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);

    }
$message = '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.'
$stackFrame = (int) 1
$trace = [
	(int) 0 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/ServerRequest.php',
		'line' => (int) 2421,
		'function' => 'deprecationWarning',
		'args' => [
			(int) 0 => 'The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead.'
		]
	],
	(int) 1 => [
		'file' => '/home/brlfuser/public_html/src/Controller/ArtileDetailController.php',
		'line' => (int) 73,
		'function' => 'offsetGet',
		'class' => 'Cake\Http\ServerRequest',
		'object' => object(Cake\Http\ServerRequest) {},
		'type' => '->',
		'args' => [
			(int) 0 => 'catslug'
		]
	],
	(int) 2 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Controller/Controller.php',
		'line' => (int) 610,
		'function' => 'printArticle',
		'class' => 'App\Controller\ArtileDetailController',
		'object' => object(App\Controller\ArtileDetailController) {},
		'type' => '->',
		'args' => []
	],
	(int) 3 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/ActionDispatcher.php',
		'line' => (int) 120,
		'function' => 'invokeAction',
		'class' => 'Cake\Controller\Controller',
		'object' => object(App\Controller\ArtileDetailController) {},
		'type' => '->',
		'args' => []
	],
	(int) 4 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/ActionDispatcher.php',
		'line' => (int) 94,
		'function' => '_invoke',
		'class' => 'Cake\Http\ActionDispatcher',
		'object' => object(Cake\Http\ActionDispatcher) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(App\Controller\ArtileDetailController) {}
		]
	],
	(int) 5 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/BaseApplication.php',
		'line' => (int) 235,
		'function' => 'dispatch',
		'class' => 'Cake\Http\ActionDispatcher',
		'object' => object(Cake\Http\ActionDispatcher) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 6 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 65,
		'function' => '__invoke',
		'class' => 'Cake\Http\BaseApplication',
		'object' => object(App\Application) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {},
			(int) 2 => object(Cake\Http\Runner) {}
		]
	],
	(int) 7 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Routing/Middleware/RoutingMiddleware.php',
		'line' => (int) 162,
		'function' => '__invoke',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 8 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 65,
		'function' => '__invoke',
		'class' => 'Cake\Routing\Middleware\RoutingMiddleware',
		'object' => object(Cake\Routing\Middleware\RoutingMiddleware) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {},
			(int) 2 => object(Cake\Http\Runner) {}
		]
	],
	(int) 9 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Routing/Middleware/AssetMiddleware.php',
		'line' => (int) 88,
		'function' => '__invoke',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 10 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 65,
		'function' => '__invoke',
		'class' => 'Cake\Routing\Middleware\AssetMiddleware',
		'object' => object(Cake\Routing\Middleware\AssetMiddleware) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {},
			(int) 2 => object(Cake\Http\Runner) {}
		]
	],
	(int) 11 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Middleware/ErrorHandlerMiddleware.php',
		'line' => (int) 96,
		'function' => '__invoke',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 12 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 65,
		'function' => '__invoke',
		'class' => 'Cake\Error\Middleware\ErrorHandlerMiddleware',
		'object' => object(Cake\Error\Middleware\ErrorHandlerMiddleware) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {},
			(int) 2 => object(Cake\Http\Runner) {}
		]
	],
	(int) 13 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 51,
		'function' => '__invoke',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 14 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Server.php',
		'line' => (int) 98,
		'function' => 'run',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\MiddlewareQueue) {},
			(int) 1 => object(Cake\Http\ServerRequest) {},
			(int) 2 => object(Cake\Http\Response) {}
		]
	],
	(int) 15 => [
		'file' => '/home/brlfuser/public_html/webroot/index.php',
		'line' => (int) 39,
		'function' => 'run',
		'class' => 'Cake\Http\Server',
		'object' => object(Cake\Http\Server) {},
		'type' => '->',
		'args' => []
	]
]
$frame = [
	'file' => '/home/brlfuser/public_html/src/Controller/ArtileDetailController.php',
	'line' => (int) 73,
	'function' => 'offsetGet',
	'class' => 'Cake\Http\ServerRequest',
	'object' => object(Cake\Http\ServerRequest) {
		trustProxy => false
		[protected] params => [
			[maximum depth reached]
		]
		[protected] data => [[maximum depth reached]]
		[protected] query => [[maximum depth reached]]
		[protected] cookies => [
			[maximum depth reached]
		]
		[protected] _environment => [
			[maximum depth reached]
		]
		[protected] url => 'latest-news-updates/the-spectre-of-deflation-himanshu-4682648/print'
		[protected] base => ''
		[protected] webroot => '/'
		[protected] here => '/latest-news-updates/the-spectre-of-deflation-himanshu-4682648/print'
		[protected] trustedProxies => [[maximum depth reached]]
		[protected] _input => null
		[protected] _detectors => [
			[maximum depth reached]
		]
		[protected] _detectorCache => [
			[maximum depth reached]
		]
		[protected] stream => object(Zend\Diactoros\PhpInputStream) {}
		[protected] uri => object(Zend\Diactoros\Uri) {}
		[protected] session => object(Cake\Http\Session) {}
		[protected] attributes => [[maximum depth reached]]
		[protected] emulatedAttributes => [
			[maximum depth reached]
		]
		[protected] uploadedFiles => [[maximum depth reached]]
		[protected] protocol => null
		[protected] requestTarget => null
		[private] deprecatedProperties => [
			[maximum depth reached]
		]
	},
	'type' => '->',
	'args' => [
		(int) 0 => 'catslug'
	]
]
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);

    }
$message = '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.'
$stackFrame = (int) 1
$trace = [
	(int) 0 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/ServerRequest.php',
		'line' => (int) 2421,
		'function' => 'deprecationWarning',
		'args' => [
			(int) 0 => 'The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead.'
		]
	],
	(int) 1 => [
		'file' => '/home/brlfuser/public_html/src/Controller/ArtileDetailController.php',
		'line' => (int) 74,
		'function' => 'offsetGet',
		'class' => 'Cake\Http\ServerRequest',
		'object' => object(Cake\Http\ServerRequest) {},
		'type' => '->',
		'args' => [
			(int) 0 => 'artileslug'
		]
	],
	(int) 2 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Controller/Controller.php',
		'line' => (int) 610,
		'function' => 'printArticle',
		'class' => 'App\Controller\ArtileDetailController',
		'object' => object(App\Controller\ArtileDetailController) {},
		'type' => '->',
		'args' => []
	],
	(int) 3 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/ActionDispatcher.php',
		'line' => (int) 120,
		'function' => 'invokeAction',
		'class' => 'Cake\Controller\Controller',
		'object' => object(App\Controller\ArtileDetailController) {},
		'type' => '->',
		'args' => []
	],
	(int) 4 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/ActionDispatcher.php',
		'line' => (int) 94,
		'function' => '_invoke',
		'class' => 'Cake\Http\ActionDispatcher',
		'object' => object(Cake\Http\ActionDispatcher) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(App\Controller\ArtileDetailController) {}
		]
	],
	(int) 5 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/BaseApplication.php',
		'line' => (int) 235,
		'function' => 'dispatch',
		'class' => 'Cake\Http\ActionDispatcher',
		'object' => object(Cake\Http\ActionDispatcher) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 6 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 65,
		'function' => '__invoke',
		'class' => 'Cake\Http\BaseApplication',
		'object' => object(App\Application) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {},
			(int) 2 => object(Cake\Http\Runner) {}
		]
	],
	(int) 7 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Routing/Middleware/RoutingMiddleware.php',
		'line' => (int) 162,
		'function' => '__invoke',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 8 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 65,
		'function' => '__invoke',
		'class' => 'Cake\Routing\Middleware\RoutingMiddleware',
		'object' => object(Cake\Routing\Middleware\RoutingMiddleware) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {},
			(int) 2 => object(Cake\Http\Runner) {}
		]
	],
	(int) 9 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Routing/Middleware/AssetMiddleware.php',
		'line' => (int) 88,
		'function' => '__invoke',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 10 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 65,
		'function' => '__invoke',
		'class' => 'Cake\Routing\Middleware\AssetMiddleware',
		'object' => object(Cake\Routing\Middleware\AssetMiddleware) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {},
			(int) 2 => object(Cake\Http\Runner) {}
		]
	],
	(int) 11 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Middleware/ErrorHandlerMiddleware.php',
		'line' => (int) 96,
		'function' => '__invoke',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 12 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 65,
		'function' => '__invoke',
		'class' => 'Cake\Error\Middleware\ErrorHandlerMiddleware',
		'object' => object(Cake\Error\Middleware\ErrorHandlerMiddleware) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {},
			(int) 2 => object(Cake\Http\Runner) {}
		]
	],
	(int) 13 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Runner.php',
		'line' => (int) 51,
		'function' => '__invoke',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\ServerRequest) {},
			(int) 1 => object(Cake\Http\Response) {}
		]
	],
	(int) 14 => [
		'file' => '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Http/Server.php',
		'line' => (int) 98,
		'function' => 'run',
		'class' => 'Cake\Http\Runner',
		'object' => object(Cake\Http\Runner) {},
		'type' => '->',
		'args' => [
			(int) 0 => object(Cake\Http\MiddlewareQueue) {},
			(int) 1 => object(Cake\Http\ServerRequest) {},
			(int) 2 => object(Cake\Http\Response) {}
		]
	],
	(int) 15 => [
		'file' => '/home/brlfuser/public_html/webroot/index.php',
		'line' => (int) 39,
		'function' => 'run',
		'class' => 'Cake\Http\Server',
		'object' => object(Cake\Http\Server) {},
		'type' => '->',
		'args' => []
	]
]
$frame = [
	'file' => '/home/brlfuser/public_html/src/Controller/ArtileDetailController.php',
	'line' => (int) 74,
	'function' => 'offsetGet',
	'class' => 'Cake\Http\ServerRequest',
	'object' => object(Cake\Http\ServerRequest) {
		trustProxy => false
		[protected] params => [
			[maximum depth reached]
		]
		[protected] data => [[maximum depth reached]]
		[protected] query => [[maximum depth reached]]
		[protected] cookies => [
			[maximum depth reached]
		]
		[protected] _environment => [
			[maximum depth reached]
		]
		[protected] url => 'latest-news-updates/the-spectre-of-deflation-himanshu-4682648/print'
		[protected] base => ''
		[protected] webroot => '/'
		[protected] here => '/latest-news-updates/the-spectre-of-deflation-himanshu-4682648/print'
		[protected] trustedProxies => [[maximum depth reached]]
		[protected] _input => null
		[protected] _detectors => [
			[maximum depth reached]
		]
		[protected] _detectorCache => [
			[maximum depth reached]
		]
		[protected] stream => object(Zend\Diactoros\PhpInputStream) {}
		[protected] uri => object(Zend\Diactoros\Uri) {}
		[protected] session => object(Cake\Http\Session) {}
		[protected] attributes => [[maximum depth reached]]
		[protected] emulatedAttributes => [
			[maximum depth reached]
		]
		[protected] uploadedFiles => [[maximum depth reached]]
		[protected] protocol => null
		[protected] requestTarget => null
		[private] deprecatedProperties => [
			[maximum depth reached]
		]
	},
	'type' => '->',
	'args' => [
		(int) 0 => 'artileslug'
	]
]
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 {
$response = object(Cake\Http\Response) {

	'status' => (int) 200,
	'contentType' => 'text/html',
	'headers' => [
		'Content-Type' => [
			[maximum depth reached]
		]
	],
	'file' => null,
	'fileRange' => [],
	'cookies' => object(Cake\Http\Cookie\CookieCollection) {},
	'cacheDirectives' => [],
	'body' => '<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN"
        "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
<html xmlns="http://www.w3.org/1999/xhtml">
<head>
    <link rel="canonical" href="https://im4change.in/<pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f00105853cf-trace').style.display = (document.getElementById('cakeErr67f00105853cf-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: Undefined variable: urlPrefix [<b>APP/Template/Layout/printlayout.ctp</b>, line <b>8</b>]<div id="cakeErr67f00105853cf-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f00105853cf-code').style.display = (document.getElementById('cakeErr67f00105853cf-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f00105853cf-context').style.display = (document.getElementById('cakeErr67f00105853cf-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr67f00105853cf-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB"></span><span style="color: #007700">&lt;</span><span style="color: #0000BB">head</span><span style="color: #007700">&gt;
</span></span></code>
<span class="code-highlight"><code><span style="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&lt;link&nbsp;rel="canonical"&nbsp;href="<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">Configure</span><span style="color: #007700">::</span><span style="color: #0000BB">read</span><span style="color: #007700">(</span><span style="color: #DD0000">'SITE_URL'</span><span style="color: #007700">);&nbsp;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$urlPrefix</span><span style="color: #007700">;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">category</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">slug</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>/<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">seo_url</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>.html"/&gt;
</span></code></span>
<code><span style="color: #000000"><span style="color: #0000BB">&nbsp;&nbsp;&nbsp;&nbsp;</span><span style="color: #007700">&lt;</span><span style="color: #0000BB">meta&nbsp;http</span><span style="color: #007700">-</span><span style="color: #0000BB">equiv</span><span style="color: #007700">=</span><span style="color: #DD0000">"Content-Type"&nbsp;</span><span style="color: #0000BB">content</span><span style="color: #007700">=</span><span style="color: #DD0000">"text/html;&nbsp;charset=utf-8"</span><span style="color: #007700">/&gt;
</span></span></code></pre><pre id="cakeErr67f00105853cf-context" class="cake-context" style="display: none;">$viewFile = &#039;/home/brlfuser/public_html/src/Template/Layout/printlayout.ctp&#039;
$dataForView = [
	&#039;article_current&#039; =&gt; object(App\Model\Entity\Article) {

