-The Hindu With improved revenues, government must increase expenditures to push consumption and investment India’s GDP data for Q1 of 2021-22 was released by the National Statistical Office (NSO) on August 31, 2021. Real GDP growth at 20.1% in Q1 of 2021-22 is largely because of the contraction of 24.4% in the corresponding quarter of the first COVID-19 year, that is, 2020-21. Even with this high growth, the magnitude of real GDP...
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An urban jobs safety net -Rajneesh
-The Hindu It is time to formulate a wage employment-based national urban livelihood scheme similar to MGNREGS During the pandemic, we have again and again faced the difficult choice of saving lives versus protecting livelihoods. According to the World Economic Outlook report of April, 2021 of the International Monetary Fund (IMF), almost all countries, except China, experienced economic contraction last year. The global GDP shrunk by 3.3%. The contraction in the U.S.,...
More »A disconcerting picture behind the headline numbers -Ishan Anand
-The Hindu There is evidence to suggest that the PLFS data may underestimate the loss of earnings and fall in consumption The third annual round of the Periodic Labour Force Survey (PLFS) data conducted during July 2019-June 2020 was released recently. The PLFS captures key indicators of the labour market such as the labour force participation rate (LFPR) — the proportion of population working or seeking work; worker-population ratio (WPR) — the...
More »30 Years of Economic Reforms – A Saga of Growing Inequalities -Prabhat Patnaik
-Newsclick.in The votaries of economic reforms miss the point that while it may have increased GDP growth rate, it has worsened the conditions of the working people. It is 30 years since India adopted neoliberal policies in 1991, though some would date their introduction even earlier to 1985. Newspapers are full of assessments of the impact of these policies on the economy, and liberalisers from Manmohan Singh downward, have suddenly become visible,...
More »The neoliberal reforms of 1991 didn’t work as claimed -Jayati Ghosh
-Macroscan.com/ Livemint.com There is a common trope, fed especially to generations born after 1991, that economic progress and modernization in India really occurred only after ‘liberalizing’ economic reforms were introduced three decades ago. This is a travesty of the truth. Certainly, conditions for most Indians have improved since that watershed year. Per capita income went up more rapidly than before, life expectancy went up, infant and maternal mortality decreased, income poverty...
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