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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Agriculture doesn’t get its due in Budget - Kedar Vishnu, Ashish Andhale
Deccan Herald Many economists expected a massive allocation for the agricultural sector in the Budget, especially after the repeal of three farm law bills. However, the agricultural sector allocation decreased drastically from Rs 1.33 lakh crore in the Union Budget 2022–23 to Rs 1.25 lakh crore in 2023–24. It received only 3.78 per cent of the total Budget share in 2021–22; this was reduced to 3.36 per cent in 2022–23 and further...
More »NREGA sangharsh morcha asks for withdrawal of NMMS app for marking compulsory worker attendance
In the recent week, the Ministry of Rural Development (MoRD) has dealt three major, concerted blows to the National Rural Employment Guarantee Act (NREGA): (1) The Budget allocation for NREGA was reduced to just Rs 60,000 crore in 2023-24 (less than Rs 50,000 crore if we deduct wage arrears from 2022-23). This makes this year’s allocation the lowest as a proportion of GDP (0.2%) in the history of the programme. (2) The...
More »Jean Dreze: No Point In India Growing So Fast If Wages Stagnate And Social Spending Is Slashed - Shreehari Paliath
Budget 2023's allocations for most critical social security schemes have declined in real terms, says economist Jean Dreze - IndiaSpend The last full Union Budget before the next general elections in 2024, which was presented on February 1, gets "a big zero" in terms of welfare spending from economist and social activist Jean Dreze. Budget allocations for most critical social security schemes have declined in real terms, Dreze said. The Union government withdrew...
More »Bill to reform insurance sector may come in monsoon session - Subhash Narayan
The draft bill allows insurance companies the freedom to sell different financial products Mint The government is likely to introduce the Insurance Laws (Amendment) Bill 2022 in the monsoon session of Parliament to bring deep reforms in the insurance sector, including a provision for composite insurance licence and flexibility in entry barriers, two people aware of the development said. According to them, stakeholder consultation on the draft bill is expected to be...
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