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: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
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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: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
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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 97
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
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        LATEST NEWS UPDATES | True fiscal responsibility -Pulapre Balakrishnan    </title>
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Slashing public expenditure amid a recession is a recipe for serious economic disaster

The National Statistical Office (NSO) recently announced estimates of economic activity in the second quarter of the current financial year. As most of the first quarter coincided..."/>
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Slashing public expenditure amid a recession is a recipe for serious economic disaster

The National Statistical Office (NSO) recently announced estimates of economic activity in the second quarter of the current financial year. As most of the first quarter coincided..." />
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                            <p style="text-align:justify">-The Hindu</p><p style="text-align:justify"><em>Slashing public expenditure amid a recession is a recipe for serious economic disaster</em></p><p style="text-align:justify">The National Statistical Office (NSO) recently announced estimates of economic activity in the second quarter of the current financial year. As most of the first quarter coincided with the lockdown announced by the Central government, it would only have been expected that output would be depressed as production could not have taken place. And this is what happened. The GDP contracted by 23.9% in that quarter (compared to the same quarter of the previous year). However, there was no particular reason for assuming that we would see a contraction in the second quarter as well, but that is what we now find. Though the contraction has been less than both what it was in the previous quarter and what several sources had forecast, at 7.5%, it is still significant. Thus far, we have not had the V-shaped recovery predicted by the government&rsquo;s economists.</p><p style="text-align:justify">To have assumed a V-shaped recovery following the lifting of the Centre&rsquo;s lockdown would not have been wrong if output were determined entirely from the supply side under normal circumstances. Following this reasoning, output would remain depressed so long as the lockdown prevented production from taking place, but would spring back once these restrictions are removed. However, after they are lifted, we would return to a world in which output is determined by demand. This now introduces the possibility that output may not spring back, as investment may have actually declined post the lockdown. It would happen if depressed output causes private investors to hold their plans for the future and contract expenditure. A quarter is, after all, a very short period of time, and impulses in one may take effect only in the next.</p><p style="text-align:justify">Please <a href="https://www.thehindu.com/opinion/op-ed/true-fiscal-responsibility/article33265567.ece?homepage=true" title="https://www.thehindu.com/opinion/op-ed/true-fiscal-responsibility/article33265567.ece?homepage=true">click here</a> to read more.</p>                                                           
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    <br><a href="https://www.thehindu.com/opinion/op-ed/true-fiscal-responsibility/article33265567.ece?homepage=true" class="re" target="_blank">The Hindu, 7 December, 2020, https://www.thehindu.com/opinion/op-ed/true-fiscal-responsibility/article33265567.ece?homepage=true</a><div class="clear"></div>
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    <h1 class="cat-box-title">True fiscal responsibility -Pulapre Balakrishnan</h1>
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                            <p style="text-align:justify">-The Hindu</p><p style="text-align:justify"><em>Slashing public expenditure amid a recession is a recipe for serious economic disaster</em></p><p style="text-align:justify">The National Statistical Office (NSO) recently announced estimates of economic activity in the second quarter of the current financial year. As most of the first quarter coincided with the lockdown announced by the Central government, it would only have been expected that output would be depressed as production could not have taken place. And this is what happened. The GDP contracted by 23.9% in that quarter (compared to the same quarter of the previous year). However, there was no particular reason for assuming that we would see a contraction in the second quarter as well, but that is what we now find. Though the contraction has been less than both what it was in the previous quarter and what several sources had forecast, at 7.5%, it is still significant. Thus far, we have not had the V-shaped recovery predicted by the government&rsquo;s economists.</p><p style="text-align:justify">To have assumed a V-shaped recovery following the lifting of the Centre&rsquo;s lockdown would not have been wrong if output were determined entirely from the supply side under normal circumstances. Following this reasoning, output would remain depressed so long as the lockdown prevented production from taking place, but would spring back once these restrictions are removed. However, after they are lifted, we would return to a world in which output is determined by demand. This now introduces the possibility that output may not spring back, as investment may have actually declined post the lockdown. It would happen if depressed output causes private investors to hold their plans for the future and contract expenditure. A quarter is, after all, a very short period of time, and impulses in one may take effect only in the next.</p><p style="text-align:justify">Please <a href="https://www.thehindu.com/opinion/op-ed/true-fiscal-responsibility/article33265567.ece?homepage=true" title="https://www.thehindu.com/opinion/op-ed/true-fiscal-responsibility/article33265567.ece?homepage=true">click here</a> to read more.</p>                                                           
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    <br><a href="https://www.thehindu.com/opinion/op-ed/true-fiscal-responsibility/article33265567.ece?homepage=true" class="re" target="_blank">The Hindu, 7 December, 2020, https://www.thehindu.com/opinion/op-ed/true-fiscal-responsibility/article33265567.ece?homepage=true</a><div class="clear"></div>
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Slashing public expenditure amid a recession is a recipe for serious economic disaster

