Economic recovery in India driven by Indian households and not by govt spending: CMIE
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“The Indian economy has been recovering from the Covid-19-induced lockdown better than most expectations. It was clearly not driven by any government spending or initiative to spur growth. Neither was it driven by any increased investments by the private sector,” CMIE said in its weekly analysis.
Reuters
“If it is not the government and if it is not business enterprises then it can only be households that scripted the recovery,” CMIE argued.
The better than expected economic recovery in India has been driven by Indian households and not by enhanced government spending or greater investment by the private sector, the Centre for Monitoring Indian Economy said.
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Push for artificial intelligence: India is turning from man to machines to get its economic data right
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Push for artificial intelligence: India is turning from man to machines to get its economic data rightBy Vrishti Beniwal, Bloomberg
Last Updated: Jan 28, 2021, 08:25 AM IST
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The Ministry of Statistics is ramping up use of artificial intelligence for collecting, analyzing and reporting data to better monitor the economy. The measures include a $60 million program with World Bank help using an information portal that collates real-time data.
India is turning from man to machines to improve the quality and speed of its economic data, which has been criticized as inadequate, delayed or even confusing due to sharp and unexpected revisions.
Budget 2021: Enact measures that encourage citizens to purchase medical insurance
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Last Updated: Jan 28, 2021, 11:41 PM IST
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The combination of increased budgetary allocation, ease of GST regulations and a commitment by citizens to invest in insurance will position India’s healthcare sector to take a giant step forward.
Covid-19 has finally encouraged segments of the population to purchase medical insurance. This is an important juncture where GoI can make it attractive for the salaried class to purchase health insurance.
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In the face of Covid-recovery and next week’s budget announcement, the 15th Finance Commission’s recommendation to increase India’s combined public health expenditure to 2.5% of GDP by 2023-24 from the current 0.95% is encouraging.
NEW DELHI: The Indian economy has been recovering from the Covid-19-induced lockdown better than most expectations.
India s year-on-year (y-o-y) real gross domestic product (GDP) contraction in the second quarter was much lower at 7.5 per cent compared to the 23.9 per cent in the first quarter.
While the better-than-expected recovery is real, it is enigmatic. What drove such a dramatic recovery? It was clearly not driven by any government spending or initiative to spur growth. Neither was it driven by any increased investments by the private sector.
While the government announced several schemes, its spending during April-November 2020 was 4.7 per cent higher than it was in the same months of 2019. This is the lowest year-on-year growth in central government spending in the past five years.
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