-The Telegraph This is the first upgrade of India’s growth forecast by any international agency amid global turmoil India’s economy is expected to grow 6.9 per cent in the current fiscal year, the World Bank said in a report on Tuesday, citing tightening monetary policy and high commodity prices as factors impacting the country’s growth. The Bank had trimmed its growth forecast for India to 6.5 per cent in early October from a...
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India’s Manufacturing Growth Slowdown a Decadal Problem -Deepanshu Mohan
-TheWire.in In India’s growth trajectory, for over a decade, domestic private investment levels have remained consistently low and so has (domestic) manufacturing growth. As per recent quarterly estimates, India’s growth rate slowed to 6.3% in the September quarter of 2022-23. There is evidence of a notable contraction in output of manufacturing that’s pulling down growth. This author has previously argued that quarterly growth estimates may not reveal the real state of an economy....
More »Instead of Withdrawing Food Security, a Minimum Income Guarantee Is Needed -Santosh Mehrotra, Anjana Rajagopalan and Rakesh Ranjan
-TheWire.in A Minimum Income Guarantee would not just cushion exogenous shocks, but would arrest the process of vulnerability begetting vulnerability. While the worst of the pandemic is behind us, there has been a decline in general purchasing power amidst inflation. The provisional Consumer Food Price Index (combined for rural and urban) for September 2022 is pegged at 8.6%, a huge increase from 0.68% for September 2021. The latest Periodic Labour Force Survey (PLFS)...
More »Nov services PMI at a 3-month high of 56.4 thanks to new biz expansion -Shiva Rajora
-Business Standard The headline figure has been in the expansion zone for the sixteenth consecutive month since August 2021 India's services activity recovered to a three-month high in November as services firms benefited from accommodative demand. New business inflows rose markedly and at the quickest pace in the last three months. The Purchasing Managers' Index (PMI) for the services sector released by credit rating agency S&P Global improved to 56.4 in November from...
More »Work demand under MGNREGS at 4-month high, FY23 funds almost exhausted -Raghav Aggarwal
-Business Standard The budgetary allocation for MGNREGS has already been exhausted, if pending liabilities for the financial year are included Demand for work under India’s biggest anti-poverty scheme increased to a four-month high in November, government data showed as budgetary support for it is almost exhausted this financial year. More than 22.5 million people applied for work under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) in November, the highest since August....
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