		&#039;id&#039; =&gt; (int) 34543,
		&#039;title&#039; =&gt; &#039;The spectre of deflation -Himanshu&#039;,
		&#039;subheading&#039; =&gt; &#039;&#039;,
		&#039;description&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;
-Livemint.com&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;It is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The second volume of the Economic Survey was presented on the last day of the monsoon session of Parliament on 11 August, preventing Parliament from holding a discussion on the state of the economy as outlined by the report.&lt;br /&gt;
&lt;br /&gt;
The second instalment, a departure from past practice, was necessitated by the shifting of the budget presentation to 1 February. But it was also necessary given the lack of available data on the economy, more so given the uncertainty surrounding the demonetization exercise of November-December.&lt;br /&gt;
&lt;br /&gt;
Since then, the spectre of demonetization seems to have faded but the uncertainty created by the goods and services tax (GST) is still looming on the economy. Both demonetization and GST have been shocks to the economy, the impact of which will take time to unravel in an economy already struggling with low investment, low credit, low exports and low demand.&lt;br /&gt;
&lt;br /&gt;
Given all these, the Economic Survey has been candid in its assessment of not just what happened in the last fiscal year but more in terms of what is likely to happen in the future. A quick reading of the assessment in the Survey does not provide a very optimistic picture of the economy despite claims to the contrary by government officials. While the Survey has been cautious in calling out an impending crisis in the economy, it does raise questions on the sustainability of economic growth give the spectre of deflation looming large.&lt;br /&gt;
&lt;br /&gt;
But how serious is the deflationary spectre? Going by the analysis, it does appear real. And it is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth. Almost all indicators including gross domestic product, core gross value-added (excluding agriculture and government), the index of industrial production (IIP), credit, investment and capacity utilization point to a deceleration in economic activity. Not surprisingly, the Survey notes that the growth of 7% in the past two years is more of an exception. The Survey has already moderated its growth projections to the lower end of the 6.75-7.5% range predicted in the first volume.&lt;br /&gt;
&lt;br /&gt;
But it is not just the macro indicators which defy the GDP estimates. The evidence on jobs and the agricultural sector are also suggesting a serious problem with the economy. While employment estimates from available sources continue to suggest either a decline in jobs or at best sluggish growth with jobs continuing to elude a majority of the young entering the labour market, the decline in real wages in the last three years is also confirmation of a weak labour market. &lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;http://www.livemint.com/Opinion/aG1EogNnUrDkZovcUMrBwO/The-spectre-of-deflation.html&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
&lt;/div&gt;&#039;,
		&#039;credit_writer&#039; =&gt; &#039;Livemint.com, 29 August, 2017, http://www.livemint.com/Opinion/aG1EogNnUrDkZovcUMrBwO/The-spectre-of-deflation.html&#039;,
		&#039;article_img&#039; =&gt; &#039;&#039;,
		&#039;article_img_thumb&#039; =&gt; &#039;&#039;,
		&#039;status&#039; =&gt; (int) 1,
		&#039;show_on_home&#039; =&gt; (int) 1,
		&#039;lang&#039; =&gt; &#039;EN&#039;,
		&#039;category_id&#039; =&gt; (int) 16,
		&#039;tag_keyword&#039; =&gt; &#039;&#039;,
		&#039;seo_url&#039; =&gt; &#039;the-spectre-of-deflation-himanshu-4682648&#039;,
		&#039;meta_title&#039; =&gt; null,
		&#039;meta_keywords&#039; =&gt; null,
		&#039;meta_description&#039; =&gt; null,
		&#039;noindex&#039; =&gt; (int) 0,
		&#039;publish_date&#039; =&gt; object(Cake\I18n\FrozenDate) {},
		&#039;most_visit_section_id&#039; =&gt; null,
		&#039;article_big_img&#039; =&gt; null,
		&#039;liveid&#039; =&gt; (int) 4682648,
		&#039;created&#039; =&gt; object(Cake\I18n\FrozenTime) {},
		&#039;modified&#039; =&gt; object(Cake\I18n\FrozenTime) {},
		&#039;edate&#039; =&gt; &#039;&#039;,
		&#039;tags&#039; =&gt; [
			[maximum depth reached]
		],
		&#039;category&#039; =&gt; object(App\Model\Entity\Category) {},
		&#039;[new]&#039; =&gt; false,
		&#039;[accessible]&#039; =&gt; [
			[maximum depth reached]
		],
		&#039;[dirty]&#039; =&gt; [[maximum depth reached]],
		&#039;[original]&#039; =&gt; [[maximum depth reached]],
		&#039;[virtual]&#039; =&gt; [[maximum depth reached]],
		&#039;[hasErrors]&#039; =&gt; false,
		&#039;[errors]&#039; =&gt; [[maximum depth reached]],
		&#039;[invalid]&#039; =&gt; [[maximum depth reached]],
		&#039;[repository]&#039; =&gt; &#039;Articles&#039;
	
	},
	&#039;articleid&#039; =&gt; (int) 34543,
	&#039;metaTitle&#039; =&gt; &#039;LATEST NEWS UPDATES | The spectre of deflation -Himanshu&#039;,
	&#039;metaKeywords&#039; =&gt; &#039;Rural Demand,Effective Demand,Deflation,Inflation,food prices&#039;,
	&#039;metaDesc&#039; =&gt; &#039;
-Livemint.com

It is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth

The second volume of the Economic Survey was presented on the...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-Livemint.com&lt;br /&gt;&lt;br /&gt;&lt;em&gt;It is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;The second volume of the Economic Survey was presented on the last day of the monsoon session of Parliament on 11 August, preventing Parliament from holding a discussion on the state of the economy as outlined by the report.&lt;br /&gt;&lt;br /&gt;The second instalment, a departure from past practice, was necessitated by the shifting of the budget presentation to 1 February. But it was also necessary given the lack of available data on the economy, more so given the uncertainty surrounding the demonetization exercise of November-December.&lt;br /&gt;&lt;br /&gt;Since then, the spectre of demonetization seems to have faded but the uncertainty created by the goods and services tax (GST) is still looming on the economy. Both demonetization and GST have been shocks to the economy, the impact of which will take time to unravel in an economy already struggling with low investment, low credit, low exports and low demand.&lt;br /&gt;&lt;br /&gt;Given all these, the Economic Survey has been candid in its assessment of not just what happened in the last fiscal year but more in terms of what is likely to happen in the future. A quick reading of the assessment in the Survey does not provide a very optimistic picture of the economy despite claims to the contrary by government officials. While the Survey has been cautious in calling out an impending crisis in the economy, it does raise questions on the sustainability of economic growth give the spectre of deflation looming large.&lt;br /&gt;&lt;br /&gt;But how serious is the deflationary spectre? Going by the analysis, it does appear real. And it is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth. Almost all indicators including gross domestic product, core gross value-added (excluding agriculture and government), the index of industrial production (IIP), credit, investment and capacity utilization point to a deceleration in economic activity. Not surprisingly, the Survey notes that the growth of 7% in the past two years is more of an exception. The Survey has already moderated its growth projections to the lower end of the 6.75-7.5% range predicted in the first volume.&lt;br /&gt;&lt;br /&gt;But it is not just the macro indicators which defy the GDP estimates. The evidence on jobs and the agricultural sector are also suggesting a serious problem with the economy. While employment estimates from available sources continue to suggest either a decline in jobs or at best sluggish growth with jobs continuing to elude a majority of the young entering the labour market, the decline in real wages in the last three years is also confirmation of a weak labour market. &lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;http://www.livemint.com/Opinion/aG1EogNnUrDkZovcUMrBwO/The-spectre-of-deflation.html&quot; title=&quot;http://www.livemint.com/Opinion/aG1EogNnUrDkZovcUMrBwO/The-spectre-of-deflation.html&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;/div&gt;&#039;,
	&#039;lang&#039; =&gt; &#039;English&#039;,
	&#039;SITE_URL&#039; =&gt; &#039;https://im4change.in/&#039;,
	&#039;site_title&#039; =&gt; &#039;im4change&#039;,
	&#039;adminprix&#039; =&gt; &#039;admin&#039;
]
$article_current = object(App\Model\Entity\Article) {

	&#039;id&#039; =&gt; (int) 34543,
	&#039;title&#039; =&gt; &#039;The spectre of deflation -Himanshu&#039;,
	&#039;subheading&#039; =&gt; &#039;&#039;,
	&#039;description&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;
-Livemint.com&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;It is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The second volume of the Economic Survey was presented on the last day of the monsoon session of Parliament on 11 August, preventing Parliament from holding a discussion on the state of the economy as outlined by the report.&lt;br /&gt;
&lt;br /&gt;
The second instalment, a departure from past practice, was necessitated by the shifting of the budget presentation to 1 February. But it was also necessary given the lack of available data on the economy, more so given the uncertainty surrounding the demonetization exercise of November-December.&lt;br /&gt;
&lt;br /&gt;
Since then, the spectre of demonetization seems to have faded but the uncertainty created by the goods and services tax (GST) is still looming on the economy. Both demonetization and GST have been shocks to the economy, the impact of which will take time to unravel in an economy already struggling with low investment, low credit, low exports and low demand.&lt;br /&gt;
&lt;br /&gt;
Given all these, the Economic Survey has been candid in its assessment of not just what happened in the last fiscal year but more in terms of what is likely to happen in the future. A quick reading of the assessment in the Survey does not provide a very optimistic picture of the economy despite claims to the contrary by government officials. While the Survey has been cautious in calling out an impending crisis in the economy, it does raise questions on the sustainability of economic growth give the spectre of deflation looming large.&lt;br /&gt;
&lt;br /&gt;
But how serious is the deflationary spectre? Going by the analysis, it does appear real. And it is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth. Almost all indicators including gross domestic product, core gross value-added (excluding agriculture and government), the index of industrial production (IIP), credit, investment and capacity utilization point to a deceleration in economic activity. Not surprisingly, the Survey notes that the growth of 7% in the past two years is more of an exception. The Survey has already moderated its growth projections to the lower end of the 6.75-7.5% range predicted in the first volume.&lt;br /&gt;
&lt;br /&gt;
But it is not just the macro indicators which defy the GDP estimates. The evidence on jobs and the agricultural sector are also suggesting a serious problem with the economy. While employment estimates from available sources continue to suggest either a decline in jobs or at best sluggish growth with jobs continuing to elude a majority of the young entering the labour market, the decline in real wages in the last three years is also confirmation of a weak labour market. &lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;http://www.livemint.com/Opinion/aG1EogNnUrDkZovcUMrBwO/The-spectre-of-deflation.html&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
&lt;/div&gt;&#039;,
	&#039;credit_writer&#039; =&gt; &#039;Livemint.com, 29 August, 2017, http://www.livemint.com/Opinion/aG1EogNnUrDkZovcUMrBwO/The-spectre-of-deflation.html&#039;,
	&#039;article_img&#039; =&gt; &#039;&#039;,
	&#039;article_img_thumb&#039; =&gt; &#039;&#039;,
	&#039;status&#039; =&gt; (int) 1,
	&#039;show_on_home&#039; =&gt; (int) 1,
	&#039;lang&#039; =&gt; &#039;EN&#039;,
	&#039;category_id&#039; =&gt; (int) 16,
	&#039;tag_keyword&#039; =&gt; &#039;&#039;,
	&#039;seo_url&#039; =&gt; &#039;the-spectre-of-deflation-himanshu-4682648&#039;,
	&#039;meta_title&#039; =&gt; null,
	&#039;meta_keywords&#039; =&gt; null,
	&#039;meta_description&#039; =&gt; null,
	&#039;noindex&#039; =&gt; (int) 0,
	&#039;publish_date&#039; =&gt; object(Cake\I18n\FrozenDate) {},
	&#039;most_visit_section_id&#039; =&gt; null,
	&#039;article_big_img&#039; =&gt; null,
	&#039;liveid&#039; =&gt; (int) 4682648,
	&#039;created&#039; =&gt; object(Cake\I18n\FrozenTime) {},
	&#039;modified&#039; =&gt; object(Cake\I18n\FrozenTime) {},
	&#039;edate&#039; =&gt; &#039;&#039;,
	&#039;tags&#039; =&gt; [
		(int) 0 =&gt; object(Cake\ORM\Entity) {},
		(int) 1 =&gt; object(Cake\ORM\Entity) {},
		(int) 2 =&gt; object(Cake\ORM\Entity) {},
		(int) 3 =&gt; object(Cake\ORM\Entity) {},
		(int) 4 =&gt; object(Cake\ORM\Entity) {}
	],
	&#039;category&#039; =&gt; object(App\Model\Entity\Category) {},
	&#039;[new]&#039; =&gt; false,
	&#039;[accessible]&#039; =&gt; [
		&#039;*&#039; =&gt; true,
		&#039;id&#039; =&gt; false
	],
	&#039;[dirty]&#039; =&gt; [],
	&#039;[original]&#039; =&gt; [],
	&#039;[virtual]&#039; =&gt; [],
	&#039;[hasErrors]&#039; =&gt; false,
	&#039;[errors]&#039; =&gt; [],
	&#039;[invalid]&#039; =&gt; [],
	&#039;[repository]&#039; =&gt; &#039;Articles&#039;

