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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Top 1% of Indians own 40.5% percent wealth, bottom 50% has around 3% - Oxfam Inequality report
Following the pandemic, the income of the bottom 50 per cent of the population is estimated at 13 percent of national income and 3 percent of total wealth Apoorva Mahendru, Kanishk Gomes, Mayurakshi Dutta, Noopur, Pravas Ranjan Mishra Oxfam International's annual inequality report makes for stark reading. The India supplement, part of the main report, states that the top 1 percent of Indians own nearly 40.6 percent of the total wealth in...
More »Government expenditure on early childhood education a mere 0.1% of GDP: report -Jagriti Chandra
-The Hindu The study calls for raising it to 1.6% to 2.2% of GDP The government expenditure in India on early childhood education (ECE) for children between the age of three years and six years is a mere 0.1% of the GDP, and the average spend per child of ₹8,297 per annum is at least a fourth of desired levels, according to a new study. The research conducted jointly by the Centre for...
More »Healthcare Budget Allocation Low As It's States' Responsibility: Finance Secretary
-PTI/ NDTV Finance secretary T V Somanathan on Monday said healthcare is primarily the responsibility of the states Mumbai: Finance secretary TV Somanathan on Monday said healthcare is primarily the responsibility of the states, amid suggestions by the industry that the budgetary allocation for the sector is still low at 1.3 per cent of GDP. At a post-budget interaction of industry representatives in Mumbai with finance minister Nirmala Sitharaman, Confederation of Indian Industry...
More »Social Sector Given Short Shrift in Budget -Rashme Sehgal
-Newsclick.in Major budgetary allocation cuts in crucial schemes for women, children and vulnerable sections are indicative of the government’s lopsided priorities. Finance Minister Nirmala Sitharaman’s budget has helped reinforce one home truth -- that India is divided into the salaried section and a vast underbelly, including the middle class who have been edged into poverty due to job losses suffered during the COVID pandemic. Coming out of the pandemic’s ‘third wave’, issues of...
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