-The Hindu The economic situation warrants enhanced government expenditure; the policy challenge is to minimise the growth fall India’s growth in the first quarter of 2020-21 at (-) 23.9% showed one of the highest contractions globally. Global growth prospects for 2020 have been projected by a number of multilateral institutions and rating agencies including that for India. The 2020-21 Real GDP growth for India is forecast in the range of (-) 5.8%...
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An economic disaster foretold -Amit Bhaduri and Deepankar Basu
-The Hindu The reported contraction of the economy is likely an underestimate for reasons of omission and commission According to data released by the Ministry of Statistics and Programme Implementation of the Government of India on August 31, 2020, real quarterly GDP contracted by a whopping 23.9% between April-June 2019 and April-June 2020. This magnitude of Real GDP decline is unprecedented since the country started publishing quarterly GDP estimates in 1996. This...
More »The Indian Economy on The Verge Of Collapse -Prabhat Patnaik
-Networkideas.org The GDP growth in the first quarter (April-June) of 2020 over the first quarter of the previous year has been minus 24 per cent according to preliminary official estimates. But most knowledgeable people believe that even this is an underestimate of the actual contraction brought about by the lockdown. In fact, a former chief statistician of India, Pronab Sen, believes that the actual contraction would have been about 32 per...
More »Rural distress looms: dip in crop prices, remittances; rising Covid cases -Aanchal Magazine, Sunny Verma and Anil Sasi
-The Indian Express While the over 3% agriculture growth in the first quarter factored in strong Rabi procurement, with high-price realisations getting reflected in the output numbers, fresh data from mandis indicate a slide in the prices of the intercrop produce — horticulture, milk and poultry etc. The rural sector may have held out the only sliver of hope amid the broader collapse in the first-quarter GDP numbers but there are fresh...
More »Six years of Modi govt’s rule has led Indian economy to near collapse -Prabhat Patnaik
-National Herald If the disaster that economy is heading towards is to be avoided, there has to be a massive injection of demand by govt both through transfers and through direct spending on goods and services The GDP growth in the first quarter (April-June) of 2020 over the first quarter of the previous year has been minus 24 per cent according to preliminary official estimates. But most knowledgeable people believe that even...
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