Growth in rural wages not only indicates economic prosperity of the masses, it is also considered important so as to generate effective demand for goods and services, which is produced by various sectors of the economy. When money becomes available in the hands of rural workers due to government spending on programmes such as Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), it generates demand for commodities. The production of commodities...
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YV Reddy, former Reserve Bank of India governor and chairperson of the 14th Finance Commission, interviewed by Roshan Kishore (Hindustan Times)
-Hindustan Times The 15th Finance Commission (FC) has to submit its report in October 2019, which will be another important event in the evolution of India’s fiscal federalism framework. The tenure of the Narendra Modi government has seen important changes in India’s fiscal federalism set-up such as the abolition of the Planning Commission (PC) and the roll-out of the Goods and Services Tax (GST). The 15th Finance Commission (FC) has to submit...
More »Income plan: Economists consulted, says Rahul; uphill task, feel experts
-PTI NEW DELHI: Congress president Rahul Gandhi on Tuesday said his party consulted several economists including former RBI governor Raghuram Rajan on its minimum income plan for the poor even as leading experts said that implementing such a scheme would be an uphill task. In a mega poll promise, Gandhi on Monday announced that under 'Nyay' - an acronym for Nyuntam Aay Yojana - Rs 72,000 will be given to the poorest...
More »Farm loan waivers kill credit culture, says Raghuram Rajan
-PTI NEW DELHI: India needs to focus on resolution of farm distress rather than loan waivers which kill the credit culture, former RBI governor Raghuram Rajan said on Tuesday. "First we need to worry about why people are so distressed and angry. There is a lot of agriculture distress. I personally believe that farm loan waivers are not the answers. But there are other answers," he said when asked about what should...
More »Unhappy numbers
-The Indian Express Economic data raises questions about missed opportunities and expending of political capital by NDA government. As India’s political parties switch to poll mode, economic data released in the past few days at the end of the NDA government’s term paints a far from rosy picture. Industrial growth in January slowed down to 1.7 per cent compared to the 2.6 per cent growth in factory output in December last...
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