-The Hindu Business Line Trade deficit, primary income outweighed services surplus: ICRA India’s current account deficit (CAD) doubled sequentially to an all-time high of $36.4 billion in Q2 FY23 from $18.2 billion in the previous quarter, and was nearly four times higher than the $9.7 billion posted a year ago. CAD for FY22 was at $38.77 billion. The Q2 CAD was equivalent to 4.4 per cent of the country’s GDP as against 2.2...
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More fiscal support is imperative: CII chief -Suresh Seshadri
-The Hindu Uday Kotak highlights risks of not spending, says a lot will hinge on States’ approach to reopening. India’s economy urgently needs increased fiscal spending from the government to support businesses that have suffered stress from the COVID-19-related disruptions, as well as households and individuals worst hit by the pandemic, CII president Uday Kotak said on Wednesday. “I think the time has come for the fisc [fiscal authorities] to do a lot...
More »Why Recovery at Cost of Worker Immiserisation Won’t Last Long -Prabhat Patnaik
-Newsclick.in GDP recovery from the lockdown-induced abyss is accompanied by significant labour displacement and squeeze on wages, which will impact aggregate demand. Ministers from Narendra Modi to Nirmala Sitharaman are talking about a recovery of the Indian economy from the pandemic-induced crisis. Even the Reserve Bank of India (RBI), which estimated the second quarter GDP growth to have been -8.6%, has seen signs of recovery in October. Of course, there had to be...
More »Why India’s trade surplus is a warning signal -Parthapratim Pal and Partha Ray
-The Hindu Business Line Despite the lockdown, India’s trade balance in April and May turned positive. This has been achieved by a sharper decline in imports, pointing towards a contraction of demand in the real economy The RBI has released India’s balance of payments data for the fourth quarter (January-March) of 2019-20. It shows that during this quarter, India has managed a small current account surplus which is around 0.1 per cent...
More »Prabhat Patnaik, an economist and former economics professor at the Jawaharlal Nehru University, interviewed by Kaushal Shroff (The Caravan)
-CaravanMagazine.in In the budget unveiled in July, the finance minister Nirmala Sitharaman ambitiously claimed that India’s economy would hit $5 trillion by 2025. In the weeks that followed, the Central Statistics Office revealed that the gross domestic product growth rate for the April–June quarter fell to a six-year low of five percent; the Reserve Bank of India cleared a surplus transfer of Rs 1.76 lakh crore to the union government; and...
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