Although social activists and concerned economists demanded at least Rs. 1 lakh crore to be earmarked in favour of the Mahatma Gandhi Rural Employment Guarantee Scheme (MGNREGS), the Finance Minister in her budget speech on 1st February allocated only Rs.61,500 crore to it for the financial year 2020-21. As compared to the fund spent on MGNREGA in 2019-20 (i.e. revised estimate of Rs.71,001.81 crore), the amount set aside for the...
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Recent reports predict gloomy days ahead for the overall economy
Most reports and studies by official agencies, international think tanks and private entities indicate the cataclysmic impact of the coronavirus pandemic on the economy and society. They anticipate that lockdowns imposed by various countries across the globe to reduce the exponential diffusion of COVID-19 (i.e. for flattening the curve by social distancing and quarantines) would adversely affect economic growth and disrupt supply chains in most sectors, on top of causing...
More »Slowdown: Direct tax collections now a crawl, shrink Govt's space to cut GST -Aanchal Magazine
-The Indian Express Net direct tax collections during April 1-September 15 grew just 5% to Rs 4.4 lakh crore — against year’s target 17.3%. This below-than-expected growth in direct tax collections will muddy the government’s fiscal math The impact of a slowing economy is showing up in government revenues with net direct tax collections in the first five-and-a-half months of 2019-20 making up just a third of the full-year target. Net direct...
More »Agri Ministry projects record rice, wheat output for 2018-19
-The Hindu Business Line Third estimates peg total foodgrain output at 283.3 mt despite below-par monsoon rain Rice and wheat production in the country scaled new heights taking total foodgrain output in 2018-19 to 283.37 million tonnes (mt), a tad lower than the 285 mt foodgrains produced in the previous year, according to the third advance foodgrain estimates released by the Agriculture Ministry on Monday. Despite a below-par monsoon, rice output was projected...
More »Growth in Agri GVA deflator shows a declining trend in comparison to growth in other sectoral GVA deflators
Recent studies and media reports have confirmed that Indian farmers are facing non-remunerative and sometimes falling prices. A past news alert by the Inclusive Media for Change team indicated deflation in wholesale prices of 8 kharif crops (viz. maize, arhar, moong, urad, groundnut, soybean, sunflower seed and Niger seed) on average between 2016-17 and 2018-19. Based on data analysis, that news alert also demonstrated how the rural areas have witnessed...
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