-The Hindu Policy efforts to formalise the economy will have limited results as the bulk of informal units are petty producers Since 2016, the Government has made several efforts to formalise the economy. Currency demonetisation, introduction of the Goods and Services Tax (GST), digitalisation of financial transactions and enrolment of informal sector workers on numerous government Internet portals are all meant to encourage the formalisation of the economy. But why the impetus...
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80% of Indians support tax on the wealthy in Budget: Survey
-The New Indian Express The survey is based on inputs from 3,231 Indians from 24 states ahead of the Union Budget 2022-23 on the expectations of common people from the government. NEW DELHI: More than 80% of Indians support a tax on the rich and corporations who earned record profits during the pandemic, a nationwide survey by Fight Inequality Alliance India (FIA India) revealed on Thursday. Over 90% of participants demanded budget measures...
More »Are we overestimating the fiscal boost to the economy? -Roshan Kishore
-Hindustan Times Gross domestic product (GDP) statistics are released at both current and constant prices. The latter discounts inflation (more on this later) from the base year of the current GDP series. Let’s assume it takes a tonne of steel to build half a kilometre of road. Let’s also assume steel costs ₹1,000 a tonne and there is a tax of 10% on steel. Now, if steel prices doubled in a year,...
More »Farming became costlier between crop years 2012-13 and 2018-19, shows the latest available NSO data
One is almost certain to hear this from an economist that if something is available at free of cost or at a subsidised rate thanks to government intervention, then people tend to overuse or overconsume such goods/ commodities. So, the best solution is to create a market for such 'almost freely available' or 'highly subsidised' goods or commodities. Once people start paying to use or consume such goods/ commodities, they...
More »A lesson from China on gig workers’ rights -Sowmiya Ashok
-The Hindu The swell of public opinion in China has enabled government regulation and change in company policy On September 20, 2021, the Indian Federation of App-based Transport Workers, on behalf of gig workers, filed a public interest litigation in the Supreme Court demanding that the Union government provide succour to workers affected by the pandemic. The petition has asked for ‘gig workers’ and ‘platform workers’ to be declared as ‘unorganised workers’...
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