}
$articleid = (int) 34543
$metaTitle = &#039;LATEST NEWS UPDATES | The spectre of deflation -Himanshu&#039;
$metaKeywords = &#039;Rural Demand,Effective Demand,Deflation,Inflation,food prices&#039;
$metaDesc = &#039;
-Livemint.com

It is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth

The second volume of the Economic Survey was presented on the...&#039;
$disp = &#039;&lt;div align=&quot;justify&quot;&gt;-Livemint.com&lt;br /&gt;&lt;br /&gt;&lt;em&gt;It is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;The second volume of the Economic Survey was presented on the last day of the monsoon session of Parliament on 11 August, preventing Parliament from holding a discussion on the state of the economy as outlined by the report.&lt;br /&gt;&lt;br /&gt;The second instalment, a departure from past practice, was necessitated by the shifting of the budget presentation to 1 February. But it was also necessary given the lack of available data on the economy, more so given the uncertainty surrounding the demonetization exercise of November-December.&lt;br /&gt;&lt;br /&gt;Since then, the spectre of demonetization seems to have faded but the uncertainty created by the goods and services tax (GST) is still looming on the economy. Both demonetization and GST have been shocks to the economy, the impact of which will take time to unravel in an economy already struggling with low investment, low credit, low exports and low demand.&lt;br /&gt;&lt;br /&gt;Given all these, the Economic Survey has been candid in its assessment of not just what happened in the last fiscal year but more in terms of what is likely to happen in the future. A quick reading of the assessment in the Survey does not provide a very optimistic picture of the economy despite claims to the contrary by government officials. While the Survey has been cautious in calling out an impending crisis in the economy, it does raise questions on the sustainability of economic growth give the spectre of deflation looming large.&lt;br /&gt;&lt;br /&gt;But how serious is the deflationary spectre? Going by the analysis, it does appear real. And it is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth. Almost all indicators including gross domestic product, core gross value-added (excluding agriculture and government), the index of industrial production (IIP), credit, investment and capacity utilization point to a deceleration in economic activity. Not surprisingly, the Survey notes that the growth of 7% in the past two years is more of an exception. The Survey has already moderated its growth projections to the lower end of the 6.75-7.5% range predicted in the first volume.&lt;br /&gt;&lt;br /&gt;But it is not just the macro indicators which defy the GDP estimates. The evidence on jobs and the agricultural sector are also suggesting a serious problem with the economy. While employment estimates from available sources continue to suggest either a decline in jobs or at best sluggish growth with jobs continuing to elude a majority of the young entering the labour market, the decline in real wages in the last three years is also confirmation of a weak labour market. &lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;http://www.livemint.com/Opinion/aG1EogNnUrDkZovcUMrBwO/The-spectre-of-deflation.html&quot; title=&quot;http://www.livemint.com/Opinion/aG1EogNnUrDkZovcUMrBwO/The-spectre-of-deflation.html&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;/div&gt;&#039;
$lang = &#039;English&#039;
$SITE_URL = &#039;https://im4change.in/&#039;
$site_title = &#039;im4change&#039;
$adminprix = &#039;admin&#039;</pre><pre class="stack-trace">include - APP/Template/Layout/printlayout.ctp, line 8
Cake\View\View::_evaluate() - CORE/src/View/View.php, line 1413
Cake\View\View::_render() - CORE/src/View/View.php, line 1374
Cake\View\View::renderLayout() - CORE/src/View/View.php, line 927
Cake\View\View::render() - CORE/src/View/View.php, line 885
Cake\Controller\Controller::render() - CORE/src/Controller/Controller.php, line 791
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 126
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</pre></div></pre>latest-news-updates/the-spectre-of-deflation-himanshu-4682648.html"/>
    <meta http-equiv="Content-Type" content="text/html; charset=utf-8"/>
    <link href="https://im4change.in/css/control.css" rel="stylesheet" type="text/css"
          media="all"/>
    <title>LATEST NEWS UPDATES | The spectre of deflation -Himanshu | Im4change.org</title>
    <meta name="description" content="
-Livemint.com

It is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth

The second volume of the Economic Survey was presented on the..."/>
    <script src="https://im4change.in/js/jquery-1.10.2.js"></script>
    <script type="text/javascript" src="https://im4change.in/js/jquery-migrate.min.js"></script>
    <script language="javascript" type="text/javascript">

        $(document).ready(function () {
            var img = $("img")[0]; // Get my img elem
            var pic_real_width, pic_real_height;
            $("<img/>") // Make in memory copy of image to avoid css issues
                .attr("src", $(img).attr("src"))
                .load(function () {
                    pic_real_width = this.width;   // Note: $(this).width() will not
                    pic_real_height = this.height; // work for in memory images.
                });
        });
    </script>
    <style type="text/css">
        @media screen {
            div.divFooter {
                display: block;
            }
        }

        @media print {
            .printbutton {
                display: none !important;
            }
        }
    </style>
</head>
<body>
<table cellpadding="0" cellspacing="0" border="0" width="98%" align="center">
    <tr>
        <td class="top_bg">
            <div class="divFooter">
                <img src="https://im4change.in/images/logo1.jpg" height="59" border="0"
                     alt="Resource centre on India's rural distress" style="padding-top:14px;"/>
            </div>

        </td>
    </tr>
    <tr>
        <td id="topspace">&nbsp;</td>
    </tr>

    <tr id="topspace">
        <td>&nbsp;</td>
    </tr>
    <tr>
        <td height="50" style="border-bottom:1px solid #000; padding-top:10px;" class="printbutton">
            <form><input type="button" value=" Print this page "
                         onclick="window.print();return false;"/></form>
        </td>
    </tr>

    <tr>
        <td width="100%">
            <h1 class="news_headlines" style="font-style:normal">
                <strong>The spectre of deflation -Himanshu</strong></h1>
        </td>
    </tr>
    <tr>
        <td width="100%" style="font-family:Arial, 'Segoe Script', 'Segoe UI', sans-serif, serif"><font size="3">
                <div align="justify">-Livemint.com<br /><br /><em>It is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth<br /></em><br />The second volume of the Economic Survey was presented on the last day of the monsoon session of Parliament on 11 August, preventing Parliament from holding a discussion on the state of the economy as outlined by the report.<br /><br />The second instalment, a departure from past practice, was necessitated by the shifting of the budget presentation to 1 February. But it was also necessary given the lack of available data on the economy, more so given the uncertainty surrounding the demonetization exercise of November-December.<br /><br />Since then, the spectre of demonetization seems to have faded but the uncertainty created by the goods and services tax (GST) is still looming on the economy. Both demonetization and GST have been shocks to the economy, the impact of which will take time to unravel in an economy already struggling with low investment, low credit, low exports and low demand.<br /><br />Given all these, the Economic Survey has been candid in its assessment of not just what happened in the last fiscal year but more in terms of what is likely to happen in the future. A quick reading of the assessment in the Survey does not provide a very optimistic picture of the economy despite claims to the contrary by government officials. While the Survey has been cautious in calling out an impending crisis in the economy, it does raise questions on the sustainability of economic growth give the spectre of deflation looming large.<br /><br />But how serious is the deflationary spectre? Going by the analysis, it does appear real. And it is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth. Almost all indicators including gross domestic product, core gross value-added (excluding agriculture and government), the index of industrial production (IIP), credit, investment and capacity utilization point to a deceleration in economic activity. Not surprisingly, the Survey notes that the growth of 7% in the past two years is more of an exception. The Survey has already moderated its growth projections to the lower end of the 6.75-7.5% range predicted in the first volume.<br /><br />But it is not just the macro indicators which defy the GDP estimates. The evidence on jobs and the agricultural sector are also suggesting a serious problem with the economy. While employment estimates from available sources continue to suggest either a decline in jobs or at best sluggish growth with jobs continuing to elude a majority of the young entering the labour market, the decline in real wages in the last three years is also confirmation of a weak labour market. <br /><br />Please <a href="http://www.livemint.com/Opinion/aG1EogNnUrDkZovcUMrBwO/The-spectre-of-deflation.html" title="http://www.livemint.com/Opinion/aG1EogNnUrDkZovcUMrBwO/The-spectre-of-deflation.html">click here</a> to read more. <br /></div>               </font>
        </td>
    </tr>
    <tr>
        <td>&nbsp;</td>
    </tr>

    <tr>
        <td height="50" style="border-top:1px solid #000; border-bottom:1px solid #000;padding-top:10px;">
            <form><input type="button" value=" Print this page "
                         onclick="window.print();return false;"/></form>
        </td>
    </tr>
</table></body>
</html>'

}
$maxBufferLength = (int) 8192
$file = '/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php'
$line = (int) 853
$message = 'Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853'
Cake\Http\ResponseEmitter::emit() - CORE/src/Http/ResponseEmitter.php, line 48
Cake\Http\Server::emit() - CORE/src/Http/Server.php, line 141
[main] - ROOT/webroot/index.php, line 39

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]
Code Context
            $response->getStatusCode(),

            ($reasonPhrase ? ' ' . $reasonPhrase : '')

        ));
$response = object(Cake\Http\Response) {

	'status' => (int) 200,
	'contentType' => 'text/html',
	'headers' => [
		'Content-Type' => [
			[maximum depth reached]
		]
	],
	'file' => null,
	'fileRange' => [],
	'cookies' => object(Cake\Http\Cookie\CookieCollection) {},
	'cacheDirectives' => [],
	'body' => '<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN"
        "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
<html xmlns="http://www.w3.org/1999/xhtml">
<head>
    <link rel="canonical" href="https://im4change.in/<pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f00105853cf-trace').style.display = (document.getElementById('cakeErr67f00105853cf-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: Undefined variable: urlPrefix [<b>APP/Template/Layout/printlayout.ctp</b>, line <b>8</b>]<div id="cakeErr67f00105853cf-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f00105853cf-code').style.display = (document.getElementById('cakeErr67f00105853cf-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f00105853cf-context').style.display = (document.getElementById('cakeErr67f00105853cf-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr67f00105853cf-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB"></span><span style="color: #007700">&lt;</span><span style="color: #0000BB">head</span><span style="color: #007700">&gt;
</span></span></code>
<span class="code-highlight"><code><span style="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&lt;link&nbsp;rel="canonical"&nbsp;href="<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">Configure</span><span style="color: #007700">::</span><span style="color: #0000BB">read</span><span style="color: #007700">(</span><span style="color: #DD0000">'SITE_URL'</span><span style="color: #007700">);&nbsp;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$urlPrefix</span><span style="color: #007700">;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">category</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">slug</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>/<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">seo_url</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>.html"/&gt;
</span></code></span>
<code><span style="color: #000000"><span style="color: #0000BB">&nbsp;&nbsp;&nbsp;&nbsp;</span><span style="color: #007700">&lt;</span><span style="color: #0000BB">meta&nbsp;http</span><span style="color: #007700">-</span><span style="color: #0000BB">equiv</span><span style="color: #007700">=</span><span style="color: #DD0000">"Content-Type"&nbsp;</span><span style="color: #0000BB">content</span><span style="color: #007700">=</span><span style="color: #DD0000">"text/html;&nbsp;charset=utf-8"</span><span style="color: #007700">/&gt;
</span></span></code></pre><pre id="cakeErr67f00105853cf-context" class="cake-context" style="display: none;">$viewFile = &#039;/home/brlfuser/public_html/src/Template/Layout/printlayout.ctp&#039;
$dataForView = [
	&#039;article_current&#039; =&gt; object(App\Model\Entity\Article) {

