ECONOMIC DISPARITIES
Mangoes at Rs 2400, bhindi at Rs 650 per kg: Indian groceries in London vs India leave netizens SHOCKED. Viral Video
A viral video on Instagram showcased the exorbitant prices of Indian groceries in London, shocking viewers. Items like Lay's Magic Masala, priced at ₹95 compared to ₹20 in India, and Alphonso mangoes at ₹2,400 for six pieces highlighted the steep cost differences. The video sparked online discussions about income disparities, purchasing power parity, and the economic context behind these price variations, leaving many consumers astonished at the price tags in London's Indian grocery stores.
Budget 2024: What is a Populist Budget and why is it controversial?
A populist budget is a fiscal plan focused on immediate public appeal through measures like tax cuts and social spending increases. Criticized for prioritizing short-term benefits over long-term economic stability, such budgets can lead to fiscal deficits, inflationary pressures, and disparities in resource distribution, while potentially undermining independent economic institutions.
Why the Government needs a Budget: Understanding the importance and role
Union Budget 2024: Any political party that assumes government, whether through majority or coalition, in India shoulders significant responsibilities towards society, politics, and the economy. It is crucial to allocate resources in a manner that facilitates progress in a country as diverse as India, with its rich cultural, religious, and economic diversity.
Mandate 2024 is about making economic governance the new govt's centrepiece
Even though India is experiencing an 8.2% growth rate, the real political question is whether the people feel this growth. Opinions will vary, but the essential takeaway is that much more needs to be done, as indicated by the mandate in Lok Sabha elections.
A humbled Modi needs allies, and answers to India's unemployment, inflation
Indian Prime Minister Narendra Modi is set to win a rare third term in office, but with a smaller-than-expected mandate. He will have to rely more on allies to form government. Populism and welfare policies will "gain currency" as Modi will have to depend on regional leaders, said an analyst.
Modi is first PM to lower dignity of public discourse, he indulged in most vicious form of hate speeches: Manmohan Singh to voters
In anticipation of Punjab's voting in the final phase of the 18th Lok Sabha polls on June 1st, former Prime Minister Manmohan Singh penned a letter directed to the state's voters. In the letter, Singh expressed concerns regarding the divisive nature of the hate speeches delivered by Prime Minister Narendra Modi, labeling them as the epitome of divisiveness.
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Investors must take Rajan’s promise, not Pitroda's threat
Investors are anxious about the potential impact of the ongoing general elections on economic policies. The possibility of the INDIA alliance, led by the Congress Party, coming to power has raised fears of a significant policy shift, particularly following suggestions of introducing an inheritance tax. However, it's important for investors to differentiate between exaggerated concerns and actual risks.
MSMEs should build support fund for women to encourage their participation: Lohit Bhatia, Indian Staffing Federation
MSMEs should work towards increasing female workforce participation by making structural changes to their ecosystem, says Lohit Bhatia, President, Indian Staffing Federation (ISF).
Gotta fix those inequality gaps
Since 1947, India has experienced considerable economic expansion, yet the advantages of this growth have not been evenly spread. The era of economic liberalization brought forth fresh avenues and prosperity, but it also contributed to a surge in inequality, a trend further magnified by recent economic upheavals, such as the pandemic. In 1967-68, the top 10% of the population accounted for 36.49% of the total national income.
India should impose tax on ultra-wealthy to tackle wealth inequality, says study
The paper titled 'Proposals For a Wealth Tax Package to Tackle Extreme Inequalities in India' propose a comprehensive tax package on the ultra-wealthy to tackle the massive concentration at the very top of the wealth distribution and create valuable fiscal space for crucial social sector investments.
Not just a one-horse town: Empower Opposition to become active political participants
India aims to be a $5 tn economy. So, there's much talk about accelerating growth and enhancing economic competitiveness. But are we through talking about political competition?
The rise of Xi Jinping as Putin's 'Big Brother': A new chapter in Russia-China ties
Putin's recent visit to China underscores the strengthening bond between the two countries amid Russia's actions in Ukraine. This visit, Putin's first abroad since his re-election, emphasizes the strategic partnership between Russia and China. The visit highlights their military collaboration and economic interdependence, with China's support bolstering Russia's economy and military capabilities. The alliance between Russia and China serves as a counterbalance to Western dominance and has raised concerns in the West about China's role in supporting Russia's military operations.
Railway minister contradicts Kerala Cong's claim, says Vande Bharat's occupancy is 98 per cent
Ashwini Vaishnaw challenges Kerala Congress's 50% Vande Bharat occupancy claim, proving it's 98%. IRCTC data analysis shows economic disparities in access. Vande Bharat's popularity is evident with over two crore travelers by March 31 this year.
Jairam Ramesh accuses Modi government of 'Hum Do Humaare Do' policy, draining household savings to cronies
Jairam says, "In nominal price terms, the net household savings is at their lowest in five years. But the reality is that the real household savings are at their lowest since 2014 once we adjust for inflation. This means that for the entirety of the Modi Sarkar's Anyay Kaal, real house hold savings have grown at just 1.1 per cent per year."
Managing the trilemma of inflation, growth and exchange rate
For many other Asian economies, domestic economic conditions warrant a cut in interest rates, but fears of currency depreciation could hold their central banks back. If private investment and consumption are the next growth engines, will lower interest rates help?
