Q/ Is the Indian economy moving in the right direction?
A/ The performance of the Indian economy is disappointing. It is sputtering in ways rarely seen before. We can see this from the international media. There is no longer the buzz as there once was about India’s phenomenal rise and of India as one of the growth leaders of the world. Even if you dismiss the international media as biased, though that is a dangerous path to go down, a study of the statistics pertaining to India’s economy makes it clear that the situation is worrying.
India’s growth in 2021-22 is expected to be high. The latest Economic Survey projects the growth to be 9.4 per cent. In itself this looks good. But as soon as you look at the previous year, it is clear that this is the effect of recovery from the crash of 2020-21. India’s economic crash was one of the biggest in the world. Just like climbing out of a well that you have fallen into cannot be described as mountaineering, this year’s growth cannot be described as a great economic achievement. In fact, over the two-year period, from 2020 to 2022, the annual compound growth rate of India’s national income is 0.7 per cent.
In addition to the low growth, all data coming out over the last year show that India’s unemployment is high and the level of inequality is getting worse. The World Inequality Report 2022, authored by Thomas Piketty and others, finds that India has become one of the most unequal nations in the world. An Oxfam study released earlier this year estimates that in 2021, 84 per cent of households in India saw their incomes decline.
Q/ What do you think about the high inflation?
This story is from the March 06, 2022 edition of THE WEEK.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the March 06, 2022 edition of THE WEEK.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Mother nurture
Padmini Janaki promises to be with women on their fertility journeys, whether virtually or in person
THE BULLY AND THE BULLIED
The prevalence of bullying in India is very high. With easy access to internet and social media, it has only got worse. There is a need for awareness and resources in how to handle not just the victims but also the perpetrators with care
TRAINING THE BRAIN
Sports mastery is a lot more than physical capability; it shapes the brain, too
The truth about teeth
Neglecting dental health can have varied repercussions
Mpox won't spread as fast as Covid, but the world needs to gear up
The surge in mpox cases following the outbreak in Africa is unprecedented: 18,000 cases and more than 600 deaths have been reported this year. The World Health Organization has declared it a public health emergency of international concern (PHEIC).
CYCLING TO WORK LOWERS RISK OF DISEASE, DEATH
Cycling or walking to and from work or school has immense mental and physical health benefits and may lower your risk of death, finds a Scottish study published in the journal BMJ Public Health.
NEW ANTIDOTE FOR COBRA BITES
A commonly prescribed blood thinner-heparincan be repurposed as an inexpensive and effective antidote for cobra venom.
VEGAN DIET CAN SLOW BIOLOGICAL AGE IN JUST 8 WEEKS
Eating a vegan diet, even for a short duration, may help you slow down the biological ageing process, finds a new study published in BMC Medicine.
THE DANGERS OF EXCESS BELLY AND ARM FAT
A new Chinese study published in the journal Neurology suggests that people with high levels of fat in their arms or belly have an increased risk for neurodegenerative diseases like Parkinson’s and Alzheimer’s.
NO HEALTH BENEFITS TO MODERATE DRINKING
Drinking a glass of wine daily may not be healthy after all.
