-Newsclick.in Finance Minister Nirmala Sitharaman invoking ‘Act of God’ to deny states their promised dues, not only violates an Act of Parliament but also defies economic logic. When the Goods and Services Tax (GST) was introduced, and states virtually gave up the power to levy indirect taxes which they had enjoyed under the Constitution, the Centre had solemnly promised that it would compensate them for five years for any revenue shortfall arising...
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Economy: steepest GDP decline on record -R Suryamurthy
-The Telegraph The last time that India faced a full-year contraction in its real GDP was in 1980 The Indian economy shrank by 23.9 per cent in the first quarter ended June 30, signalling that the road to recovery would be more arduous than most economists have projected. It marks the steepest decline since the National Statistical Office (NSO) started quarterly measurement of gross domestic product (GDP) in 1996. The slide in real GDP...
More »Fears of contraction, GDP data today will mark Covid effect & phase of recession -Aanchal Magazine
-The Indian Express With economic activity severely disrupted in the first two months of this fiscal, hit hard by a series of localised lockdowns and rising Covid-19 cases, GDP contraction for the first quarter is being pegged at an average 20 per cent by economists, with the de-growth range between 15.2 per cent and 25.5 per cent. The April-June Gross Domestic Product (GDP) will mark India’s entry into a recessionary phase —...
More »Magnets for manufacturing -Sthanu R Nair
-The Hindu Devising State-specific industrialisation strategies in coordination with the Centre will improve manufacturing Many think that in the aftermath of the pandemic, several manufacturing companies operating from China will relocate their businesses to other destinations, including India. Many American, Japanese, and South Korean companies based in China have initiated discussions with the Indian government to relocate their plants to India. Companies are expected to exit China due to three primary reasons....
More »Food Consumption Trends Point at Real Income Decline Before Pandemic -Prabhat Patnaik
-Newsclick.in Why has there been a tendency toward persistent ‘excess supply’ in the foodgrain market when growth rate of foodgrain output has barely exceeded the population growth rate? The pandemic and the lockdown are certainly causing an absolute shrinkage in the gross domestic product (GDP) of the Indian economy. But these tend to obscure something very serious that was happening even earlier, namely, a real income decline for vast numbers of working...
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