		&#039;id&#039; =&gt; (int) 34543,
		&#039;title&#039; =&gt; &#039;The spectre of deflation -Himanshu&#039;,
		&#039;subheading&#039; =&gt; &#039;&#039;,
		&#039;description&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;
-Livemint.com&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;It is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The second volume of the Economic Survey was presented on the last day of the monsoon session of Parliament on 11 August, preventing Parliament from holding a discussion on the state of the economy as outlined by the report.&lt;br /&gt;
&lt;br /&gt;
The second instalment, a departure from past practice, was necessitated by the shifting of the budget presentation to 1 February. But it was also necessary given the lack of available data on the economy, more so given the uncertainty surrounding the demonetization exercise of November-December.&lt;br /&gt;
&lt;br /&gt;
Since then, the spectre of demonetization seems to have faded but the uncertainty created by the goods and services tax (GST) is still looming on the economy. Both demonetization and GST have been shocks to the economy, the impact of which will take time to unravel in an economy already struggling with low investment, low credit, low exports and low demand.&lt;br /&gt;
&lt;br /&gt;
Given all these, the Economic Survey has been candid in its assessment of not just what happened in the last fiscal year but more in terms of what is likely to happen in the future. A quick reading of the assessment in the Survey does not provide a very optimistic picture of the economy despite claims to the contrary by government officials. While the Survey has been cautious in calling out an impending crisis in the economy, it does raise questions on the sustainability of economic growth give the spectre of deflation looming large.&lt;br /&gt;
&lt;br /&gt;
But how serious is the deflationary spectre? Going by the analysis, it does appear real. And it is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth. Almost all indicators including gross domestic product, core gross value-added (excluding agriculture and government), the index of industrial production (IIP), credit, investment and capacity utilization point to a deceleration in economic activity. Not surprisingly, the Survey notes that the growth of 7% in the past two years is more of an exception. The Survey has already moderated its growth projections to the lower end of the 6.75-7.5% range predicted in the first volume.&lt;br /&gt;
&lt;br /&gt;
But it is not just the macro indicators which defy the GDP estimates. The evidence on jobs and the agricultural sector are also suggesting a serious problem with the economy. While employment estimates from available sources continue to suggest either a decline in jobs or at best sluggish growth with jobs continuing to elude a majority of the young entering the labour market, the decline in real wages in the last three years is also confirmation of a weak labour market. &lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;http://www.livemint.com/Opinion/aG1EogNnUrDkZovcUMrBwO/The-spectre-of-deflation.html&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
&lt;/div&gt;&#039;,
		&#039;credit_writer&#039; =&gt; &#039;Livemint.com, 29 August, 2017, http://www.livemint.com/Opinion/aG1EogNnUrDkZovcUMrBwO/The-spectre-of-deflation.html&#039;,
		&#039;article_img&#039; =&gt; &#039;&#039;,
		&#039;article_img_thumb&#039; =&gt; &#039;&#039;,
		&#039;status&#039; =&gt; (int) 1,
		&#039;show_on_home&#039; =&gt; (int) 1,
		&#039;lang&#039; =&gt; &#039;EN&#039;,
		&#039;category_id&#039; =&gt; (int) 16,
		&#039;tag_keyword&#039; =&gt; &#039;&#039;,
		&#039;seo_url&#039; =&gt; &#039;the-spectre-of-deflation-himanshu-4682648&#039;,
		&#039;meta_title&#039; =&gt; null,
		&#039;meta_keywords&#039; =&gt; null,
		&#039;meta_description&#039; =&gt; null,
		&#039;noindex&#039; =&gt; (int) 0,
		&#039;publish_date&#039; =&gt; object(Cake\I18n\FrozenDate) {},
		&#039;most_visit_section_id&#039; =&gt; null,
		&#039;article_big_img&#039; =&gt; null,
		&#039;liveid&#039; =&gt; (int) 4682648,
		&#039;created&#039; =&gt; object(Cake\I18n\FrozenTime) {},
		&#039;modified&#039; =&gt; object(Cake\I18n\FrozenTime) {},
		&#039;edate&#039; =&gt; &#039;&#039;,
		&#039;tags&#039; =&gt; [
			[maximum depth reached]
		],
		&#039;category&#039; =&gt; object(App\Model\Entity\Category) {},
		&#039;[new]&#039; =&gt; false,
		&#039;[accessible]&#039; =&gt; [
			[maximum depth reached]
		],
		&#039;[dirty]&#039; =&gt; [[maximum depth reached]],
		&#039;[original]&#039; =&gt; [[maximum depth reached]],
		&#039;[virtual]&#039; =&gt; [[maximum depth reached]],
		&#039;[hasErrors]&#039; =&gt; false,
		&#039;[errors]&#039; =&gt; [[maximum depth reached]],
		&#039;[invalid]&#039; =&gt; [[maximum depth reached]],
		&#039;[repository]&#039; =&gt; &#039;Articles&#039;
	
	},
	&#039;articleid&#039; =&gt; (int) 34543,
	&#039;metaTitle&#039; =&gt; &#039;LATEST NEWS UPDATES | The spectre of deflation -Himanshu&#039;,
	&#039;metaKeywords&#039; =&gt; &#039;Rural Demand,Effective Demand,Deflation,Inflation,food prices&#039;,
	&#039;metaDesc&#039; =&gt; &#039;
-Livemint.com

It is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth

The second volume of the Economic Survey was presented on the...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-Livemint.com&lt;br /&gt;&lt;br /&gt;&lt;em&gt;It is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;The second volume of the Economic Survey was presented on the last day of the monsoon session of Parliament on 11 August, preventing Parliament from holding a discussion on the state of the economy as outlined by the report.&lt;br /&gt;&lt;br /&gt;The second instalment, a departure from past practice, was necessitated by the shifting of the budget presentation to 1 February. But it was also necessary given the lack of available data on the economy, more so given the uncertainty surrounding the demonetization exercise of November-December.&lt;br /&gt;&lt;br /&gt;Since then, the spectre of demonetization seems to have faded but the uncertainty created by the goods and services tax (GST) is still looming on the economy. Both demonetization and GST have been shocks to the economy, the impact of which will take time to unravel in an economy already struggling with low investment, low credit, low exports and low demand.&lt;br /&gt;&lt;br /&gt;Given all these, the Economic Survey has been candid in its assessment of not just what happened in the last fiscal year but more in terms of what is likely to happen in the future. A quick reading of the assessment in the Survey does not provide a very optimistic picture of the economy despite claims to the contrary by government officials. While the Survey has been cautious in calling out an impending crisis in the economy, it does raise questions on the sustainability of economic growth give the spectre of deflation looming large.&lt;br /&gt;&lt;br /&gt;But how serious is the deflationary spectre? Going by the analysis, it does appear real. And it is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth. Almost all indicators including gross domestic product, core gross value-added (excluding agriculture and government), the index of industrial production (IIP), credit, investment and capacity utilization point to a deceleration in economic activity. Not surprisingly, the Survey notes that the growth of 7% in the past two years is more of an exception. The Survey has already moderated its growth projections to the lower end of the 6.75-7.5% range predicted in the first volume.&lt;br /&gt;&lt;br /&gt;But it is not just the macro indicators which defy the GDP estimates. The evidence on jobs and the agricultural sector are also suggesting a serious problem with the economy. While employment estimates from available sources continue to suggest either a decline in jobs or at best sluggish growth with jobs continuing to elude a majority of the young entering the labour market, the decline in real wages in the last three years is also confirmation of a weak labour market. &lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;http://www.livemint.com/Opinion/aG1EogNnUrDkZovcUMrBwO/The-spectre-of-deflation.html&quot; title=&quot;http://www.livemint.com/Opinion/aG1EogNnUrDkZovcUMrBwO/The-spectre-of-deflation.html&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;/div&gt;&#039;,
	&#039;lang&#039; =&gt; &#039;English&#039;,
	&#039;SITE_URL&#039; =&gt; &#039;https://im4change.in/&#039;,
	&#039;site_title&#039; =&gt; &#039;im4change&#039;,
	&#039;adminprix&#039; =&gt; &#039;admin&#039;
]
$article_current = object(App\Model\Entity\Article) {

	&#039;id&#039; =&gt; (int) 34543,
	&#039;title&#039; =&gt; &#039;The spectre of deflation -Himanshu&#039;,
	&#039;subheading&#039; =&gt; &#039;&#039;,
	&#039;description&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;
-Livemint.com&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;It is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The second volume of the Economic Survey was presented on the last day of the monsoon session of Parliament on 11 August, preventing Parliament from holding a discussion on the state of the economy as outlined by the report.&lt;br /&gt;
&lt;br /&gt;
The second instalment, a departure from past practice, was necessitated by the shifting of the budget presentation to 1 February. But it was also necessary given the lack of available data on the economy, more so given the uncertainty surrounding the demonetization exercise of November-December.&lt;br /&gt;
&lt;br /&gt;
Since then, the spectre of demonetization seems to have faded but the uncertainty created by the goods and services tax (GST) is still looming on the economy. Both demonetization and GST have been shocks to the economy, the impact of which will take time to unravel in an economy already struggling with low investment, low credit, low exports and low demand.&lt;br /&gt;
&lt;br /&gt;
Given all these, the Economic Survey has been candid in its assessment of not just what happened in the last fiscal year but more in terms of what is likely to happen in the future. A quick reading of the assessment in the Survey does not provide a very optimistic picture of the economy despite claims to the contrary by government officials. While the Survey has been cautious in calling out an impending crisis in the economy, it does raise questions on the sustainability of economic growth give the spectre of deflation looming large.&lt;br /&gt;
&lt;br /&gt;
But how serious is the deflationary spectre? Going by the analysis, it does appear real. And it is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth. Almost all indicators including gross domestic product, core gross value-added (excluding agriculture and government), the index of industrial production (IIP), credit, investment and capacity utilization point to a deceleration in economic activity. Not surprisingly, the Survey notes that the growth of 7% in the past two years is more of an exception. The Survey has already moderated its growth projections to the lower end of the 6.75-7.5% range predicted in the first volume.&lt;br /&gt;
&lt;br /&gt;
But it is not just the macro indicators which defy the GDP estimates. The evidence on jobs and the agricultural sector are also suggesting a serious problem with the economy. While employment estimates from available sources continue to suggest either a decline in jobs or at best sluggish growth with jobs continuing to elude a majority of the young entering the labour market, the decline in real wages in the last three years is also confirmation of a weak labour market. &lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;http://www.livemint.com/Opinion/aG1EogNnUrDkZovcUMrBwO/The-spectre-of-deflation.html&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
&lt;/div&gt;&#039;,
	&#039;credit_writer&#039; =&gt; &#039;Livemint.com, 29 August, 2017, http://www.livemint.com/Opinion/aG1EogNnUrDkZovcUMrBwO/The-spectre-of-deflation.html&#039;,
	&#039;article_img&#039; =&gt; &#039;&#039;,
	&#039;article_img_thumb&#039; =&gt; &#039;&#039;,
	&#039;status&#039; =&gt; (int) 1,
	&#039;show_on_home&#039; =&gt; (int) 1,
	&#039;lang&#039; =&gt; &#039;EN&#039;,
	&#039;category_id&#039; =&gt; (int) 16,
	&#039;tag_keyword&#039; =&gt; &#039;&#039;,
	&#039;seo_url&#039; =&gt; &#039;the-spectre-of-deflation-himanshu-4682648&#039;,
	&#039;meta_title&#039; =&gt; null,
	&#039;meta_keywords&#039; =&gt; null,
	&#039;meta_description&#039; =&gt; null,
	&#039;noindex&#039; =&gt; (int) 0,
	&#039;publish_date&#039; =&gt; object(Cake\I18n\FrozenDate) {},
	&#039;most_visit_section_id&#039; =&gt; null,
	&#039;article_big_img&#039; =&gt; null,
	&#039;liveid&#039; =&gt; (int) 4682648,
	&#039;created&#039; =&gt; object(Cake\I18n\FrozenTime) {},
	&#039;modified&#039; =&gt; object(Cake\I18n\FrozenTime) {},
	&#039;edate&#039; =&gt; &#039;&#039;,
	&#039;tags&#039; =&gt; [
		(int) 0 =&gt; object(Cake\ORM\Entity) {},
		(int) 1 =&gt; object(Cake\ORM\Entity) {},
		(int) 2 =&gt; object(Cake\ORM\Entity) {},
		(int) 3 =&gt; object(Cake\ORM\Entity) {},
		(int) 4 =&gt; object(Cake\ORM\Entity) {}
	],
	&#039;category&#039; =&gt; object(App\Model\Entity\Category) {},
	&#039;[new]&#039; =&gt; false,
	&#039;[accessible]&#039; =&gt; [
		&#039;*&#039; =&gt; true,
		&#039;id&#039; =&gt; false
	],
	&#039;[dirty]&#039; =&gt; [],
	&#039;[original]&#039; =&gt; [],
	&#039;[virtual]&#039; =&gt; [],
	&#039;[hasErrors]&#039; =&gt; false,
	&#039;[errors]&#039; =&gt; [],
	&#039;[invalid]&#039; =&gt; [],
	&#039;[repository]&#039; =&gt; &#039;Articles&#039;

