-Down to Earth The COVID-19 pandemic prevented a full and balanced recovery of labour markets in 2021 Global unemployment is projected to stand at 207 million in 2022. This is 21 million more than in 2019 before the novel coronavirus disease (COVID-19) pandemic began, according to the ILO World Employment and Social Outlook – Trends 2022. Global working hours in 2022 will be almost two per cent below their pre-pandemic level — that...
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US Inflation and India’s Economic Recovery -Prabhat Patnaik
-NetworkIdeas.org The very day, December 11, when the Indian finance ministry spuriously claimed a robust recovery in the post-pandemic Indian economy, newspapers carried news of an acceleration in the US inflation rate. The inflation rate in November 2021 over November of the preceding year had been 6.8 per cent in the US, which was higher than the corresponding rate in any month over the previous 40 years; in particular, petrol prices...
More »'Crucial Lifeline': 80 Academics Ask Modi to Increase Funds for MGNREGA
-TheWire.in "Lack of funds results in suppression of demand for work and delayed payment of wages to workers. These are violations of the Act; they also constrain Economic Recovery." New Delhi: A group of 80 economists and other academics has written an open letter to Prime Minister Narendra Modi, requesting him to immediately release adequate funds for the Mahatma Gandhi National Rural Employment Guarantee Act. As employment and wage levels struggle to...
More »Bumpy road ahead -Renu Kohli
-The Telegraph Challenges to Economic Recovery in India and the world remain The International Monetary Fund revealed its outlook for the world economy last week. A year and a half after the pandemic, global recovery remained reassuringly strong: the world economy is expected to grow a tad slower (10 basis points) this year at 5.9 per cent and at an unchanged pace — 4.9 per cent — next year. But the exit...
More »Lack of GST details stumps economists -Vikas Dhoot
-The Hindu States seek transparency in GST data. GST collections have crossed ₹1 lakh crore in eleven of the last 12 months, with the government attributing the trend to a rapid Economic Recovery and improved compliance levels, but economists are unable to analyse these tax numbers as critical data points are no longer shared by the government. Until December 2020, when monthly GST collections were released, the official statement from the Finance Ministry...
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