The National Statistical Office (NSO) recently announced estimates of economic activity in the second quarter of the current financial year. As most of the first quarter coincided..."/>
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Slashing public expenditure amid a recession is a recipe for serious economic disaster

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    <h1 class="cat-box-title">True fiscal responsibility -Pulapre Balakrishnan</h1>
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                            <p style="text-align:justify">-The Hindu</p><p style="text-align:justify"><em>Slashing public expenditure amid a recession is a recipe for serious economic disaster</em></p><p style="text-align:justify">The National Statistical Office (NSO) recently announced estimates of economic activity in the second quarter of the current financial year. As most of the first quarter coincided with the lockdown announced by the Central government, it would only have been expected that output would be depressed as production could not have taken place. And this is what happened. The GDP contracted by 23.9% in that quarter (compared to the same quarter of the previous year). However, there was no particular reason for assuming that we would see a contraction in the second quarter as well, but that is what we now find. Though the contraction has been less than both what it was in the previous quarter and what several sources had forecast, at 7.5%, it is still significant. Thus far, we have not had the V-shaped recovery predicted by the government&rsquo;s economists.</p><p style="text-align:justify">To have assumed a V-shaped recovery following the lifting of the Centre&rsquo;s lockdown would not have been wrong if output were determined entirely from the supply side under normal circumstances. Following this reasoning, output would remain depressed so long as the lockdown prevented production from taking place, but would spring back once these restrictions are removed. However, after they are lifted, we would return to a world in which output is determined by demand. This now introduces the possibility that output may not spring back, as investment may have actually declined post the lockdown. It would happen if depressed output causes private investors to hold their plans for the future and contract expenditure. A quarter is, after all, a very short period of time, and impulses in one may take effect only in the next.</p><p style="text-align:justify">Please <a href="https://www.thehindu.com/opinion/op-ed/true-fiscal-responsibility/article33265567.ece?homepage=true" title="https://www.thehindu.com/opinion/op-ed/true-fiscal-responsibility/article33265567.ece?homepage=true">click here</a> to read more.</p>                                                           
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    <br><a href="https://www.thehindu.com/opinion/op-ed/true-fiscal-responsibility/article33265567.ece?homepage=true" class="re" target="_blank">The Hindu, 7 December, 2020, https://www.thehindu.com/opinion/op-ed/true-fiscal-responsibility/article33265567.ece?homepage=true</a><div class="clear"></div>
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True fiscal responsibility -Pulapre Balakrishnan

Published on Dec 7, 2020   Modified on Dec 7, 2020

-The Hindu Slashing public expenditure amid a recession is a recipe for serious economic disaster The National Statistical Office (NSO) recently announced estimates of economic activity in the second quarter of the current financial year. As most of the first quarter coincided with the lockdown announced by the Central government, it would only have been expected that output would be depressed as production could not have taken place. And this is what happened. The GDP contracted by 23.9% in that quarter (compared to the same quarter of the previous year). However, there was no particular reason for assuming that we would see a contraction in the second quarter as well, but that is what we now find. Though the contraction has been less than both what it was in the previous quarter and what several sources had forecast, at 7.5%, it is still significant. Thus far, we have not had the V-shaped recovery predicted by the government’s economists. To have assumed a V-shaped recovery following the lifting of the Centre’s lockdown would not have been wrong if output were determined entirely from the supply side under normal circumstances. Following this reasoning, output would remain depressed so long as the lockdown prevented production from taking place, but would spring back once these restrictions are removed. However, after they are lifted, we would return to a world in which output is determined by demand. This now introduces the possibility that output may not spring back, as investment may have actually declined post the lockdown. It would happen if depressed output causes private investors to hold their plans for the future and contract expenditure. A quarter is, after all, a very short period of time, and impulses in one may take effect only in the next. Please click here to read more.

The Hindu, 7 December, 2020, https://www.thehindu.com/opinion/op-ed/true-fiscal-responsibility/article33265567.ece?homepage=true

Tagged with: Economic Growth Economic Recession Employment Government Spending Lockdown Purchasing Power Fiscal Stimulus

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