}
$articleid = (int) 34543
$metaTitle = &#039;LATEST NEWS UPDATES | The spectre of deflation -Himanshu&#039;
$metaKeywords = &#039;Rural Demand,Effective Demand,Deflation,Inflation,food prices&#039;
$metaDesc = &#039;
-Livemint.com

It is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth

The second volume of the Economic Survey was presented on the...&#039;
$disp = &#039;&lt;div align=&quot;justify&quot;&gt;-Livemint.com&lt;br /&gt;&lt;br /&gt;&lt;em&gt;It is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;The second volume of the Economic Survey was presented on the last day of the monsoon session of Parliament on 11 August, preventing Parliament from holding a discussion on the state of the economy as outlined by the report.&lt;br /&gt;&lt;br /&gt;The second instalment, a departure from past practice, was necessitated by the shifting of the budget presentation to 1 February. But it was also necessary given the lack of available data on the economy, more so given the uncertainty surrounding the demonetization exercise of November-December.&lt;br /&gt;&lt;br /&gt;Since then, the spectre of demonetization seems to have faded but the uncertainty created by the goods and services tax (GST) is still looming on the economy. Both demonetization and GST have been shocks to the economy, the impact of which will take time to unravel in an economy already struggling with low investment, low credit, low exports and low demand.&lt;br /&gt;&lt;br /&gt;Given all these, the Economic Survey has been candid in its assessment of not just what happened in the last fiscal year but more in terms of what is likely to happen in the future. A quick reading of the assessment in the Survey does not provide a very optimistic picture of the economy despite claims to the contrary by government officials. While the Survey has been cautious in calling out an impending crisis in the economy, it does raise questions on the sustainability of economic growth give the spectre of deflation looming large.&lt;br /&gt;&lt;br /&gt;But how serious is the deflationary spectre? Going by the analysis, it does appear real. And it is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth. Almost all indicators including gross domestic product, core gross value-added (excluding agriculture and government), the index of industrial production (IIP), credit, investment and capacity utilization point to a deceleration in economic activity. Not surprisingly, the Survey notes that the growth of 7% in the past two years is more of an exception. The Survey has already moderated its growth projections to the lower end of the 6.75-7.5% range predicted in the first volume.&lt;br /&gt;&lt;br /&gt;But it is not just the macro indicators which defy the GDP estimates. The evidence on jobs and the agricultural sector are also suggesting a serious problem with the economy. While employment estimates from available sources continue to suggest either a decline in jobs or at best sluggish growth with jobs continuing to elude a majority of the young entering the labour market, the decline in real wages in the last three years is also confirmation of a weak labour market. &lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;http://www.livemint.com/Opinion/aG1EogNnUrDkZovcUMrBwO/The-spectre-of-deflation.html&quot; title=&quot;http://www.livemint.com/Opinion/aG1EogNnUrDkZovcUMrBwO/The-spectre-of-deflation.html&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;/div&gt;&#039;
$lang = &#039;English&#039;
$SITE_URL = &#039;https://im4change.in/&#039;
$site_title = &#039;im4change&#039;
$adminprix = &#039;admin&#039;</pre><pre class="stack-trace">include - APP/Template/Layout/printlayout.ctp, line 8
Cake\View\View::_evaluate() - CORE/src/View/View.php, line 1413
Cake\View\View::_render() - CORE/src/View/View.php, line 1374
Cake\View\View::renderLayout() - CORE/src/View/View.php, line 927
Cake\View\View::render() - CORE/src/View/View.php, line 885
Cake\Controller\Controller::render() - CORE/src/Controller/Controller.php, line 791
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 126
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</pre></div></pre>latest-news-updates/the-spectre-of-deflation-himanshu-4682648.html"/>
    <meta http-equiv="Content-Type" content="text/html; charset=utf-8"/>
    <link href="https://im4change.in/css/control.css" rel="stylesheet" type="text/css"
          media="all"/>
    <title>LATEST NEWS UPDATES | The spectre of deflation -Himanshu | Im4change.org</title>
    <meta name="description" content="
-Livemint.com

It is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth

The second volume of the Economic Survey was presented on the..."/>
    <script src="https://im4change.in/js/jquery-1.10.2.js"></script>
    <script type="text/javascript" src="https://im4change.in/js/jquery-migrate.min.js"></script>
    <script language="javascript" type="text/javascript">

        $(document).ready(function () {
            var img = $("img")[0]; // Get my img elem
            var pic_real_width, pic_real_height;
            $("<img/>") // Make in memory copy of image to avoid css issues
                .attr("src", $(img).attr("src"))
                .load(function () {
                    pic_real_width = this.width;   // Note: $(this).width() will not
                    pic_real_height = this.height; // work for in memory images.
                });
        });
    </script>
    <style type="text/css">
        @media screen {
            div.divFooter {
                display: block;
            }
        }

        @media print {
            .printbutton {
                display: none !important;
            }
        }
    </style>
</head>
<body>
<table cellpadding="0" cellspacing="0" border="0" width="98%" align="center">
    <tr>
        <td class="top_bg">
            <div class="divFooter">
                <img src="https://im4change.in/images/logo1.jpg" height="59" border="0"
                     alt="Resource centre on India's rural distress" style="padding-top:14px;"/>
            </div>

        </td>
    </tr>
    <tr>
        <td id="topspace">&nbsp;</td>
    </tr>

    <tr id="topspace">
        <td>&nbsp;</td>
    </tr>
    <tr>
        <td height="50" style="border-bottom:1px solid #000; padding-top:10px;" class="printbutton">
            <form><input type="button" value=" Print this page "
                         onclick="window.print();return false;"/></form>
        </td>
    </tr>

    <tr>
        <td width="100%">
            <h1 class="news_headlines" style="font-style:normal">
                <strong>The spectre of deflation -Himanshu</strong></h1>
        </td>
    </tr>
    <tr>
        <td width="100%" style="font-family:Arial, 'Segoe Script', 'Segoe UI', sans-serif, serif"><font size="3">
                <div align="justify">-Livemint.com<br /><br /><em>It is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth<br /></em><br />The second volume of the Economic Survey was presented on the last day of the monsoon session of Parliament on 11 August, preventing Parliament from holding a discussion on the state of the economy as outlined by the report.<br /><br />The second instalment, a departure from past practice, was necessitated by the shifting of the budget presentation to 1 February. But it was also necessary given the lack of available data on the economy, more so given the uncertainty surrounding the demonetization exercise of November-December.<br /><br />Since then, the spectre of demonetization seems to have faded but the uncertainty created by the goods and services tax (GST) is still looming on the economy. Both demonetization and GST have been shocks to the economy, the impact of which will take time to unravel in an economy already struggling with low investment, low credit, low exports and low demand.<br /><br />Given all these, the Economic Survey has been candid in its assessment of not just what happened in the last fiscal year but more in terms of what is likely to happen in the future. A quick reading of the assessment in the Survey does not provide a very optimistic picture of the economy despite claims to the contrary by government officials. While the Survey has been cautious in calling out an impending crisis in the economy, it does raise questions on the sustainability of economic growth give the spectre of deflation looming large.<br /><br />But how serious is the deflationary spectre? Going by the analysis, it does appear real. And it is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth. Almost all indicators including gross domestic product, core gross value-added (excluding agriculture and government), the index of industrial production (IIP), credit, investment and capacity utilization point to a deceleration in economic activity. Not surprisingly, the Survey notes that the growth of 7% in the past two years is more of an exception. The Survey has already moderated its growth projections to the lower end of the 6.75-7.5% range predicted in the first volume.<br /><br />But it is not just the macro indicators which defy the GDP estimates. The evidence on jobs and the agricultural sector are also suggesting a serious problem with the economy. While employment estimates from available sources continue to suggest either a decline in jobs or at best sluggish growth with jobs continuing to elude a majority of the young entering the labour market, the decline in real wages in the last three years is also confirmation of a weak labour market. <br /><br />Please <a href="http://www.livemint.com/Opinion/aG1EogNnUrDkZovcUMrBwO/The-spectre-of-deflation.html" title="http://www.livemint.com/Opinion/aG1EogNnUrDkZovcUMrBwO/The-spectre-of-deflation.html">click here</a> to read more. <br /></div>               </font>
        </td>
    </tr>
    <tr>
        <td>&nbsp;</td>
    </tr>

    <tr>
        <td height="50" style="border-top:1px solid #000; border-bottom:1px solid #000;padding-top:10px;">
            <form><input type="button" value=" Print this page "
                         onclick="window.print();return false;"/></form>
        </td>
    </tr>
</table></body>
</html>'

}
$reasonPhrase = 'OK'
header - [internal], line ??
Cake\Http\ResponseEmitter::emitStatusLine() - CORE/src/Http/ResponseEmitter.php, line 148
Cake\Http\ResponseEmitter::emit() - CORE/src/Http/ResponseEmitter.php, line 54
Cake\Http\Server::emit() - CORE/src/Http/Server.php, line 141
[main] - ROOT/webroot/index.php, line 39

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]
Code Context
                    $value

                ), $first);

                $first = false;
$response = object(Cake\Http\Response) {

	'status' => (int) 200,
	'contentType' => 'text/html',
	'headers' => [
		'Content-Type' => [
			[maximum depth reached]
		]
	],
	'file' => null,
	'fileRange' => [],
	'cookies' => object(Cake\Http\Cookie\CookieCollection) {},
	'cacheDirectives' => [],
	'body' => '<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN"
        "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
<html xmlns="http://www.w3.org/1999/xhtml">
<head>
    <link rel="canonical" href="https://im4change.in/<pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f00105853cf-trace').style.display = (document.getElementById('cakeErr67f00105853cf-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: Undefined variable: urlPrefix [<b>APP/Template/Layout/printlayout.ctp</b>, line <b>8</b>]<div id="cakeErr67f00105853cf-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f00105853cf-code').style.display = (document.getElementById('cakeErr67f00105853cf-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f00105853cf-context').style.display = (document.getElementById('cakeErr67f00105853cf-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr67f00105853cf-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB"></span><span style="color: #007700">&lt;</span><span style="color: #0000BB">head</span><span style="color: #007700">&gt;
</span></span></code>
<span class="code-highlight"><code><span style="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&lt;link&nbsp;rel="canonical"&nbsp;href="<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">Configure</span><span style="color: #007700">::</span><span style="color: #0000BB">read</span><span style="color: #007700">(</span><span style="color: #DD0000">'SITE_URL'</span><span style="color: #007700">);&nbsp;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$urlPrefix</span><span style="color: #007700">;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">category</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">slug</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>/<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">seo_url</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>.html"/&gt;
</span></code></span>
<code><span style="color: #000000"><span style="color: #0000BB">&nbsp;&nbsp;&nbsp;&nbsp;</span><span style="color: #007700">&lt;</span><span style="color: #0000BB">meta&nbsp;http</span><span style="color: #007700">-</span><span style="color: #0000BB">equiv</span><span style="color: #007700">=</span><span style="color: #DD0000">"Content-Type"&nbsp;</span><span style="color: #0000BB">content</span><span style="color: #007700">=</span><span style="color: #DD0000">"text/html;&nbsp;charset=utf-8"</span><span style="color: #007700">/&gt;
</span></span></code></pre><pre id="cakeErr67f00105853cf-context" class="cake-context" style="display: none;">$viewFile = &#039;/home/brlfuser/public_html/src/Template/Layout/printlayout.ctp&#039;
$dataForView = [
	&#039;article_current&#039; =&gt; object(App\Model\Entity\Article) {

