India achieved record annual GDP growth, averaging 8.45%, in the five years, 2004-05 to 2008-09. But was this inclusive, and did it benefit the poor masses? We have no data on poverty beyond 2004-05. But the CSO has current data on the economic growth of the states. Historically, the chronically poor states were Orissa plus the BIMARU quartet (Bihar, Madhya Pradesh, Rajasthan, Uttar Pradesh), of which three have been sub-divided....
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Bihar grew by 11.03%, next only to Gujarat
Bihar is India's new miracle economy. In the five-year period between 2004-05 and 2008-09, Bihar's GDP has grown by a stunning 11.03%, way beyond the definition of 7% growth for a ``miracle economy''. In this period, Bihar - traditionally a laggard state that actually saw a 5.15% negative growth in 2003-04 - is the second fastest growing state, just a shade behind Gujarat's well-publicized growth of 11.05%. The latest CSO...
More »India wins slowdown battle; defeated by rising prices in ’09 by Chandra Shekhar and Rakesh Pathak
India achieved the distinction of being the second fastest growing economy amid the global recession in 2009, but the joy was marred by the decade’s sharpest rise in food prices to the chagrin of common man. For a country that continued to lose on its exports throughout the year that has gone by, economy achieved a remarkable growth of about 7% (during April- September 2009) on the back of focused government...
More »No instant solution to curb food inflation: Pranab
Amid rising food prices hitting the household budget, Finance Minister Pranab Mukherjee on Thursday said he has no "instant solution" to the problem. "Unlike instant coffee, there is no instant solution to such vexed problem as inflation," he told reporters when asked about the steps being taken by the government to check food inflation which almost touched 20 per cent during the third week of December. Discounting the possibility of...
More »Finance panel wants deficit cut back by Sanjiv Shankaran and Utpal Bhaskar
The 13th Finance Commission (TFC) has recommended a return to fiscal consolidation and reform in expenditure management. It has also suggested the Centre offer states a share of revenue raised from levies such as cesses and surcharges, according to people familiar with the report. TFC, a statutory body tasked with suggesting ways in which taxes should be shared between the Centre and states and drawing up a road map towards fiscal...
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