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...
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Why Centre’s Stance on GST Compensation is Utterly Bizarre -Prabhat Patnaik
-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...
More »Why farmers are not cheering their exceptional feat this kharif season -Richard Mahapatra
-Down to Earth Highest rice acreage in six years, more farmers in farms, a bounty monsoon and an expected bumper harvest don't enthuse farmers as their earning dips It is a piece of news that everybody would love to cheer about, except those who made this possible. The current kharif season is exceptional. In comparison to last year, over eight million more hectares of farms are under cultivation this season. There are more...
More »From Plate to Plough: Growth and the farmer -Ashok Gulati
-The Indian Express Montek Singh Ahluwalia’s book helps frame the problem: Tilt in favour of consumer in food policy reduces incentives for farmers, makes it difficult to unlock resources for growth. Last month, Montek Singh Ahluwalia’s book, Backstage: The Story Behind India’s High Growth Years, was released. It is an account of India’s economic reform journey— a process in which Montek was an insider for about 30 years. Besides some very interesting...
More »Double trouble: On uneven inflation and Sluggish Growth
-The Hindu Uneven inflation and Sluggish Growth present serious dilemmas for policymakers Policymakers face a tricky dilemma as prices in the economy continue to rise even as economic growth has plummeted to well under 5%. Food inflation, now in double-digits, has caused significant pain. The International Monetary Fund on December 23 called for “urgent” policy measures to reverse the current slowdown that has weighed down global economic growth. The warning is timely...
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