Rebooting Economy 69: What do workers gain from growth and profits?
Persistent negative growth in rural wages and soaring corporate profits accompanied by job and wage cuts demonstrate a clear disconnect between growth/profits and wellbeing of ordinary Indians
Prasanna Mohanty | February 21, 2021 | Updated 22:11 IST
India does not have any idea about 94% of its total workforce, which works in the informal sector
The First Advance Estimates of National Income 2020-21 , released on January 7, 2021, indicate that agriculture and allied activities is likely to be the only sector to register positive growth in FY21 (plus 3.4% in real GVA), while the overall growth tanks to all-time low (minus 7.2% in real GVA). The budget for FY22 and Economic Survey of 2020-21 project the FY22 growth to be 14.4-15.4% (nominal GDP).
Karan Thapar | Decoding the numbers: What the FM didn’t say
Published : Feb 19, 2021, 4:51 am IST
Updated : Feb 19, 2021, 4:51 am IST
When you dig into details and ponder over the implications, the Budget feels rather different to what you’ve heard
Finance Minister Nirmala Sitharaman in the Lok Sabha during Budget Session of Parliament. (Photo: PTI)
I know it’s a cliché but first impressions can often become lasting ones. That’s frequently true of the Budget. Most of us form an early impression from the initial coverage but few bother to examine the details, leave aside the small print. So what we’re initially told remains what we believe, even if the full truth is quite different.
Rebooting Economy 68: How private wealth creators are serving Indian economy and people
Private wealth creators are solely responsible for India s banking stress; increasingly fleeing India with their wealth and bank loans, and those making huge profits are doing so by cutting jobs and wages
Prasanna Mohanty | February 21, 2021 | Updated 21:52 IST
There is no evidence that private sector wealth creators are more efficient in running business, creating wealth or distributing wealth
Political theories masquerading as sound economics (free-market rhetoric better known as Thatcherism and Reaganism) are back with a bang. Statements like government has no business to be in business or that wealth creators (in private sector) are important for India, only then can wealth be distributed, and jobs be generated are hitting the headlines again.
Synopsis
In a warning for countries like India, the McKinsey report says that the pandemic has already significantly accelerated the loss of low-wage jobs. As workplace and business requirements change in the current decade everywhere including India, the less educated, women, ethnic minorities and young people will be most affected, it warns.
ThinkStock Photos
In countries like India, the lion s share of employment happens to be low-skill, informal and low-paid.
Covid may have already begun rendering many existing job rules obsolete, new data has shown. The new findings signal that the tried and tested methods of looking for, finding and keeping a job may not work anymore by the end of this decade.