-Livemint.com A failure to protect incomes could widen the gap between have-nots and haves and thus hurt growth When the facts change, I change my mind," John Maynard Keynes is believed to have said almost a century ago. Responding to the economic after-shocks of the covid pandemic, governments and central banks have been living by this maxim. In the UK and US, supposedly fiscally conservative governments have spent with abandon to prop...
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RBI upgrades GDP forecast, expects economy to shrink 7.5% this fiscal
-Livemint.com The economy is recuperating faster than anticipated, the RBI chief said The Reserve Bank expects GDP to contract 7.5% this fiscal, said central bank chief Shaktikanta Das while announcing Monetary policy committee decision to keep interest rate unchanged. This is an upgrade from the central bank's earlier forecast of 9.5% contraction in its October review. The economy is recuperating faster than anticipated, the RBI chief said, adding that the recovery in...
More »Has personal loans seen a rebound ahead of the festive season? The answer is in the negative
Just before Dhanteras and Diwali this year, the Reserve Bank of India (RBI) released the November edition of its monthly bulletin. The latest RBI Monthly Bulletin says that the GDP has contracted by -8.6 percent in the second quarter of fiscal year 2020-21 (i.e. July-September, 2020) as compared to the gross domestic product (GDP) during the corresponding period last year. It may be noted that India’s GDP shrunk by -23.9...
More »The Hindu Explains: What is technical recession, and what does it mean for the Indian economy? -Suresh Seshadri
-The Hindu * What has the RBI cautioned about GDP decline amid the pandemic, and what lies ahead? The story so far: The Reserve Bank of India’s (RBI) latest monthly bulletin features an article by an official at its Monetary policy Department titled ‘An Economic Activity Index for India’, where the author has, in a ‘nowcast’ (a forecast that estimates the outcome of a near-term event), projected that India’s GDP (Gross Domestic...
More »Sustained efforts required to reduce multidimensional poverty amidst the pandemic
Multidimensional poverty is about non-monetary poverty and is strongly associated with the challenges of achieving the Sustainable Development Goals (SDGs). Although previously defined only in monetary terms, poverty is now understood to include the lived reality of people’s experiences and the multiple deprivations they face. India’s multidimensional headcount ratio (H) i.e. the proportion or incidence of people (within a given population) who experience multiple deprivations has reduced from 55.1 percent to...
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