		&#039;id&#039; =&gt; (int) 34543,
		&#039;title&#039; =&gt; &#039;The spectre of deflation -Himanshu&#039;,
		&#039;subheading&#039; =&gt; &#039;&#039;,
		&#039;description&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;
-Livemint.com&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;It is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The second volume of the Economic Survey was presented on the last day of the monsoon session of Parliament on 11 August, preventing Parliament from holding a discussion on the state of the economy as outlined by the report.&lt;br /&gt;
&lt;br /&gt;
The second instalment, a departure from past practice, was necessitated by the shifting of the budget presentation to 1 February. But it was also necessary given the lack of available data on the economy, more so given the uncertainty surrounding the demonetization exercise of November-December.&lt;br /&gt;
&lt;br /&gt;
Since then, the spectre of demonetization seems to have faded but the uncertainty created by the goods and services tax (GST) is still looming on the economy. Both demonetization and GST have been shocks to the economy, the impact of which will take time to unravel in an economy already struggling with low investment, low credit, low exports and low demand.&lt;br /&gt;
&lt;br /&gt;
Given all these, the Economic Survey has been candid in its assessment of not just what happened in the last fiscal year but more in terms of what is likely to happen in the future. A quick reading of the assessment in the Survey does not provide a very optimistic picture of the economy despite claims to the contrary by government officials. While the Survey has been cautious in calling out an impending crisis in the economy, it does raise questions on the sustainability of economic growth give the spectre of deflation looming large.&lt;br /&gt;
&lt;br /&gt;
But how serious is the deflationary spectre? Going by the analysis, it does appear real. And it is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth. Almost all indicators including gross domestic product, core gross value-added (excluding agriculture and government), the index of industrial production (IIP), credit, investment and capacity utilization point to a deceleration in economic activity. Not surprisingly, the Survey notes that the growth of 7% in the past two years is more of an exception. The Survey has already moderated its growth projections to the lower end of the 6.75-7.5% range predicted in the first volume.&lt;br /&gt;
&lt;br /&gt;
But it is not just the macro indicators which defy the GDP estimates. The evidence on jobs and the agricultural sector are also suggesting a serious problem with the economy. While employment estimates from available sources continue to suggest either a decline in jobs or at best sluggish growth with jobs continuing to elude a majority of the young entering the labour market, the decline in real wages in the last three years is also confirmation of a weak labour market. &lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;http://www.livemint.com/Opinion/aG1EogNnUrDkZovcUMrBwO/The-spectre-of-deflation.html&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
&lt;/div&gt;&#039;,
		&#039;credit_writer&#039; =&gt; &#039;Livemint.com, 29 August, 2017, http://www.livemint.com/Opinion/aG1EogNnUrDkZovcUMrBwO/The-spectre-of-deflation.html&#039;,
		&#039;article_img&#039; =&gt; &#039;&#039;,
		&#039;article_img_thumb&#039; =&gt; &#039;&#039;,
		&#039;status&#039; =&gt; (int) 1,
		&#039;show_on_home&#039; =&gt; (int) 1,
		&#039;lang&#039; =&gt; &#039;EN&#039;,
		&#039;category_id&#039; =&gt; (int) 16,
		&#039;tag_keyword&#039; =&gt; &#039;&#039;,
		&#039;seo_url&#039; =&gt; &#039;the-spectre-of-deflation-himanshu-4682648&#039;,
		&#039;meta_title&#039; =&gt; null,
		&#039;meta_keywords&#039; =&gt; null,
		&#039;meta_description&#039; =&gt; null,
		&#039;noindex&#039; =&gt; (int) 0,
		&#039;publish_date&#039; =&gt; object(Cake\I18n\FrozenDate) {},
		&#039;most_visit_section_id&#039; =&gt; null,
		&#039;article_big_img&#039; =&gt; null,
		&#039;liveid&#039; =&gt; (int) 4682648,
		&#039;created&#039; =&gt; object(Cake\I18n\FrozenTime) {},
		&#039;modified&#039; =&gt; object(Cake\I18n\FrozenTime) {},
		&#039;edate&#039; =&gt; &#039;&#039;,
		&#039;tags&#039; =&gt; [
			[maximum depth reached]
		],
		&#039;category&#039; =&gt; object(App\Model\Entity\Category) {},
		&#039;[new]&#039; =&gt; false,
		&#039;[accessible]&#039; =&gt; [
			[maximum depth reached]
		],
		&#039;[dirty]&#039; =&gt; [[maximum depth reached]],
		&#039;[original]&#039; =&gt; [[maximum depth reached]],
		&#039;[virtual]&#039; =&gt; [[maximum depth reached]],
		&#039;[hasErrors]&#039; =&gt; false,
		&#039;[errors]&#039; =&gt; [[maximum depth reached]],
		&#039;[invalid]&#039; =&gt; [[maximum depth reached]],
		&#039;[repository]&#039; =&gt; &#039;Articles&#039;
	
	},
	&#039;articleid&#039; =&gt; (int) 34543,
	&#039;metaTitle&#039; =&gt; &#039;LATEST NEWS UPDATES | The spectre of deflation -Himanshu&#039;,
	&#039;metaKeywords&#039; =&gt; &#039;Rural Demand,Effective Demand,Deflation,Inflation,food prices&#039;,
	&#039;metaDesc&#039; =&gt; &#039;
-Livemint.com

It is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth

The second volume of the Economic Survey was presented on the...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-Livemint.com&lt;br /&gt;&lt;br /&gt;&lt;em&gt;It is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;The second volume of the Economic Survey was presented on the last day of the monsoon session of Parliament on 11 August, preventing Parliament from holding a discussion on the state of the economy as outlined by the report.&lt;br /&gt;&lt;br /&gt;The second instalment, a departure from past practice, was necessitated by the shifting of the budget presentation to 1 February. But it was also necessary given the lack of available data on the economy, more so given the uncertainty surrounding the demonetization exercise of November-December.&lt;br /&gt;&lt;br /&gt;Since then, the spectre of demonetization seems to have faded but the uncertainty created by the goods and services tax (GST) is still looming on the economy. Both demonetization and GST have been shocks to the economy, the impact of which will take time to unravel in an economy already struggling with low investment, low credit, low exports and low demand.&lt;br /&gt;&lt;br /&gt;Given all these, the Economic Survey has been candid in its assessment of not just what happened in the last fiscal year but more in terms of what is likely to happen in the future. A quick reading of the assessment in the Survey does not provide a very optimistic picture of the economy despite claims to the contrary by government officials. While the Survey has been cautious in calling out an impending crisis in the economy, it does raise questions on the sustainability of economic growth give the spectre of deflation looming large.&lt;br /&gt;&lt;br /&gt;But how serious is the deflationary spectre? Going by the analysis, it does appear real. And it is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth. Almost all indicators including gross domestic product, core gross value-added (excluding agriculture and government), the index of industrial production (IIP), credit, investment and capacity utilization point to a deceleration in economic activity. Not surprisingly, the Survey notes that the growth of 7% in the past two years is more of an exception. The Survey has already moderated its growth projections to the lower end of the 6.75-7.5% range predicted in the first volume.&lt;br /&gt;&lt;br /&gt;But it is not just the macro indicators which defy the GDP estimates. The evidence on jobs and the agricultural sector are also suggesting a serious problem with the economy. While employment estimates from available sources continue to suggest either a decline in jobs or at best sluggish growth with jobs continuing to elude a majority of the young entering the labour market, the decline in real wages in the last three years is also confirmation of a weak labour market. &lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;http://www.livemint.com/Opinion/aG1EogNnUrDkZovcUMrBwO/The-spectre-of-deflation.html&quot; title=&quot;http://www.livemint.com/Opinion/aG1EogNnUrDkZovcUMrBwO/The-spectre-of-deflation.html&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;/div&gt;&#039;,
	&#039;lang&#039; =&gt; &#039;English&#039;,
	&#039;SITE_URL&#039; =&gt; &#039;https://im4change.in/&#039;,
	&#039;site_title&#039; =&gt; &#039;im4change&#039;,
	&#039;adminprix&#039; =&gt; &#039;admin&#039;
]
$article_current = object(App\Model\Entity\Article) {

	&#039;id&#039; =&gt; (int) 34543,
	&#039;title&#039; =&gt; &#039;The spectre of deflation -Himanshu&#039;,
	&#039;subheading&#039; =&gt; &#039;&#039;,
	&#039;description&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;
-Livemint.com&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;It is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The second volume of the Economic Survey was presented on the last day of the monsoon session of Parliament on 11 August, preventing Parliament from holding a discussion on the state of the economy as outlined by the report.&lt;br /&gt;
&lt;br /&gt;
The second instalment, a departure from past practice, was necessitated by the shifting of the budget presentation to 1 February. But it was also necessary given the lack of available data on the economy, more so given the uncertainty surrounding the demonetization exercise of November-December.&lt;br /&gt;
&lt;br /&gt;
Since then, the spectre of demonetization seems to have faded but the uncertainty created by the goods and services tax (GST) is still looming on the economy. Both demonetization and GST have been shocks to the economy, the impact of which will take time to unravel in an economy already struggling with low investment, low credit, low exports and low demand.&lt;br /&gt;
&lt;br /&gt;
Given all these, the Economic Survey has been candid in its assessment of not just what happened in the last fiscal year but more in terms of what is likely to happen in the future. A quick reading of the assessment in the Survey does not provide a very optimistic picture of the economy despite claims to the contrary by government officials. While the Survey has been cautious in calling out an impending crisis in the economy, it does raise questions on the sustainability of economic growth give the spectre of deflation looming large.&lt;br /&gt;
&lt;br /&gt;
But how serious is the deflationary spectre? Going by the analysis, it does appear real. And it is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth. Almost all indicators including gross domestic product, core gross value-added (excluding agriculture and government), the index of industrial production (IIP), credit, investment and capacity utilization point to a deceleration in economic activity. Not surprisingly, the Survey notes that the growth of 7% in the past two years is more of an exception. The Survey has already moderated its growth projections to the lower end of the 6.75-7.5% range predicted in the first volume.&lt;br /&gt;
&lt;br /&gt;
But it is not just the macro indicators which defy the GDP estimates. The evidence on jobs and the agricultural sector are also suggesting a serious problem with the economy. While employment estimates from available sources continue to suggest either a decline in jobs or at best sluggish growth with jobs continuing to elude a majority of the young entering the labour market, the decline in real wages in the last three years is also confirmation of a weak labour market. &lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;http://www.livemint.com/Opinion/aG1EogNnUrDkZovcUMrBwO/The-spectre-of-deflation.html&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
&lt;/div&gt;&#039;,
	&#039;credit_writer&#039; =&gt; &#039;Livemint.com, 29 August, 2017, http://www.livemint.com/Opinion/aG1EogNnUrDkZovcUMrBwO/The-spectre-of-deflation.html&#039;,
	&#039;article_img&#039; =&gt; &#039;&#039;,
	&#039;article_img_thumb&#039; =&gt; &#039;&#039;,
	&#039;status&#039; =&gt; (int) 1,
	&#039;show_on_home&#039; =&gt; (int) 1,
	&#039;lang&#039; =&gt; &#039;EN&#039;,
	&#039;category_id&#039; =&gt; (int) 16,
	&#039;tag_keyword&#039; =&gt; &#039;&#039;,
	&#039;seo_url&#039; =&gt; &#039;the-spectre-of-deflation-himanshu-4682648&#039;,
	&#039;meta_title&#039; =&gt; null,
	&#039;meta_keywords&#039; =&gt; null,
	&#039;meta_description&#039; =&gt; null,
	&#039;noindex&#039; =&gt; (int) 0,
	&#039;publish_date&#039; =&gt; object(Cake\I18n\FrozenDate) {},
	&#039;most_visit_section_id&#039; =&gt; null,
	&#039;article_big_img&#039; =&gt; null,
	&#039;liveid&#039; =&gt; (int) 4682648,
	&#039;created&#039; =&gt; object(Cake\I18n\FrozenTime) {},
	&#039;modified&#039; =&gt; object(Cake\I18n\FrozenTime) {},
	&#039;edate&#039; =&gt; &#039;&#039;,
	&#039;tags&#039; =&gt; [
		(int) 0 =&gt; object(Cake\ORM\Entity) {},
		(int) 1 =&gt; object(Cake\ORM\Entity) {},
		(int) 2 =&gt; object(Cake\ORM\Entity) {},
		(int) 3 =&gt; object(Cake\ORM\Entity) {},
		(int) 4 =&gt; object(Cake\ORM\Entity) {}
	],
	&#039;category&#039; =&gt; object(App\Model\Entity\Category) {},
	&#039;[new]&#039; =&gt; false,
	&#039;[accessible]&#039; =&gt; [
		&#039;*&#039; =&gt; true,
		&#039;id&#039; =&gt; false
	],
	&#039;[dirty]&#039; =&gt; [],
	&#039;[original]&#039; =&gt; [],
	&#039;[virtual]&#039; =&gt; [],
	&#039;[hasErrors]&#039; =&gt; false,
	&#039;[errors]&#039; =&gt; [],
	&#039;[invalid]&#039; =&gt; [],
	&#039;[repository]&#039; =&gt; &#039;Articles&#039;

