He called for reforms to liberalise capital, land and labour markets, and spur investment as well as growth. He also urged India to join free trade agreements judiciously in order to boost competition and improve domestic efficiency.
‘ECONOMY IS BEING RUN WITHOUT THE AID AND ADVICE OF COMPETENT ECONOMISTS’
Expressing similar sentiments is P Chidambaram, former Congress Finance Minister. Being a Congressman, he obviously paints a gloomy picture. “In the last six quarters for which official figures are available, India’s GDP growth was, in per cent, 8.0, 7.0, 6.6, 5.8, 5.0 and 4.5………Besides, household consumption is down according to the NSSO. Rural wages have declined. Producer prices are down, especially for farmers. Daily wage earners get work for no more than 15 days a month. Demand for MGNREGA (Mahatma Gandhi Ntional Rural Employment Guarantee Act) is up.
“Both durable and non-durable consumer goods are selling less. Wholesale price inflation has climbed up to 1.92 per cent and the consumer price inflation stands at 4.62 per cent. The plant load factor of all thermal plants is about 49 per cent, meaning thereby that one-half of all thermal capacity has been shut down because of lack of demand for electricity.”
The government, says Chidambaram “has acknowledged that the economy is in a slowdown, but denied that there were ‘structural’ issues that need to be addressed.
The government has described the problems as ‘cyclical’. It is a small mercy that they did not identify the causes as ‘seasonal’!
“India’s economy is being run without the aid and advice of competent economists. The last one was Dr Arvind Subramanian………”
AN UNSURE CENTRAL BANK
This story is from the December 16,2019 edition of News behind the News.
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This story is from the December 16,2019 edition of News behind the News.
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TROUBLED TIME FOR MODI
The students’ unrest, however, which is spreading like wildfire across the nation, and the protests by large sections of people against the citizenship law, have belied the BJP’s hopes of having a free run in the foreseeable future in presiding over the country’s destiny from panchayats to parliament, as Union home minister Amit Shah once said.
MUST-WIN FOR BJP IN DELHI POLLS
Having failed to perform satisfactorily in the Haryana, Maharashtra and Jharkhand elections, the BJP realizes that its rank and file will be hugely demoralized if it does not fare well in the forthcoming Delhi polls.
MILITARY MIGHT AT R-DAY PARADE
Anti-satellite weapon ‘Shakti’, lethal artillery gun ‘Dhanush’, and newly-inducted helicopters Apache and Chinook were among the key military assets showcased by India for the first time at the Republic Day parade on 26 January.
INDIA - PAKISTAN: DEALING WITH PAKISTAN'S AMBITIONS ON KASHMIR
Pakistan’s diplomatic offensive on Kashmir has gained some traction with the EU Parliament debating the issue along with the controversial Citizen’s (Amendment) Act (CAA).
EXPERT ANALYSES UNION BUDGET 2020-21: A MIXED BAG
Finance Minister Nirmala Sitharaman’s second Budget presented three themes -- aspiring India, economic development, caring society. And it seeks to cater to the demand side of the economy by trying to put more money in the hands of individuals.
DELHI ELECTION: BJP HOPES TO GAIN FROM CAA INSTILLED POLARISATION
The anti-CAA protests took a violent turn as a 17-year-old teenager Thursday shot a Kashmiri protester near Jamia Millia Islamia University, Delhi.
CAA DEBATE IN EUROPEAN PARLIAMENT: INDIA UNDER PRESSURE
Much to the relief of India, the European Parliament Wednesday decided to put off a vote on a resolution critical of India’s Citizenship (Amendment) Act (CAA) to a session beginning on March 2. The move is being seen as linked to the upcoming India-EU Summit next month.
JAMMU AND KASHMIR: BJP IN A TIGHT CORNER
The government’s policies on Kashmir give the impression that it has bitten off more than it can chew. This is also probably true of the citizenship issue as well, but more of that later.
LAYING A ROAD MAP FOR THE FIRST CDS
Laying a road map for the first CDS, General Rawat, Gurmeet Kanwal (former director, Centre for Land Warfare Studies (CLAWS), New Delhi) suggests the first item on the agenda “should be the formulation of integrated operational plans.
JAMMU AND KASHMIR: ‘FUNDAMENTAL DISAFFECTION' HAS NOT GONE AWAY
A convoy of three dozen Union ministers descended on the newlycreated Union territory of Jammu and Kashmir last week to promote development plans of the Centre.
