em>Now that a decline in private consumption is pulling down economic growth, the focus needs to shift to improving wages and other measures to spur demand and savings, which does not seem to be happening now<br />
</em><br />
New Delhi: That the Indian economy is slipping into a recession is quiet apparent. The real GDP growth has gone down from a peak of 8.2% in 2016-17 to 6.8% in 2018-19, with the fourth quarter of 2018-19 dipping to 5.8%. The first quarter of 2019-20 is expected to dip further to 5.6%. Nor for that matter the fall in private consumption, which has gone down since the second quarter of 2018-19. Private consumption has been the main driver of India's growth, contributing about 60% to GDP, and its fall is dragging economic growth further down.<br />
<br />
Since consumption expenditure is directly linked to income, especially for the lower and middle income working population forming the bulk of population of India, the imperative is to improve their wages to spur consumption demand.<br />
<br />
Wage growth is also linked to savings and investment. The Economic Survey of 2018-19 gives the example of China, where higher wages drove up savings rate, to argue for well paying jobs in India and an effective minimum wage regime across the country. It notes that gross savings have fallen from 31.1% of GDP in 2015-16 to 30.5% in 2017-18 - entirely contributed by the household sector savings, which declined from 23.6% of GDP in 2011-12 to 17.2% of GDP in 2017-18. With this decline, investment rate has gone down.<br />
<br />
<em>Declining wage growth: A structural issue<br />
</em><br />
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<br />
Please <a href="https://www.businesstoday.in/opinion/slowdown-blues-govt-needs-raise-income-levels-working-population-boost-growth/story/373820.html?fbclid=IwAR2YAJgErgSujFp31tSOS99I6I1pfRaTwbxhxr-178TVhR7ese0XheZU0J0">click here</a> to read more.
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-Business Today<br />
<br />
<em>Now that a decline in private consumption is pulling down economic growth, the focus needs to shift to improving wages and other measures to spur demand and savings, which does not seem to be happening now<br />
</em><br />
New Delhi: That the Indian economy is slipping into a recession is quiet apparent. The real GDP growth has gone down from a peak of 8.2% in 2016-17 to 6.8% in 2018-19, with the fourth quarter of 2018-19 dipping to 5.8%. The first quarter of 2019-20 is expected to dip further to 5.6%. Nor for that matter the fall in private consumption, which has gone down since the second quarter of 2018-19. Private consumption has been the main driver of India's growth, contributing about 60% to GDP, and its fall is dragging economic growth further down.<br />
<br />
Since consumption expenditure is directly linked to income, especially for the lower and middle income working population forming the bulk of population of India, the imperative is to improve their wages to spur consumption demand.<br />
<br />
Wage growth is also linked to savings and investment. The Economic Survey of 2018-19 gives the example of China, where higher wages drove up savings rate, to argue for well paying jobs in India and an effective minimum wage regime across the country. It notes that gross savings have fallen from 31.1% of GDP in 2015-16 to 30.5% in 2017-18 - entirely contributed by the household sector savings, which declined from 23.6% of GDP in 2011-12 to 17.2% of GDP in 2017-18. With this decline, investment rate has gone down.<br />
<br />
<em>Declining wage growth: A structural issue<br />
</em><br />
The SBI's latest study, Root Cause of the Current Demand Slowdown, says the reasons for the current slowdown are both structural and cyclical, apart from global uncertainties. Among the structural factors, it holds a substantial decline in both urban and rural wage growth as the &quot;most crucial&quot; one.<br />
<br />
Please <a href="https://www.businesstoday.in/opinion/slowdown-blues-govt-needs-raise-income-levels-working-population-boost-growth/story/373820.html?fbclid=IwAR2YAJgErgSujFp31tSOS99I6I1pfRaTwbxhxr-178TVhR7ese0XheZU0J0">click here</a> to read more.
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$metaTitle = 'LATEST NEWS UPDATES | Slowdown Blues: Govt needs to raise income levels of working population to boost growth -Prasanna Mohanty'
$metaKeywords = 'Effective Demand,Purchasing Power,Agricultural Wages,real wage rate,Real Wage Rates,Real Wages,Rural Wage Rates,Rural Wages,Economic Slowdown,Economic Downturn'
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-Business Today

