Is it the case that the global economic downturn instead of shrinking domestic demand has affected our economy more? If the aforesaid statement is true, then ideally the trade related data should indicate improvement in our imports and deceleRATion in the country's exports. However, that is not the case and we get a mixed picture. A press release by the Ministry of Commerce & Industry dated 13th September, 2019 shows...
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Economic crisis: Why it suits neoliberals to point fingers solely on demonetisation 'shock' -Prabhat Patnaik
-Newsclick.in The roots of the present economic slowdown squarely lie within the neoliberal trajectory, which has led to a crisis of overproduction. Demonetisation and ‘hasty’ GST only aggravated it. With former prime minister Manmohan Singh resurfacing on the political landscape and articulating once more the orthodox neoliberal position, one can now clearly discern three distinct perspectives on the current economic slowdown. The first is the orthodox neoliberal position that Singh has now articulated....
More »Buying homes to get cheaper for govt employees as FM reduces interest on house-building advance
-News18.com House-building advance is available to central and state government employees for constructing a new house on a plot owned by the employee or jointly with the spouse. The scheme can also be availed while buying a new house or flat. New Delhi: In a bid to boost the housing sector, Finance Minister Nirmala Sitharaman on Saturday announced reduction in interest RATes on house-building advance and linking to 10-year government securities yields. The...
More »Prabhat Patnaik, an economist and former economics professor at the Jawaharlal Nehru University, interviewed by Kaushal Shroff (The Caravan)
-CaravanMagazine.in In the budget unveiled in July, the finance minister Nirmala Sitharaman ambitiously claimed that India’s economy would hit $5 trillion by 2025. In the weeks that followed, the Central Statistics Office revealed that the gross domestic product growth RATe for the April–June quarter fell to a six-year low of five percent; the Reserve Bank of India cleared a surplus transfer of Rs 1.76 lakh crore to the union government; and...
More »Dumb and Dumber: Facing slowdown, govt squeezes expenditure -Subodh Varma
-Newsclick.in RATher than spending more, government expenditure by July 2019 is less than what it was last year as share of annual budget, with key public welfare related ministries cutting most. India is facing an unprecedented slowdown of the economy with GDP growth slumping to 5% in the June quarter, agriculture growing by only 2% and manufacturing by a mere 0.6%. Private consumption expenditure – spending by families on consumption – has...
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