KEY TRENDS • Oxfam India's 2023 India Supplement report on poverty and inequality in India reveals that the gap between the rich and the poor is widening. Following the pandemic in 2019, the bottom 50 per cent of the population have continued to see their wealth chipped away. By 2020, their income share was estimated to have fallen to only 13 per cent of the national income and have less than 3...
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Banks eye Rural loan growth to push credit-deposit ratio - Mihir Mishra, Shayan Ghosh
Mint India’s rural borrowers and small businesses owners may have easier access to credit with public sector banks (PSBs) planning to increase financing to these segments, after the Union finance ministry urged lenders to improve their credit-deposit ratio. The C-D ration indicates how much of a banks' deposit base is being utilized for extending loans. The development may help expedite the revival of the rural economy, which is struggling to reach pre-covid...
More »PM Awas Yojana in Uttar Pradesh likely to reach saturation point by 2024 - Vatsala Gaur
Economic Times The significant increase in budgetary outlay for the PM Awas Yojana is expected to enable Uttar Pradesh to provide houses to all remaining rural beneficiaries of the scheme in the upcoming financial year leading to the PMAY(Rural) quota in the state being filled completely ("saturated") by 2024, when the general elections will be held. Allocation for PMAY saw a 66% increase to Rs. 79,000 crore in the Union budget tabled...
More »The Centre has not paid MGNREGA wages in Bengal for a year - Nachiket Deuskar
- Scroll.in The right to work has been suspended in the state as a result of a political battle over upcoming elections. People working under the Mahatma Gandhi National Rural Employment Guarantee Act in West Bengal have not been paid their wages for more than a year now with the Union government stopping the payment of funds. Bengal is the only state impacted by this stoppage, Scroll.in reports. MGNREGA is a national...
More »Fall in India nominal GDP growth in FY24 to challenge fiscal math - Ira Dugal
Reuters India's nominal GDP growth is likely to fall in FY 2023-24, hurting tax collections and putting pressure on the federal government to reduce the budget gap by cutting expenses ahead of national elections in 2024. Nominal GDP growth, which includes inflation, is the benchmark used to estimate tax collections in the upcoming budget to be presented on Feb. 1. It is estimated to be around 15.4% for the current financial year....
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