Now that a decline in private consumption is pulling down economic growth, the focus needs to shift to improving wages and other measures to spur demand and savings, which does not seem to be happening now

New Delhi: That the...'
$disp = '<div align="justify">-Business Today<br /><br /><em>Now that a decline in private consumption is pulling down economic growth, the focus needs to shift to improving wages and other measures to spur demand and savings, which does not seem to be happening now<br /></em><br />New Delhi: That the Indian economy is slipping into a recession is quiet apparent. The real GDP growth has gone down from a peak of 8.2% in 2016-17 to 6.8% in 2018-19, with the fourth quarter of 2018-19 dipping to 5.8%. The first quarter of 2019-20 is expected to dip further to 5.6%. Nor for that matter the fall in private consumption, which has gone down since the second quarter of 2018-19. Private consumption has been the main driver of India's growth, contributing about 60% to GDP, and its fall is dragging economic growth further down.<br /><br />Since consumption expenditure is directly linked to income, especially for the lower and middle income working population forming the bulk of population of India, the imperative is to improve their wages to spur consumption demand.<br /><br />Wage growth is also linked to savings and investment. The Economic Survey of 2018-19 gives the example of China, where higher wages drove up savings rate, to argue for well paying jobs in India and an effective minimum wage regime across the country. It notes that gross savings have fallen from 31.1% of GDP in 2015-16 to 30.5% in 2017-18 - entirely contributed by the household sector savings, which declined from 23.6% of GDP in 2011-12 to 17.2% of GDP in 2017-18. With this decline, investment rate has gone down.<br /><br /><em>Declining wage growth: A structural issue<br /></em><br />The SBI's latest study, Root Cause of the Current Demand Slowdown, says the reasons for the current slowdown are both structural and cyclical, apart from global uncertainties. Among the structural factors, it holds a substantial decline in both urban and rural wage growth as the &quot;most crucial&quot; one.<br /><br />Please <a href="https://www.businesstoday.in/opinion/slowdown-blues-govt-needs-raise-income-levels-working-population-boost-growth/story/373820.html?fbclid=IwAR2YAJgErgSujFp31tSOS99I6I1pfRaTwbxhxr-178TVhR7ese0XheZU0J0" title="https://www.businesstoday.in/opinion/slowdown-blues-govt-needs-raise-income-levels-working-population-boost-growth/story/373820.html?fbclid=IwAR2YAJgErgSujFp31tSOS99I6I1pfRaTwbxhxr-178TVhR7ese0XheZU0J0">click here</a> to read more.</div>'
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Slowdown Blues: Govt needs to raise income levels of working population to boost growth -Prasanna Mohanty

-Business Today Now that a decline in private consumption is pulling down economic growth, the focus needs to shift to improving wages and other measures to spur demand and savings, which does not seem to be happening now New Delhi: That the Indian economy is slipping into a recession is quiet apparent. The real GDP growth has gone down from a peak of 8.2% in 2016-17 to 6.8% in 2018-19, with the fourth quarter of 2018-19 dipping to 5.8%. The first quarter of 2019-20 is expected to dip further to 5.6%. Nor for that matter the fall in private consumption, which has gone down since the second quarter of 2018-19. Private consumption has been the main driver of India's growth, contributing about 60% to GDP, and its fall is dragging economic growth further down. Since consumption expenditure is directly linked to income, especially for the lower and middle income working population forming the bulk of population of India, the imperative is to improve their wages to spur consumption demand. Wage growth is also linked to savings and investment. The Economic Survey of 2018-19 gives the example of China, where higher wages drove up savings rate, to argue for well paying jobs in India and an effective minimum wage regime across the country. It notes that gross savings have fallen from 31.1% of GDP in 2015-16 to 30.5% in 2017-18 - entirely contributed by the household sector savings, which declined from 23.6% of GDP in 2011-12 to 17.2% of GDP in 2017-18. With this decline, investment rate has gone down. Declining wage growth: A structural issue The SBI's latest study, Root Cause of the Current Demand Slowdown, says the reasons for the current slowdown are both structural and cyclical, apart from global uncertainties. Among the structural factors, it holds a substantial decline in both urban and rural wage growth as the "most crucial" one. Please click here to read more.