Centre for Monitoring Indian Economy Consumer sentiments improved in January 2023. CMIE's Index of Consumer Sentiments (ICS) reached 83.9, which is the highest since sentiments were hit severely by the Covid-19 induced lockdowns. The ICS, however, continues to remain lower than its pre-pandemic level. The ICS was at 105.3 in February 2020. The recovery in consumer sentiments from the pandemic has been the slowest among all economic indicators. While most production indicators...
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NREGA sangharsh morcha asks for withdrawal of NMMS app for marking compulsory worker attendance
In the recent week, the Ministry of Rural Development (MoRD) has dealt three major, concerted blows to the National Rural Employment Guarantee Act (NREGA): (1) The Budget allocation for NREGA was reduced to just Rs 60,000 crore in 2023-24 (less than Rs 50,000 crore if we deduct wage arrears from 2022-23). This makes this year’s allocation the lowest as a proportion of GDP (0.2%) in the history of the programme. (2) The...
More »Costly wheat and the cloud over our daily bread - Sayantan Bera
Wheat prices have stayed stubborny high in India, despite several steps by the government including an export ban and announcing open market prices. - Mint Official figures show that daily retail wheat flour (atta) prices as on 1 February were 22% higher year on year, while wholesale prices were 31% higher. Wheat prices have been inching up through 2022 after a heat wave cut production and pushed the government to ban exports...
More »Budget Briefs: FY 2022-23 MGNREGS allocation 9% lower, expenditure outstrips funds - Ria Kasliwal, Mridusmita Bordoloi, Avani Kapur
Accountability Initiative, Centre for Policy Research Budget 2023-24 will be unveiled on February 1. This brief examines the Government of India’s flagship rural employment programme. The Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS). It was launched in 2006 and is the largest scheme of the Department of Rural Development (DoRD) under the Ministry of Rural Development (MoRD). It aims to provide 100 days of guaranteed wage employment to every rural...
More »Indian banks gave more home loans than agricultural credit
In each of the last three years – from 2020 through 2022 – Indian banks lent more money to retail customers purchasing homes than they did to farmers. In fiscal year (FY)2021-22 commercial banks gaveRs. 17.54 lakh crore worth of housing loans, while agriculture and allied activities got Rs. 15.16 lakh crore. That is nearly 14 percent less. In FY 2021 and FY 2020 – one of which saw a...
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