During the last one year, India seems to have lost the race in becoming the world leader in terms of development, prosperity and growth thanks to the recession brought about by the Covid-19 pandemic. The total number of poor people in the country has swelled and the middle class has shrunk in 2020 in comparison to what was anticipated earlier. A new study by the United States based think tank Pew...
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Tax exemptions and incentives for the corporate sector continue despite reduction in corporate tax rates
Quite often it is argued by mainstream economists that a sizeable chunk of the Union Budget every year is wasted because the Government spends that on food and fertiliser subsidies. The burgeoning size of these two subsidies relative to the entire budget as well as the gross domestic product (GDP) is often used to build the argument that economic as well as environmental sustainability of the country is at stake...
More »A disconnect that shows the real state of the country’s economy -Himanshu
-Livemint.com * Disaggregated data contradicts the rosy picture that national accounts paint of our performance * It’s premature to conclude that a recovery is underway, as our GDP rise in 2020-21’s third quarter was on a very low base. Also, other data sets reveal that distress remains widespread. Estimates of growth in the third quarter of 2020-21 along with advance estimates of the full year were released last month by India’s statistics ministry....
More »Indian economy to be hardest hit by Covid-19 despite recovery, predicts new OECD report -Shoaib Daniyal
-Scroll.in The high growth in 2021 cannot undo the damage caused by the country’s harsh lockdown. India will be among the large economies most severely hit by the Covid-19 pandemic and the lockdown restrictions to combat it, a new report by the Organisation for Economic Co-operation and Development predicts. Data published as part of the OECD Economic Outlook, Interim Report March 2021 on Tuesday forecasts that the real GDP value of India’s economy...
More »Recovery? Different numbers tell different stories -Jahangir Aziz
-The Indian Express With a more accurate way of measuring GDP growth, the pace of recovery is much slower in real terms Imagine driving a car whose speedometer cannot tell the current speed but only relative to what it was four hours ago. Apart from the comical encounters with police when stopped for speeding and the predicament in defining a “speed limit”, there is a more fundamental problem it would create. The...
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