-Deccan Herald Politicians may not agree with any data put out by non-government agencies but.. The word ‘data’ has Latin origins. As Jer Thorp writes in Living in Data: “It first appeared in the English language on loan from Latin, where it meant “a thing given, a gift delivered or sent”. In its early usage, the giver of data was the almighty god and hence, it carried a “particular strength of truth”. Data...
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US Inflation and India’s Economic Recovery -Prabhat Patnaik
-NetworkIdeas.org The very day, December 11, when the Indian finance ministry spuriously claimed a robust recovery in the post-pandemic Indian economy, newspapers carried news of an acceleration in the US inflation rate. The inflation rate in November 2021 over November of the preceding year had been 6.8 per cent in the US, which was higher than the corresponding rate in any month over the previous 40 years; in particular, petrol prices...
More »GDP Numbers: What’s Wrong With How India Measures Manufacturing Output Data -Kaushal Shroff
-TheWire.in A claim of an 8.4% real GDP growth rate has little relevance even as rural India battles plummeting wage levels, depleted incomes and widespread unemployment. With the release of the GDP figures for the quarter ending September, the government machinery has been in full swing advancing the narrative that economic growth is indeed back on track. However, sorely missing from these narratives is the inconvenient factoid on the currently dismal state of...
More »Share of salaried jobs saw worst fall in March qtr since June 2018 -Abhishek Jha
-Hindustan Times The headline Unemployment Rate in the March 2021 quarter was 9.4%. This is the lowest since the quarter ending June 2020, which coincided with the 68-day long nation-wide lockdown which was imposed on March 25, 2020. Could the Covid-19 pandemic have left long-term scars on India’s labour markets? The findings of the January-March round of the Periodic Labour Force Survey (PLFS), released on November 30, by the National Statistical Office...
More »The invisible churn in India’s labour markets -Abhishek Jha
-Hindustan Times A country’s Unemployment Rate can increase or decrease over time, and people can move from one form of employment to another. But headline numbers on Unemployment Rate and kind of employment do not tell us about the degree of churn in the labour market. One of the most basic concepts in economics is stock versus flow. Stock is a variable measured at a point in time. An individual’s net worth...
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