Economy & Equity

True Figure Of Economic Contraction Likely In Double Digits, Govt Must Act Immediately I TWBR 4 June 2021 https://www.youtube.com/watch?v=b5SAWn7oqaA  
The Indian government released its latest estimates of economic growth for the financial year that ended in March 2021. India’s Gross Domestic Product or GDP contracted by 7.3% in 2020-21. While the narrative is that the contraction is a result of India being in a pandemic year and suffering like other countries worldwide, the truth is our GDP growth rate has been a point of growing weakness for the last 5 of the7 years of this current government. The last time the Indian economy contracted this way was in 1979-80. Mitali Mukherjee spoke with Mr Ananth Narayan, Professor of Finance, SPJIMR (S. P. Jain Institute of Management and Research) on what the internals of the economy was looking like, and why it was time for urgent economic relief measures by the Central Government.

Why economic inequality in India is raising phenomenally? । ECONOMIC INEQUALITY । INDIA BILLIONAIREShttps://www.youtube.com/watch?v=AE1ycar995I  Discussion with Arun Kumar 

Why inequality is India’s worst enemy https://www.downtoearth.org.in/blog/economy/why-inequality-is-india-s-worst-enemy-75778 

India’s per capita gross domestic product (GDP) increased five times between 2000 and 2019; to $2014 in 2019 from $443 in 2000.

This doesn’t mean that income of the entire population has increased. The top one per cent in India earned 21 per cent of total country’s income in 2019. This was 11 per cent in 1990.

The top 10 per cent earned 56 per cent of the country’s total income in 2019; the bottom 10 per cent earned only 3.5 per cent.

Wealth distribution tells a similar story. The richest 10 per cent Indians owned 80.7 per cent of wealth in 2019.

The Gini (inequality in income distribution) coefficient points to an increasing inequality in India. The coefficient in 2014 was 34.4 per cent (100 per cent indicates full inequality and 0 per cent full equality).

India’s economic growth has slowed down significantly. This is the time when states need to invest: Money has to go into the hands of the marginalised.

States earn money through taxation. Increasing tax on the wealthy people is the obvious solution. Piketty also proposed a similar measure to reduce inequality. A higher rate of income tax for billionaires can be a way to generate more revenue for the state.

In any case, disinvestment of Central Public Sector Undertakings and public sector banks can’t be a permanent solution in an economy where inequality is rising sharply.

There is a need to track what is happening in the poverty pockets of India. A periodic study may help policy makers to think about the issue more seriously and come up with better ideas to reduce inequalities.

Tamil Nadu Finance Minister Dr. PTR Palanivel Thiaga Rajan on Plans to Revive the State Economy  https://www.youtube.com/watch?v=qz00ypCdpVs

The TN finance Minister..

Navika Kumar today, tune in to the significant development on the GDP results coming in the midst of the second Covid wave on its peak and its rising impacts behind it. Despite several economic setbacks, the numbers saw a jump start in Q4, which the NDA appreciated, seen as a revival scope. However, the opposition had major concerns regarding the situation, calling it the worst in the past 4 decades. India has left negativity behind, and the FY 2020-2021 ends on a positive note. Last quarter sees 1.6% +ve GDP, and a mega 56% jump in core sector recorded. Adding to this hopeful result, Sambit Patra, National Spokesperson, BJP, states that 2 consecutive quarters of positive growth really indicates that the trajectory is toward upward movement and revival. https://www.youtube.com/watch?v=aqn4Xoycpc4

https://timesofindia.indiatimes.com/business/india-business/covid-19-let-budget-schemes-kick-in-before-asking-about-stimulus-says-finance-minister-nirmala-sitharaman/articleshow/83096518.cms 

Navika Kumar asks us not to blame the Prime Minister, as COVID has affected all economies, and we are seeing silver shoots.