The World Economic Outlook – a bi-annual publication of the International Monetary Fund (IMF) -- released in October 2020 has anticipated that the economic progress made by the countries since the 1990s to reduce poverty would be turned upside down by the COVID-19 pandemic. On top of that, economic disparity would rise too in the post-COVID world because the crisis has disproportionately impacted women, informal sector workers and people with...
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Has personal loans seen a rebound ahead of the festive season? The answer is in the negative
Just before Dhanteras and Diwali this year, the Reserve Bank of India (RBI) released the November edition of its monthly bulletin. The latest RBI Monthly Bulletin says that the GDP has contracted by -8.6 percent in the second quarter of fiscal year 2020-21 (i.e. July-September, 2020) as compared to the gross domestic product (GDP) during the corresponding period last year. It may be noted that India’s GDP shrunk by -23.9...
More »The new urban poor in Mumbai: Salaries gone, pawning gold to pay school fees, NGO meals, Rents unpaid -Mayura Janwalkar and Sadaf Modak
-The Hindu These families are on the brink of urban poverty, forced to do what they once thought was impossible — borrowing for their children's school fees, defaulting on EMIs, falling back on rent, cutting down on necessities. Mumbai: MANY locks in the nation’s financial capital are being opened one by one, new Covid numbers are falling but most doors — or windows — to any opportunity to earn are still firmly...
More »The Peshwa’s tax holiday: How the Mughals and Marathas dealt with distress migration -Mario da Penha
-The Hindu Diverse regimes in Early Modern India often saw the distress migration of rural inhabitants when, much like today, displacement became the forced choice between hope and hunger The scale of the migrant labourer exodus from the precariousness of cities to the security of their home villages has few parallels in Indian history. Economist Chinmay Tumbe estimates that by the end of May, no fewer than 30 million Indians had moved...
More »Lockdown led to massive job losses, show early results of an ongoing telephonic survey
Preliminary results of an ongoing study by the Centre for Sustainable Employment of Azim Premji University (APU) indicate that the lockdown has had a devastating impact on the livelihood security of the working people. The survey is currently being conducted across the country by the Centre for Sustainable Employment along with civil society organisations. Impact on livelihoods Analysis of preliminary data collected through telephonic interviews between 13th April, 2020 and 9th May, 2020...
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