}
$articleid = (int) 34543
$metaTitle = &#039;LATEST NEWS UPDATES | The spectre of deflation -Himanshu&#039;
$metaKeywords = &#039;Rural Demand,Effective Demand,Deflation,Inflation,food prices&#039;
$metaDesc = &#039;
-Livemint.com

It is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth

The second volume of the Economic Survey was presented on the...&#039;
$disp = &#039;&lt;div align=&quot;justify&quot;&gt;-Livemint.com&lt;br /&gt;&lt;br /&gt;&lt;em&gt;It is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;The second volume of the Economic Survey was presented on the last day of the monsoon session of Parliament on 11 August, preventing Parliament from holding a discussion on the state of the economy as outlined by the report.&lt;br /&gt;&lt;br /&gt;The second instalment, a departure from past practice, was necessitated by the shifting of the budget presentation to 1 February. But it was also necessary given the lack of available data on the economy, more so given the uncertainty surrounding the demonetization exercise of November-December.&lt;br /&gt;&lt;br /&gt;Since then, the spectre of demonetization seems to have faded but the uncertainty created by the goods and services tax (GST) is still looming on the economy. Both demonetization and GST have been shocks to the economy, the impact of which will take time to unravel in an economy already struggling with low investment, low credit, low exports and low demand.&lt;br /&gt;&lt;br /&gt;Given all these, the Economic Survey has been candid in its assessment of not just what happened in the last fiscal year but more in terms of what is likely to happen in the future. A quick reading of the assessment in the Survey does not provide a very optimistic picture of the economy despite claims to the contrary by government officials. While the Survey has been cautious in calling out an impending crisis in the economy, it does raise questions on the sustainability of economic growth give the spectre of deflation looming large.&lt;br /&gt;&lt;br /&gt;But how serious is the deflationary spectre? Going by the analysis, it does appear real. And it is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth. Almost all indicators including gross domestic product, core gross value-added (excluding agriculture and government), the index of industrial production (IIP), credit, investment and capacity utilization point to a deceleration in economic activity. Not surprisingly, the Survey notes that the growth of 7% in the past two years is more of an exception. The Survey has already moderated its growth projections to the lower end of the 6.75-7.5% range predicted in the first volume.&lt;br /&gt;&lt;br /&gt;But it is not just the macro indicators which defy the GDP estimates. The evidence on jobs and the agricultural sector are also suggesting a serious problem with the economy. While employment estimates from available sources continue to suggest either a decline in jobs or at best sluggish growth with jobs continuing to elude a majority of the young entering the labour market, the decline in real wages in the last three years is also confirmation of a weak labour market. &lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;http://www.livemint.com/Opinion/aG1EogNnUrDkZovcUMrBwO/The-spectre-of-deflation.html&quot; title=&quot;http://www.livemint.com/Opinion/aG1EogNnUrDkZovcUMrBwO/The-spectre-of-deflation.html&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;/div&gt;&#039;
$lang = &#039;English&#039;
$SITE_URL = &#039;https://im4change.in/&#039;
$site_title = &#039;im4change&#039;
$adminprix = &#039;admin&#039;</pre><pre class="stack-trace">include - APP/Template/Layout/printlayout.ctp, line 8
Cake\View\View::_evaluate() - CORE/src/View/View.php, line 1413
Cake\View\View::_render() - CORE/src/View/View.php, line 1374
Cake\View\View::renderLayout() - CORE/src/View/View.php, line 927
Cake\View\View::render() - CORE/src/View/View.php, line 885
Cake\Controller\Controller::render() - CORE/src/Controller/Controller.php, line 791
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 126
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</pre></div></pre>latest-news-updates/the-spectre-of-deflation-himanshu-4682648.html"/>
    <meta http-equiv="Content-Type" content="text/html; charset=utf-8"/>
    <link href="https://im4change.in/css/control.css" rel="stylesheet" type="text/css"
          media="all"/>
    <title>LATEST NEWS UPDATES | The spectre of deflation -Himanshu | Im4change.org</title>
    <meta name="description" content="
-Livemint.com

It is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth

The second volume of the Economic Survey was presented on the..."/>
    <script src="https://im4change.in/js/jquery-1.10.2.js"></script>
    <script type="text/javascript" src="https://im4change.in/js/jquery-migrate.min.js"></script>
    <script language="javascript" type="text/javascript">

        $(document).ready(function () {
            var img = $("img")[0]; // Get my img elem
            var pic_real_width, pic_real_height;
            $("<img/>") // Make in memory copy of image to avoid css issues
                .attr("src", $(img).attr("src"))
                .load(function () {
                    pic_real_width = this.width;   // Note: $(this).width() will not
                    pic_real_height = this.height; // work for in memory images.
                });
        });
    </script>
    <style type="text/css">
        @media screen {
            div.divFooter {
                display: block;
            }
        }

        @media print {
            .printbutton {
                display: none !important;
            }
        }
    </style>
</head>
<body>
<table cellpadding="0" cellspacing="0" border="0" width="98%" align="center">
    <tr>
        <td class="top_bg">
            <div class="divFooter">
                <img src="https://im4change.in/images/logo1.jpg" height="59" border="0"
                     alt="Resource centre on India's rural distress" style="padding-top:14px;"/>
            </div>

        </td>
    </tr>
    <tr>
        <td id="topspace">&nbsp;</td>
    </tr>

    <tr id="topspace">
        <td>&nbsp;</td>
    </tr>
    <tr>
        <td height="50" style="border-bottom:1px solid #000; padding-top:10px;" class="printbutton">
            <form><input type="button" value=" Print this page "
                         onclick="window.print();return false;"/></form>
        </td>
    </tr>

    <tr>
        <td width="100%">
            <h1 class="news_headlines" style="font-style:normal">
                <strong>The spectre of deflation -Himanshu</strong></h1>
        </td>
    </tr>
    <tr>
        <td width="100%" style="font-family:Arial, 'Segoe Script', 'Segoe UI', sans-serif, serif"><font size="3">
                <div align="justify">-Livemint.com<br /><br /><em>It is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth<br /></em><br />The second volume of the Economic Survey was presented on the last day of the monsoon session of Parliament on 11 August, preventing Parliament from holding a discussion on the state of the economy as outlined by the report.<br /><br />The second instalment, a departure from past practice, was necessitated by the shifting of the budget presentation to 1 February. But it was also necessary given the lack of available data on the economy, more so given the uncertainty surrounding the demonetization exercise of November-December.<br /><br />Since then, the spectre of demonetization seems to have faded but the uncertainty created by the goods and services tax (GST) is still looming on the economy. Both demonetization and GST have been shocks to the economy, the impact of which will take time to unravel in an economy already struggling with low investment, low credit, low exports and low demand.<br /><br />Given all these, the Economic Survey has been candid in its assessment of not just what happened in the last fiscal year but more in terms of what is likely to happen in the future. A quick reading of the assessment in the Survey does not provide a very optimistic picture of the economy despite claims to the contrary by government officials. While the Survey has been cautious in calling out an impending crisis in the economy, it does raise questions on the sustainability of economic growth give the spectre of deflation looming large.<br /><br />But how serious is the deflationary spectre? Going by the analysis, it does appear real. And it is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth. Almost all indicators including gross domestic product, core gross value-added (excluding agriculture and government), the index of industrial production (IIP), credit, investment and capacity utilization point to a deceleration in economic activity. Not surprisingly, the Survey notes that the growth of 7% in the past two years is more of an exception. The Survey has already moderated its growth projections to the lower end of the 6.75-7.5% range predicted in the first volume.<br /><br />But it is not just the macro indicators which defy the GDP estimates. The evidence on jobs and the agricultural sector are also suggesting a serious problem with the economy. While employment estimates from available sources continue to suggest either a decline in jobs or at best sluggish growth with jobs continuing to elude a majority of the young entering the labour market, the decline in real wages in the last three years is also confirmation of a weak labour market. <br /><br />Please <a href="http://www.livemint.com/Opinion/aG1EogNnUrDkZovcUMrBwO/The-spectre-of-deflation.html" title="http://www.livemint.com/Opinion/aG1EogNnUrDkZovcUMrBwO/The-spectre-of-deflation.html">click here</a> to read more. <br /></div>               </font>
        </td>
    </tr>
    <tr>
        <td>&nbsp;</td>
    </tr>

    <tr>
        <td height="50" style="border-top:1px solid #000; border-bottom:1px solid #000;padding-top:10px;">
            <form><input type="button" value=" Print this page "
                         onclick="window.print();return false;"/></form>
        </td>
    </tr>
</table></body>
</html>'

}
$cookies = []
$values = [
	(int) 0 => 'text/html; charset=UTF-8'
]
$name = 'Content-Type'
$first = true
$value = 'text/html; charset=UTF-8'
header - [internal], line ??
Cake\Http\ResponseEmitter::emitHeaders() - CORE/src/Http/ResponseEmitter.php, line 181
Cake\Http\ResponseEmitter::emit() - CORE/src/Http/ResponseEmitter.php, line 55
Cake\Http\Server::emit() - CORE/src/Http/Server.php, line 141
[main] - ROOT/webroot/index.php, line 39

<head>

    <link rel="canonical" href="<?php echo Configure::read('SITE_URL'); ?><?php echo $urlPrefix;?><?php echo $article_current->category->slug; ?>/<?php echo $article_current->seo_url; ?>.html"/>

    <meta http-equiv="Content-Type" content="text/html; charset=utf-8"/>

$viewFile = '/home/brlfuser/public_html/src/Template/Layout/printlayout.ctp'
$dataForView = [
	'article_current' => object(App\Model\Entity\Article) {

		'id' => (int) 34543,
		'title' => 'The spectre of deflation -Himanshu',
		'subheading' => '',
		'description' => '<div align="justify">
-Livemint.com<br />
<br />
<em>It is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth<br />
</em><br />
The second volume of the Economic Survey was presented on the last day of the monsoon session of Parliament on 11 August, preventing Parliament from holding a discussion on the state of the economy as outlined by the report.<br />
<br />
The second instalment, a departure from past practice, was necessitated by the shifting of the budget presentation to 1 February. But it was also necessary given the lack of available data on the economy, more so given the uncertainty surrounding the demonetization exercise of November-December.<br />
<br />
Since then, the spectre of demonetization seems to have faded but the uncertainty created by the goods and services tax (GST) is still looming on the economy. Both demonetization and GST have been shocks to the economy, the impact of which will take time to unravel in an economy already struggling with low investment, low credit, low exports and low demand.<br />
<br />
Given all these, the Economic Survey has been candid in its assessment of not just what happened in the last fiscal year but more in terms of what is likely to happen in the future. A quick reading of the assessment in the Survey does not provide a very optimistic picture of the economy despite claims to the contrary by government officials. While the Survey has been cautious in calling out an impending crisis in the economy, it does raise questions on the sustainability of economic growth give the spectre of deflation looming large.<br />
<br />
But how serious is the deflationary spectre? Going by the analysis, it does appear real. And it is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth. Almost all indicators including gross domestic product, core gross value-added (excluding agriculture and government), the index of industrial production (IIP), credit, investment and capacity utilization point to a deceleration in economic activity. Not surprisingly, the Survey notes that the growth of 7% in the past two years is more of an exception. The Survey has already moderated its growth projections to the lower end of the 6.75-7.5% range predicted in the first volume.<br />
<br />
But it is not just the macro indicators which defy the GDP estimates. The evidence on jobs and the agricultural sector are also suggesting a serious problem with the economy. While employment estimates from available sources continue to suggest either a decline in jobs or at best sluggish growth with jobs continuing to elude a majority of the young entering the labour market, the decline in real wages in the last three years is also confirmation of a weak labour market. <br />
<br />
Please <a href="http://www.livemint.com/Opinion/aG1EogNnUrDkZovcUMrBwO/The-spectre-of-deflation.html">click here</a> to read more. <br />
</div>',
		'credit_writer' => 'Livemint.com, 29 August, 2017, http://www.livemint.com/Opinion/aG1EogNnUrDkZovcUMrBwO/The-spectre-of-deflation.html',
		'article_img' => '',
		'article_img_thumb' => '',
		'status' => (int) 1,
		'show_on_home' => (int) 1,
		'lang' => 'EN',
		'category_id' => (int) 16,
		'tag_keyword' => '',
		'seo_url' => 'the-spectre-of-deflation-himanshu-4682648',
		'meta_title' => null,
		'meta_keywords' => null,
		'meta_description' => null,
		'noindex' => (int) 0,
		'publish_date' => object(Cake\I18n\FrozenDate) {},
		'most_visit_section_id' => null,
		'article_big_img' => null,
		'liveid' => (int) 4682648,
		'created' => object(Cake\I18n\FrozenTime) {},
		'modified' => object(Cake\I18n\FrozenTime) {},
		'edate' => '',
		'tags' => [
			[maximum depth reached]
		],
		'category' => object(App\Model\Entity\Category) {},
		'[new]' => false,
		'[accessible]' => [
			[maximum depth reached]
		],
		'[dirty]' => [[maximum depth reached]],
		'[original]' => [[maximum depth reached]],
		'[virtual]' => [[maximum depth reached]],
		'[hasErrors]' => false,
		'[errors]' => [[maximum depth reached]],
		'[invalid]' => [[maximum depth reached]],
		'[repository]' => 'Articles'
	
