-The Hindu Policy efforts to formalise the economy will have limited results as the bulk of informal units are petty producers Since 2016, the Government has made several efforts to formalise the economy. Currency demonetisation, introduction of the Goods and Services Tax (GST), Digitalisation of financial transactions and enrolment of informal sector workers on numerous government Internet portals are all meant to encourage the formalisation of the economy. But why the impetus...
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How India’s informal economy is shrinking, and why that’s good news in the long term -Ila Patnaik and Radhika Pandey
-ThePrint.in Greater formalisation will see a shift from low-paying, labour-intensive jobs in informal sector to more productive, formal-sector jobs. This could lead to disruption in short term. A report issued by the State Bank of India (SBI) last month estimated that India’s informal economy has shrunk to 15-20 percent of the GDP in 2020-21 from 52 percent in 2017-18. The report uses employment and digitisation to assess the extent of formalization in...
More »With New ‘Industrial Relations’ Code, What Does the Future Look Like for India’s Trade Unions? -Soumya Jha and Ulka Bhattacharyya
-TheWire.in Amidst the pandemic, digital acceleration and related developments in the US and the UK, provisions in the Code address India's absence of a central framework to recognise and regulate trade unions. The roll-out of the Industrial Relations Code, 2020 and the draft Industrial Relations (Central) Recognition of Negotiating Union or Negotiating Council and Adjudication of Disputes of Trade Unions Rules, 2021 as part of India’s labour reforms initiative, is in the...
More »India sees ‘consensus’ by Oct. on OECD-G20 global tax deal
-PTI/ The Hindu Share of profit allocation, subject-to-tax rules’ scope yet to be addressed, says Finance Minister A day after joining the OECD-G20 framework for a global minimum tax, the Finance Ministry on Friday said significant issues including share of profit allocation and scope of subject-to-tax rules were yet to be addressed, and a ‘consensus agreement’ was expected by October. A total of 130 countries on Thursday agreed to an overhaul of global...
More »Will digitization cause the next financial crisis? -Nikita Kwatra
-Livemint.com Digitization and militarization may aggravate the underlying structural conditions behind the Great Depression of 2008 and trigger a similarly dire crisis, says study There are warning signs that the global financial system is heading for another disaster. In a new paper, William I. Robinson of the University of California adds to these warning bells by highlighting how the rapid rise of Digitalisation and new technologies could potentially hurt the global economy. In a...
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