The Economic Survey 2022-23, released today, has flagged threats to the Indian economy, even as it forecasts a GDP growth rate of 6.5% for the next fiscal year. The survey has said that the challenge of the Indian rupee depreciating remains. "However, the challenge of the depreciating rupee, although better performing than most other currencies, persists with the likelihood of further increases in policy rates by the US Fed". What...
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Indian banks gave more home loans than agricultural credit
In each of the last three years – from 2020 through 2022 – Indian banks lent more Money to retail customers purchasing homes than they did to farmers. In fiscal year (FY)2021-22 commercial banks gaveRs. 17.54 lakh crore worth of housing loans, while agriculture and allied activities got Rs. 15.16 lakh crore. That is nearly 14 percent less. In FY 2021 and FY 2020 – one of which saw a...
More »Demonetisation: Not bad in law, says Supreme Court in 4:1 verdict
-PTI/ The Hindu Justice Nagarathna dissents from majority judgment, says DeMo of high-value currency notes was ‘vitiated and unlawful’ New Delhi: The Supreme Court on Monday upheld the legality of the Centre’s 2016 decision to ban Rs 1,000 and Rs 500 currency notes, saying the decision-making process was neither flawed nor hasty and that it was “not relevant” whether the stated objectives were achieved or not. In a big win for the Narendra...
More »Climate change will likely exacerbate Indian rural household's debt burden
Editorial team, Carbon Copy Ongoing shifts in rainfall and temperature caused by climate change are likely to increase the debt burden faced by rural households, particularly of marginalised groups in dry areas, an editorial in Carbon Copy magazine said. The piece cited a study in the journal Climate Change that argues that changes in climate, along with existing socio-economic differences - caste and landholding in particular — will deepen the size...
More »Mandatory digital attendance for MGNREGA will destroy scheme -Himanshu Nitnaware
-Down to Earth The central government has mandated digitally capturing the attendance of all workers under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGnregs). Labourers and activist groups have opposed this and pointed out several loopholes in the move. The National Mobile Monitoring System, which came into effect on January 1, 2023, was launched with claims of bringing transparency and eliminating corruption at the ground level. Pilot tests began in May 2021 at...
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