	},
	'articleid' => (int) 34543,
	'metaTitle' => 'LATEST NEWS UPDATES | The spectre of deflation -Himanshu',
	'metaKeywords' => 'Rural Demand,Effective Demand,Deflation,Inflation,food prices',
	'metaDesc' => '
-Livemint.com

It is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth

The second volume of the Economic Survey was presented on the...',
	'disp' => '<div align="justify">-Livemint.com<br /><br /><em>It is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth<br /></em><br />The second volume of the Economic Survey was presented on the last day of the monsoon session of Parliament on 11 August, preventing Parliament from holding a discussion on the state of the economy as outlined by the report.<br /><br />The second instalment, a departure from past practice, was necessitated by the shifting of the budget presentation to 1 February. But it was also necessary given the lack of available data on the economy, more so given the uncertainty surrounding the demonetization exercise of November-December.<br /><br />Since then, the spectre of demonetization seems to have faded but the uncertainty created by the goods and services tax (GST) is still looming on the economy. Both demonetization and GST have been shocks to the economy, the impact of which will take time to unravel in an economy already struggling with low investment, low credit, low exports and low demand.<br /><br />Given all these, the Economic Survey has been candid in its assessment of not just what happened in the last fiscal year but more in terms of what is likely to happen in the future. A quick reading of the assessment in the Survey does not provide a very optimistic picture of the economy despite claims to the contrary by government officials. While the Survey has been cautious in calling out an impending crisis in the economy, it does raise questions on the sustainability of economic growth give the spectre of deflation looming large.<br /><br />But how serious is the deflationary spectre? Going by the analysis, it does appear real. And it is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth. Almost all indicators including gross domestic product, core gross value-added (excluding agriculture and government), the index of industrial production (IIP), credit, investment and capacity utilization point to a deceleration in economic activity. Not surprisingly, the Survey notes that the growth of 7% in the past two years is more of an exception. The Survey has already moderated its growth projections to the lower end of the 6.75-7.5% range predicted in the first volume.<br /><br />But it is not just the macro indicators which defy the GDP estimates. The evidence on jobs and the agricultural sector are also suggesting a serious problem with the economy. While employment estimates from available sources continue to suggest either a decline in jobs or at best sluggish growth with jobs continuing to elude a majority of the young entering the labour market, the decline in real wages in the last three years is also confirmation of a weak labour market. <br /><br />Please <a href="http://www.livemint.com/Opinion/aG1EogNnUrDkZovcUMrBwO/The-spectre-of-deflation.html" title="http://www.livemint.com/Opinion/aG1EogNnUrDkZovcUMrBwO/The-spectre-of-deflation.html">click here</a> to read more. <br /></div>',
	'lang' => 'English',
	'SITE_URL' => 'https://im4change.in/',
	'site_title' => 'im4change',
	'adminprix' => 'admin'
]
$article_current = object(App\Model\Entity\Article) {

	'id' => (int) 34543,
	'title' => 'The spectre of deflation -Himanshu',
	'subheading' => '',
	'description' => '<div align="justify">
-Livemint.com<br />
<br />
<em>It is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth<br />
</em><br />
The second volume of the Economic Survey was presented on the last day of the monsoon session of Parliament on 11 August, preventing Parliament from holding a discussion on the state of the economy as outlined by the report.<br />
<br />
The second instalment, a departure from past practice, was necessitated by the shifting of the budget presentation to 1 February. But it was also necessary given the lack of available data on the economy, more so given the uncertainty surrounding the demonetization exercise of November-December.<br />
<br />
Since then, the spectre of demonetization seems to have faded but the uncertainty created by the goods and services tax (GST) is still looming on the economy. Both demonetization and GST have been shocks to the economy, the impact of which will take time to unravel in an economy already struggling with low investment, low credit, low exports and low demand.<br />
<br />
Given all these, the Economic Survey has been candid in its assessment of not just what happened in the last fiscal year but more in terms of what is likely to happen in the future. A quick reading of the assessment in the Survey does not provide a very optimistic picture of the economy despite claims to the contrary by government officials. While the Survey has been cautious in calling out an impending crisis in the economy, it does raise questions on the sustainability of economic growth give the spectre of deflation looming large.<br />
<br />
But how serious is the deflationary spectre? Going by the analysis, it does appear real. And it is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth. Almost all indicators including gross domestic product, core gross value-added (excluding agriculture and government), the index of industrial production (IIP), credit, investment and capacity utilization point to a deceleration in economic activity. Not surprisingly, the Survey notes that the growth of 7% in the past two years is more of an exception. The Survey has already moderated its growth projections to the lower end of the 6.75-7.5% range predicted in the first volume.<br />
<br />
But it is not just the macro indicators which defy the GDP estimates. The evidence on jobs and the agricultural sector are also suggesting a serious problem with the economy. While employment estimates from available sources continue to suggest either a decline in jobs or at best sluggish growth with jobs continuing to elude a majority of the young entering the labour market, the decline in real wages in the last three years is also confirmation of a weak labour market. <br />
<br />
Please <a href="http://www.livemint.com/Opinion/aG1EogNnUrDkZovcUMrBwO/The-spectre-of-deflation.html">click here</a> to read more. <br />
</div>',
	'credit_writer' => 'Livemint.com, 29 August, 2017, http://www.livemint.com/Opinion/aG1EogNnUrDkZovcUMrBwO/The-spectre-of-deflation.html',
	'article_img' => '',
	'article_img_thumb' => '',
	'status' => (int) 1,
	'show_on_home' => (int) 1,
	'lang' => 'EN',
	'category_id' => (int) 16,
	'tag_keyword' => '',
	'seo_url' => 'the-spectre-of-deflation-himanshu-4682648',
	'meta_title' => null,
	'meta_keywords' => null,
	'meta_description' => null,
	'noindex' => (int) 0,
	'publish_date' => object(Cake\I18n\FrozenDate) {},
	'most_visit_section_id' => null,
	'article_big_img' => null,
	'liveid' => (int) 4682648,
	'created' => object(Cake\I18n\FrozenTime) {},
	'modified' => object(Cake\I18n\FrozenTime) {},
	'edate' => '',
	'tags' => [
		(int) 0 => object(Cake\ORM\Entity) {},
		(int) 1 => object(Cake\ORM\Entity) {},
		(int) 2 => object(Cake\ORM\Entity) {},
		(int) 3 => object(Cake\ORM\Entity) {},
		(int) 4 => object(Cake\ORM\Entity) {}
	],
	'category' => object(App\Model\Entity\Category) {},
	'[new]' => false,
	'[accessible]' => [
		'*' => true,
		'id' => false
	],
	'[dirty]' => [],
	'[original]' => [],
	'[virtual]' => [],
	'[hasErrors]' => false,
	'[errors]' => [],
	'[invalid]' => [],
	'[repository]' => 'Articles'

}
$articleid = (int) 34543
$metaTitle = 'LATEST NEWS UPDATES | The spectre of deflation -Himanshu'
$metaKeywords = 'Rural Demand,Effective Demand,Deflation,Inflation,food prices'
$metaDesc = '
-Livemint.com

It is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth

The second volume of the Economic Survey was presented on the...'
$disp = '<div align="justify">-Livemint.com<br /><br /><em>It is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth<br /></em><br />The second volume of the Economic Survey was presented on the last day of the monsoon session of Parliament on 11 August, preventing Parliament from holding a discussion on the state of the economy as outlined by the report.<br /><br />The second instalment, a departure from past practice, was necessitated by the shifting of the budget presentation to 1 February. But it was also necessary given the lack of available data on the economy, more so given the uncertainty surrounding the demonetization exercise of November-December.<br /><br />Since then, the spectre of demonetization seems to have faded but the uncertainty created by the goods and services tax (GST) is still looming on the economy. Both demonetization and GST have been shocks to the economy, the impact of which will take time to unravel in an economy already struggling with low investment, low credit, low exports and low demand.<br /><br />Given all these, the Economic Survey has been candid in its assessment of not just what happened in the last fiscal year but more in terms of what is likely to happen in the future. A quick reading of the assessment in the Survey does not provide a very optimistic picture of the economy despite claims to the contrary by government officials. While the Survey has been cautious in calling out an impending crisis in the economy, it does raise questions on the sustainability of economic growth give the spectre of deflation looming large.<br /><br />But how serious is the deflationary spectre? Going by the analysis, it does appear real. And it is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth. Almost all indicators including gross domestic product, core gross value-added (excluding agriculture and government), the index of industrial production (IIP), credit, investment and capacity utilization point to a deceleration in economic activity. Not surprisingly, the Survey notes that the growth of 7% in the past two years is more of an exception. The Survey has already moderated its growth projections to the lower end of the 6.75-7.5% range predicted in the first volume.<br /><br />But it is not just the macro indicators which defy the GDP estimates. The evidence on jobs and the agricultural sector are also suggesting a serious problem with the economy. While employment estimates from available sources continue to suggest either a decline in jobs or at best sluggish growth with jobs continuing to elude a majority of the young entering the labour market, the decline in real wages in the last three years is also confirmation of a weak labour market. <br /><br />Please <a href="http://www.livemint.com/Opinion/aG1EogNnUrDkZovcUMrBwO/The-spectre-of-deflation.html" title="http://www.livemint.com/Opinion/aG1EogNnUrDkZovcUMrBwO/The-spectre-of-deflation.html">click here</a> to read more. <br /></div>'
$lang = 'English'
$SITE_URL = 'https://im4change.in/'
$site_title = 'im4change'
$adminprix = 'admin'

include - APP/Template/Layout/printlayout.ctp, line 8
Cake\View\View::_evaluate() - CORE/src/View/View.php, line 1413
Cake\View\View::_render() - CORE/src/View/View.php, line 1374
Cake\View\View::renderLayout() - CORE/src/View/View.php, line 927
Cake\View\View::render() - CORE/src/View/View.php, line 885
Cake\Controller\Controller::render() - CORE/src/Controller/Controller.php, line 791
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 126
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

The spectre of deflation -Himanshu

-Livemint.com It is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth The second volume of the Economic Survey was presented on the last day of the monsoon session of Parliament on 11 August, preventing Parliament from holding a discussion on the state of the economy as outlined by the report. The second instalment, a departure from past practice, was necessitated by the shifting of the budget presentation to 1 February. But it was also necessary given the lack of available data on the economy, more so given the uncertainty surrounding the demonetization exercise of November-December. Since then, the spectre of demonetization seems to have faded but the uncertainty created by the goods and services tax (GST) is still looming on the economy. Both demonetization and GST have been shocks to the economy, the impact of which will take time to unravel in an economy already struggling with low investment, low credit, low exports and low demand. Given all these, the Economic Survey has been candid in its assessment of not just what happened in the last fiscal year but more in terms of what is likely to happen in the future. A quick reading of the assessment in the Survey does not provide a very optimistic picture of the economy despite claims to the contrary by government officials. While the Survey has been cautious in calling out an impending crisis in the economy, it does raise questions on the sustainability of economic growth give the spectre of deflation looming large. But how serious is the deflationary spectre? Going by the analysis, it does appear real. And it is not just the low inflation reported in June which confirms a declining demand but also the macro fundamentals of the economy which belie any optimism of 7%-plus growth. Almost all indicators including gross domestic product, core gross value-added (excluding agriculture and government), the index of industrial production (IIP), credit, investment and capacity utilization point to a deceleration in economic activity. Not surprisingly, the Survey notes that the growth of 7% in the past two years is more of an exception. The Survey has already moderated its growth projections to the lower end of the 6.75-7.5% range predicted in the first volume. But it is not just the macro indicators which defy the GDP estimates. The evidence on jobs and the agricultural sector are also suggesting a serious problem with the economy. While employment estimates from available sources continue to suggest either a decline in jobs or at best sluggish growth with jobs continuing to elude a majority of the young entering the labour market, the decline in real wages in the last three years is also confirmation of a weak labour market. Please click here to read more.