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What We Could Hope For – But Should Not Expect – in Budget 2022-23 -Jayati Ghosh

-TheWire.in

Faced with a Union government that puts its own image-building ahead of the good of the people, let us imagine a scenario where Budget 2022-23 is, instead, drafted by a government which is willing to cooperate with the states and respond to the needs of the people.

No matter where we look, bad news on the economy just keeps pouring in.

Despite all the official and unofficial media attempts to talk up the Indian economy and pretend that it is on the cusp of a spectacular recovery, the reality just doesn’t hold up. Falling domestic consumption and employment, sluggish private investment, inadequate public spending – all point to a macroeconomic morass.

This needs also to be seen in the context of massively increased inequality in India, especially in the recent period. Both the World Inequality Report, 2022 and the Oxfam Inequality Report, 2022 point to India as being one of the countries with the greatest inequality in terms of incomes and assets as well as the fastest increase in economic inequality in recent years.

A few billionaires and a few large companies with close ties to the establishment have benefited greatly, multiplying their profitability and assets many times over, even as health and livelihood crises in India have devastated the lives of hundreds of millions. The Oxfam report reveals that while 84% of households in the country suffered a decline in their incomes in a year marked by tremendous loss of life and livelihoods, the number of Indian billionaires grew from 102 to 142.

Sales of luxury cars and other signs of affluent living by the rich in India increased by many multiples in the year when job loss, falling incomes and growing hunger became the norm for the vast majority of Indians.

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