American brokerage firm Morgan Stanley on Thursday sharply cut its India FY23 real GDP growth estimate to 7.9 per cent, mainly due to the impact of the Russia-Ukraine conflict on oil prices. Analysts at the brokerage also raised their inflation forecast to 6 per cent - the upper end of the tolerance band for the RBI - and flagged stagflation risks because of the ongoing events. "We believe that the ongoing geopolitical tensions exacerbate external risks and impart a stagflationary impulse to the economy," they said. It can be noted that stagflation involves a stagnancy in output or growth, coupled with high inflation.
The latest measure assumes importance as it has come to the notice of the Orissa government that the payment of wages to some NREGS workers is not made within a fortnight. In some districts, the wages are not paid to the workers for months together. It is reportedly causing resentment among people prompting them to abstain from work.
Ramesh, a labourer in Toomda village near Bhopal, can't believe his luck. He earns Rs 81 a day, digging wells under the National Rural Employment Guarantee Programme, the United Progressive Alliance's flagship social welfare scheme that started in 2006.
'One of the biggest employment generators, the MSMEs, have not got much from the government.'
'The others have been looting the people all these years. If you don't do that, you can do a lot for the people,' says Tamil star politician Vijayakanth.
Refraining from tinkering with tax and duty rates in the interim Budget, Finance Minister Pranab Mukherjee on Monday made a huge allocation of Rs 30,100 crore (Rs 301 billion) to government's flagship rural employment programme and many other schemes in a bid to counter the economic recession.
Drought hit Bihar plans to increase the number of days of work from 100 to 150 under the rural job scheme to check migration of the poorest of poor in search of livelihood by providing employment opportunity locally.
The outlay for the flagship programmes, which -- in addition to the Bharat Nirman scheme -- include the National Rural Employment Guarantee Scheme, Sarva Shiksha Abhiyan and others, is proposed to be raised to Rs 1,23,000 crore (Rs 1,230 billion) during 2009-10 from Rs 90,000 crore last year, representing an increase of about 37 per cent.
Amethi member of Parliament Rahul Gandhi's corporate style of electoral management is causing nightmares to those seeking Congress tickets for the forthcoming Assembly elections in Uttar Pradesh.
A quarterly index on jobs created is vital for policy action.
important financial and economic bills, including the Chartered Accountants (Amendment) Bill, 2003, the Cost and Works Accountants (Amendment) Bill, 2003 and the Company Secretaries (Amendment) Bill did not come up.
Orissa, where the programme was already under a cloud after an NGO alleged false data were being entered on the state's NREGA website, is now uncovering more scams. A team of researchers led by economist Jean Dreze and Ritika Khera, which is doing a survey focussed mainly on the corruption in the programme in Orissa, recently dug out a doctored muster roll in Badhigam gram panchayat of Boudh district.
"Smart cards are a step towards financial inclusion. The idea is to inculcate banking habits among the poor," says Anita Ramachandra, director, rural development (self-help groups). The government is paying 2 per cent of the amount disbursed through smart cards to the banks to engage them in the initiative.
These villages don't have citizens and hence there is no National Rural Employment Guarantee scheme for them or any health services or cheap rations.
The thrust on agriculture, removal of Fringe Benefit Tax etc should help improve the earnings of the FMCG sector
In conversation with Jayamala, the first woman president of the Karnataka Film Chamber of Commerce.
The affordable housing segment may be seeing an uptick which is a good sign of consumption momentum. This is the biggest-ticket purchase for middle income and lower income families. The current activity is at least partly driven by a pause in interest rate hikes.
At present, 100 days of work is provided to rural job card holders under the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA).
Govt's grand plans often go wrong. Although they seem good in theory, they don't work in practice. For instance, last Pay Commission, which handed out generous pay hikes to central government employees on the unrealistic recommendation (which quickly became an assumption) that the number of such employees would be reduced by 3 per cent each year, totalling up to a cumulative reduction of 30% in a decade. Success comes with a special set of circumstances, not as routine.
'I remain optimistic that 2021 will be better than 2020 because we have visibility of vaccinations this year.'
High drama was witnessed in Jhansi in Uttar Pradesh on Friday when Rahul Gandhi was stopped by the police, while leading scores of farmers to meet the divisional commissioner, provoking the young Congress leader to sit on the road on a dharna.The general secretary of the Congress was on his way for a meeting with P V Jaganmohan in a carcade, which also included buses carrying the farmers, but could not proceed after the local administration barricaded all roads.
The situation could become more acute as millions of migrants who had returned to their villages during the lockdown come back to the towns for higher wages and better livelihoods.
The labourers, who were using heavy equipment, had no time to escape when a 50-feet-high mound of soil caved in. Villagers rushed to the spot to pull out the trapped labourers from under the debris. Revenue and police personnel also joined in the rescue operations. Eight bodies were retrieved after a three-hour operation. Five injured persons were shifted to the government hospital at Korutla. Relatives of the deceased alleged that adequate safety measures had not been taken
Higher inflation might just be the necessary cost that we need to bear in making a transition to a higher growth trajectory.
The finance ministry has appointed a Pension Fund Regulatory and Development Authority, which will soon roll out a National Pension Scheme for the informal sector or for whoever wants to join.
The Nanavati Commission and the IMDT Act were discussed.
Govt, Left sort out differences over employment scheme
One of the high points of the proceedings was when Indrani Mukerjea's lawyer smartly utilised Dr Zeba Khan's expert status to pose her A Most Curious Question. He asked her if a skull can grow new teeth, even after the person, who it belonged to, had died, three years before. We can be sure that the discrepancy between the number of teeth discovered in the skull unearthed in 2012 and the skull shown in court in September 2019 will come up soon in Courtroom No 51. Vaihayasi Pande Daniel reports from the Sheena Bora Murder Trial.
The main difference between China and us is that its government works. Ours is happy to doze.
In the three decades since reservation of seats for women in panchayati raj institutions was introduced, the country saw women dismantling gender barriers to take the lead in the political field at the grassroots level and excel in it.
India must be prepared to deal with climate disasters, geopolitical confrontations, and social strife linked to global events, asserts Jayant Sinha, chairman of Parliament's Standing Committee on Finance.
Union minister of state for commerce, Jairam Ramesh, said there was no proposal to fix the national minimum wage rate at Rs 60 per day under the National Rural Employment Guarantee Act.
Bharti Airtel on Monday posted a 54 per cent jump in consolidated net profit to Rs 2,442.2 crore in the December quarter, mainly on account of growth in high value customers. Airtel prepaid mobile customers are required to pay at least Rs 155 for about a month-long service as the company had raised rates by 56 per cent in January 2023. Bharti Airtel managing director Gopal Vittal has indicated a need for further increase in mobile services rates.
The 19th Congress of the CPI-M in Coimbatore on Wednesday discussed the uneven growth of the party in the country. It demanded scrapping the Article 355, 356.
In spite of receiving much criticism for his Budget, it has to be acknowledged that FM Chidambaram has pulled the right strings to increase allocations in various schemes. He has effectively curbed govt's spending and has also seen to it that money is not misdirected to wrong pockets. Confronted by political demands, he has responsibly maintained fiscal health and political agendas. He has shown finesse in handling political games and deserves credit for his accomplishments.
Measures that quickly boost demand and increase employment are needed to push up growth. Moreover, without announcing new planss, the government should strengthen schemes such as PM KISAN, MNREGA and programmes to build rural roads.