Rahul Gandhi once again bats for caste survey, economic review & to scrap 'Agniveer Scheme'
Rahul Gandhi advocates for a caste survey and economic evaluation to determine wealth distribution, promising compensation for youths and criticizing loan waivers for industrialists. He also discusses the Right to Apprenticeship scheme.
No, not UBIquitous yet
Universal Basic Income (UBI) is a concept gaining traction globally, offering citizens a regular payment without conditions. While it's not a new idea, its implementation varies. Some see it as a solution to growing inequality and AI threats, while others prefer direct job creation. Several countries have tested UBI, with mixed results. In India, discussions around UBI have sparked debates, given the country's existing welfare schemes.
Pakistan struggles with soaring inflation and widening wage disparities
The government's decision to devalue the currency by over 50 per cent within a year and eliminate subsidies as part of the latest instalment of the International Monetary Fund bailout package has exacerbated the nation's cost-of-living crisis.
View: In today’s tech-driven landscape, we need new economic thinking on equity and sustainability
In a hyper-connected world, income inequality, debt burdens, and social disparities persist. Urgent innovative strategies are essential to address widening gaps and shift the focus to stakeholder value for human development, Sam Pitroda writes.
'Elevate, rather than bringing the successful down', says Raghuram Rajan as he advocates inclusive growth over wealth tax
Raghuram Rajan, former RBI governor, advocates for inclusive growth over wealth tax, emphasizing the need to uplift individuals for economic development. His remarks follow a discussion sparked by Sam Pitroda on wealth redistribution, with Rajan cautioning against excessive taxation of the wealthy. He highlights the importance of examining neglected segments of the economy and suggests policy measures like minimum wage standards for wealth distribution. Rajan also stresses the significance of job creation for social stability and demographic dividends.
Mallikarjun Kharge writes to Modi, seeks time to explain Congress manifesto
Congress President Mallikarjun Kharge has written a letter to Prime Minister Narendra Modi, accusing him of attempting to divide society through the'redistribution of wealth' controversy. Kharge defended the Congress manifesto, which aims to provide justice to marginalized groups across castes and communities. He accused Modi of using language that creates communal divide and called for a meeting with Modi to explain the manifesto.
Indian economy stands out with strong show: Finance Ministry
India's finance ministry highlighted the country's "promising economic performance," citing resilient growth, stable prices, and a strong external sector in its monthly economic report for March. Despite global uncertainties, India's economy remains robust, driven by factors like domestic demand, investment, and manufacturing momentum. The report also noted favorable monsoon forecasts, which are expected to boost agricultural output and ease inflation concerns. Additionally, India's trade deficit is projected to improve, supported by initiatives like the production-linked incentive schemes and recent trade agreements.
View: India needs more leaders like Manmohan Singh
Manmohan Singh, the former Prime Minister of India, retired from public life after a distinguished career spanning various key roles. While some criticize his lack of direct electoral mandate, Singh's leadership and economic reforms played a pivotal role in India's growth story. His caution and realism are especially relevant in today's uncertain times.
US jobs report for March is likely to point to slower but still-solid hiring
A modest downshift in hiring could reassure the Federal Reserve that the economy isn't running too hot, especially if wage growth, a key driver of inflation, also slowed last month. The Fed's policymakers are tracking the state of the economy, the job market and inflation to determine when to begin cutting interest rates from their multi-decade highs - a move eagerly awaited by Wall Street traders, homebuyers and people in need of cars, household appliances and other major purchases that are typically financed.
Narendra Modi sets ambitious economic goals for probable third term
Indian Prime Minister Narendra Modi has set an ambitious target of doubling the economy and exports this decade, with the aim of making the economy the third largest in the world if he wins a third term in a row. He has asked officials to finalise plans by around May to expand the economy to $6.69 trillion in nominal terms by 2030, from around $3.51 trillion currently. The document states that doubling the economy by the end of the decade would be a "very difficult feat" requiring 6%-6.5% growth for the next seven years along with inflation of 4.5%.
View: How monopoly businesses and a consolidating industry hurt consumers and drive economic inequality
Entrants challenge Asian Paints in India's decorative paints sector. Industry consolidation impacts stakeholders. Zephyr Teachout and Viral Acharya advocate curbing monopoly practices for consumer welfare. CCI's role in overseeing big business growth is crucial amid sector consolidation.
In the era of gender disparity, women still find it a challenge to ask for a pay raise
The gender gap in pay raises persists due to women's hesitation influenced by confidence disparities and unconscious gender stereotypes. Organizational culture, compensation philosophy, and market benchmarks play a crucial role. Women should keep records, conduct research, negotiate, and consider non-monetary incentives.
Widening disparities, growing threats cloud global cybersecurity outlook: WEF
The World Economic Forum's Global Cybersecurity Outlook 2024 report, prepared in collaboration with Accenture, also flagged threats posed by AI-generated deepfakes to spread false information about candidates in an election or manipulate public perception.
Threat of global conflict looms large, fuelled by ideological divisions and resource scarcity, says IAF Chief VR Chaudhari
Air Chief Marshal Vivek Ram Chaudhari highlighted the looming threat of global conflict fueled by ideological divides, resource scarcity, and climate change during the 20th Subroto Mukherjee Seminar. He emphasized the shifting landscape of international relations, citing COVID-19 and global conflicts as exacerbating factors. Despite challenges, he noted the resilience and growth of Global South economies, predicting their dominance by 2030. Chaudhari proposed the Indian Air Force as a catalyst for progress, offering training and partnerships to foster collective advancement.
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