-Press release by NREGA Sangharsh Morcha dated 27 January, 2020 As the Indian economy continues to languish, the government ignores the advice given by several noted economists, including that of the most recent Nobel winner Abhijit Banerjee, to improve the functioning of the National Rural Employment Guarantee Act (NREGA). The economy is facing blow after blow. India has the highest rates of unemployment in the past 45 years and food inflation...
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With a huge informal economy, government should increase spending, not worry about deficit -Maitreesh Ghatak
-The Indian Express To get the engine of the economy revving, an expansionary fiscal policy that harnesses the energy of the informal sector to boost aggregate demand is the order of the day. That India is in the midst of a serious economic slowdown is no longer in question. The debates are now mostly about what to do about it: Whether to opt for a fiscal expansion to boost demand or to...
More »Why India faces a public funding crisis -Rathin Roy & Puja Mehra
-Livemint.com * The Centre has no money for a stimulus package. Only the states can find a way to get India out of the slowdown * States, taken collectively, are the only hope. Despite loan waivers, they are in a better position to boost public spending. But that would require coordinated work between the Centre?and the states NEW DELHI: On 1 February, finance minister Nirmala Sitharaman will present an important Union budget. The...
More »A rough patch
-The Indian Express High inflation reduces room for rate cuts. With limited fiscal space, FM must spell out plans to revive growth. Latest inflation data seems to corroborate fears articulated by the Monetary Policy Committee (MPC) in its December meeting when it refrained from cutting the benchmark repo rate. Retail inflation, as measured by the consumer price index (CPI), has surged to 7.35 per cent in December 2019, up from 5.54 per...
More »$5 trillion economy by 2024? Magic realism at play given current low -Maitreesh Ghatak
-NDTV Lately, the January releases from the Central Statistics Office (CSO) about the advanced estimates of national income have a touch of seasonal chill. The estimate of the real GDP growth rate for 2019-20 has touched 5%, falling from 6.8% in 2018-19, continuing a downward slide that started in 2016-17. This is the lowest growth rate since 2008-09, which was the year of the global financial crisis. Indeed, in the entire...
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