The year 2022 was supposed to mark the recovery of the Indian economy from the Covid-19 pandemic and lockdowns of the preceding two years. However, the Russian invasion of Ukraine in February pushed up prices of food, fuel and fertilizer worldwide. In India consumer price inflation, which had declined to under 5 percent in the September-November period of 2021, has steadily increased, staying above 6 percent throughout 2022. What happened to rural incomes in 2022? An...
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Rural Consumption Stays Sluggish; Weather poses risk to recovery - Gireesh Chandra Prasad
Livemint While India staged a double-digit rebound in household consumption in FY22 which is set to expand at over 7% this fiscal, experts point out that India’s consumption story has a weakness — rural folk tightening their belt in the face of inflation. The silver lining is that the worst may be over, unless El Nino conditions disrupt the arrival of the rains and dampen a consumption revival, experts said. Gross domestic product...
More »Demand for work under NREGS hits 8-month high - Economic Times
Demand for work under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) inched up in February to scale an eight-month high, after a month-on-month fall in January, reflecting an uneven recovery in broader economic activities. According to rural development ministry data, 26.3 million individuals opted for work under the scheme in February, up 1.7% from the previous month. Demand for the work came from 21.2 million households, recording a 2.4%...
More »Oct-Dec Quarter GDP slows to 4.4% as manufacturing shrinks - Tanya Krishna
Financial Express India's gross domestic product in the October-December, 2022 quarter is estimated to have grown at 4.4 percent year-on-year, slowing down from the previous two quarters, and a tad slower than expected, mainly as manufacturing activity took a hit, and favourable base faded away, government data showed on Tuesday. India’s GDP at constant prices in Q3 of FY 2022-23 is estimated at Rs 40.19 lakh crore, the Ministry of Statistics...
More »What if El Nino materialises in 2023? - Vinson Kurian
Hindu Businessline El Nino is one piece in the mammoth jigsaw puzzle that the Pacific Ocean and its seasonal climatic patterns typify. Being the largest single body of water, the Pacific has an outsized influence on weather and climate across the globe. During El Niño, trade winds weaken and warm water gets pushed back East of the Pacific, towards the West coast of the Americas. Generally, El Niño occurs more frequently than...
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