-The Indian Express "In terms of Gross State Value Added or GSVA, the economy will likely see 7.4 per cent plunge in the October-December quarter from a year ago. To make matters worse, the number will only worsen further with demand remaining subdued,” a senior government source said. Mumbai: With business activity and consumption set back by Covid-19 cases, the state government’s latest economic forecast has projected 16.4 per cent contraction in...
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Growth compulsions, fiscal arithmetic -C Rangarajan and DK Srivastava
-The Hindu The economic situation warrants enhanced government expenditure; the policy challenge is to minimise the growth fall India’s growth in the first quarter of 2020-21 at (-) 23.9% showed one of the highest contractions globally. Global growth prospects for 2020 have been projected by a number of multilateral institutions and rating agencies including that for India. The 2020-21 real GDP growth for India is forecast in the range of (-) 5.8%...
More »Desperate economic situation calls for immediate boost to government expenditure -Prabhat Patnaik
-National Herald Universal cash transfer to non-income tax households is imperative apart from covering investment on infrastructure, including social infrastructure like healthcare A striking aspect of the 24 per cent decline in GDP in the first quarter of 2020-21 compared to the previous year’s first quarter is the decline by 10.3 per cent in public administration, defence and other public services. This is a sector where the GDP is estimated not by...
More »Reject this inequitable climate proposal -T Jayaraman and Tejal Kanitkar
-The Hindu The UN Secretary General’s recent advice to India amounts to asking for its virtual de-industrialisation and stagnation The UN Secretary General António Guterres’s call for India to give up coal immediately and reduce emissions by 45% by 2030 is a call to de-industrialise the country and abandon the population to a permanent low-development trap. Piling on the pressure In an extraordinary move in climate diplomacy, Mr. Guterres, delivering the Darbari Seth Memorial...
More »An economic disaster foretold -Amit Bhaduri and Deepankar Basu
-The Hindu The reported contraction of the economy is likely an underestimate for reasons of omission and commission According to data released by the Ministry of Statistics and Programme Implementation of the Government of India on August 31, 2020, real quarterly GDP contracted by a whopping 23.9% between April-June 2019 and April-June 2020. This magnitude of real GDP decline is unprecedented since the country started publishing quarterly GDP estimates in 1996. This...
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