-The Hindu Growth impulses remained fragile, manufacturing output tanked 9.5% After touching a six-month high in May, India’s retail inflation was virtually unchanged in June at about 6.3%, remaining out of the central bank’s comfort zone for a second month in a row. Economists expect the Reserve Bank of India (RBI) to revisit its inflation estimate of 5.1% for 2021-22 and stressed that lack of fiscal policy action to cool prices could precipitate...
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The Poverty of Economic Conservatism -Prabhat Patnaik
-NetworkIdeas.org In terms of economic policy, the Modi government must be perhaps the most conservative in the world. During the entire period of the pandemic when millions of people lost their incomes and livelihood support, most governments around the world provided universal cash transfers to the people, but not the Modi government. True, many other third world countries too did not provide such universal cash transfers, but their hands were tied;...
More »Brace up for recession -Aunindyo Chakravarty
-The Tribune Govt must prepare for worst-case scenario as things won’t be resolved on their own In February this year, a restaurateur friend turned optimistic. Business was back to 70 per cent of pre-Covid days and things could only get better. There could be no stronger signal that India’s economy had turned the corner. Experts had predicted that restaurants would be the last places to see a full recovery. They are closed...
More »The Indian economic recovery seems led by profits, not wages -Niranjan Rajadhyaksha
-Livemint.com Such a recovery will be stress-tested in an economy with excess capacity. That is why wages matter The first estimates of economic growth in the September quarter indicate that India’s ongoing recovery has been better than expected. This is a good time to resurrect a question this column had raised in August: Will the economic recovery be led by profits or wages? The answer matters because it has implications for aggregate...
More »A guide to flattening the curve of economic chaos -Jayati Ghosh
-The Hindu Well-thought-out policies can reverse the results of incompetence; the onus is on the Centre to spend now Now it is official: India has managed to become the global leader in the number of new daily cases of COVID-19 and the worst performing of all major economies during the pandemic so far. How did we manage this double feat? Not through ‘acts of god’, but because of the incompetence and apathy...
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