WELFARE ECONOMICS
Capitalism hasn’t failed — we’ve actually greatly benefited from freer market
Schumpeterians believe that government attempts to help, help and help again are the root cause of all that has gone wrong. They link this to declining GDP growth, angst among workers that 'decent jobs' are disappearing, rising inequalities, a soaring number of billionaires, rising inflation, crazy stock market valuations, Trumpist populism, protectionism and soaring fiscal deficits.
Why Budget 2024 must have more than Sensex on its radar
Budget 2024: The Union budget is set to dominate headlines in India, with the question of whether realpolitik or coalition compulsions will dictate the budget's economic policy. The interplay between economics and politics is not new to India, as it is part of elected democracies. The BJP's performance fell short of expectations due to inflation and unemployment, both factors within the domain of economic policy.
Maharashtra's economic survey 2023-24: Shinde government spurs robust growth and recovery
The economic survey of Maharashtra for 2023-24 revealed a positive economic outlook under the Shinde government compared to the previous Maha Vikas Aghadi administration. The survey showcased growth in GSDP, FDI, and entrepreneurship. Maharashtra's GSDP growth outpaces Gujarat, FDI attraction has surged, and entrepreneurship is thriving with the highest number of startups in India. The survey also highlighted progress in social welfare, agriculture, financial assistance to farmers, infrastructure development, and increased allocation for women's education.
Budget will announce historic steps, present a ‘futuristic vision,’ says President Murmu
President Murmu said that today India alone contributes to 15% of the global growth and reiterated her government’s commitment to make India the third largest economy in the world. She sought the support of the Opposition to meet this goal, invoking the Vedas and said all sides should work together “with a common idea and goal”.
Economic benefits of investing in WASH for corporates
A noteworthy fact in the CSR spends of the past 5 years is the growing emphasis on healthcare, WASH and environment sustainability (JICA Report). This bodes well for achieving India’s net zero goals by 2070.
India's social welfare schemes don't speak to each other: Andaleeb Rahman, Cornell University academic
Prime Minister Narendra Modi initiated the transfer of funds for PM-Kisan and approved housing assistance under Pradhan Mantri Awas Yojana. In 'The Future of India’s Social Safety Nets,' Andaleeb Rahman and Prabhu Pingali advocate for a systemic approach to social welfare programs.
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Arvind Kejriwal’s absence affecting policy decisions, welfare measures? All you need to know
Several important initiatives are stalled, including the appointment of a new minister to replace Raaj Kumar Anand, who resigned ahead of the Lok Sabha polls; the Mukhyamantri Mahila Samman Yojana, which provides Rs 1,000 per month to women over 18; revisions to dearness allowance in minimum wages; and policies for the maintenance and strengthening of Delhi’s arterial roads. Proposals for modernising Delhi, such as cloud kitchens, food trucks, Dilli Bazaar, start-ups, and industrial and economic development policies, also await approval.
Jharkhand govt contemplates to waive farm loan up to Rs 2 lakh: CM Champai Soren
"We waived Rs 40,000 farmers' loan in the past and are planning to increase it to Rs 2 lakh. Similarly, the current base of 125 unit free electricity will be increased to 200 units," Soren said while addressing a meeting at Gandhi Maidan in Jamshedpur to inaugurate and lay foundation of development projects.
PM Modi shows rural bent, OKs ₹20kcr for PM Kisan Nidhi Scheme
The Prime Minister approved the 17th instalment of the PM Kisan Nidhi Scheme, benefiting 93 million farmers with around ₹20,000 crore. This move is seen as a boost to rural demand and consumer stocks. The new coalition government is expected to focus more on rural welfare, signaling a shift towards consumption-focused policies. Rural markets have shown growth, outpacing urban markets for the first time in five quarters, indicating a positive trend for the FMCG sector. The PM emphasized the government's commitment to farmer welfare and agriculture.
Rashtrapati Bhavan gears up for Modi’s swearing-in today
India's Prime Minister, Narendra Modi, will be sworn in for a record-equalling third term on Sunday. The ceremony will take place at Rashtrapati Bhavan, attended by various personalities and overseas leaders. Invitations have been extended to heads of state and government in the region, beneficiaries of central government welfare schemes, and workers engaged in the construction of the Central Vista.
Household-level analysis got Naidu back, now directs government
Chief Minister Chandrababu Naidu plans to implement the 'Super Six' welfare schemes in the first 100 days of his new term, costing ₹97,000 crore. Despite the hefty price tag, his team is prepared with funding strategies, including increasing the tax-GDP ratio and seeking central support. Naidu's campaign strategy focused on personalised welfare schemes to bridge economic gaps and create wealth.
Modi 3.0: How different will be the third Modi government
Narendra Modi is scheduled to take take oath for the third term as India's Prime Minister in a changed political landscape. Allies demand concessions, potentially affecting economic agenda. Expectations for populist budget with focus on welfare and rural areas, though concerns raised over economic impact. Reform agenda may face challenges due to weakened mandate, but continuity likely in infrastructure investment and business environment improvements.
Japan's birth rate hits record low, Tokyo introduces government dating app to boost marriage rates
Japan faces a demographic challenge with plunging birth and fertility rates, prompting governmental initiatives like a state-backed dating app to reverse the trend, as reported by CNN.
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.
Modi 3.0 has heavy lifting to do on tax reforms to managing stock risks
Economists outline key priorities for India's incoming government, emphasizing the need for growth, job creation, and macro stability. Pronab Sen highlights the importance of sustainable livelihoods, while Pranjul Bhandari suggests that 'easy' reforms could maintain 6.5% growth. However, achieving 70 million jobs requires politically sensitive reforms in agriculture, labor, and land. Additional recommendations include infrastructure investment, judicial reforms, enhancing export competitiveness, and further tax reforms, particularly bringing petroleum and power under GST.
India Inc cheers continuity at the Centre, but rues fragility
Indian industry leaders express confidence in the economy's resilience despite the NDA-BJP government's unexpected outcome without an absolute majority. They anticipate policy continuity but caution about potential hurdles due to a stronger opposition and diverse political ideologies. The focus may shift to consumption, welfare schemes, and rural sectors. Stability is crucial for reforms, but the BJP's shortfall could complicate passing contentious reforms. However, the economy's growth agenda is expected to continue, with an emphasis on inclusivity and job creation.
New govt likely to vote for populism in budget
With the Lok Sabha election results hinting at a coalition government, economists anticipate a populist Budget focusing on welfare schemes for the upcoming fiscal year.
Government won't protect anyone in illegal money transfer case, says Karnataka CM Siddaramaiah
Karnataka Chief Minister Siddaramaiah and Deputy CM DK Shivakumar stated that the state government will not shield anyone involved in the illegal money transfer case at the Karnataka Maharshi Valmiki Scheduled Tribes Development Corporation Ltd. They promised action according to the law. The BJP demanded Minister B Nagendra's dismissal and a CBI probe. A suicide note revealed unauthorised transfer of Rs 187 crore, leading to a SIT probe led by Manish Kharbikar. Happiest Minds Technologies Ltd denied any connection to the embezzled funds.
Has Brand Modi been challenged by Brand Rahul or Brand Kejriwal? Image guru Dilip Cherian explains
Dilip Cherian illustrates instances where Brand Modi's scale and visibility surpassed competitors through initiatives like Vibrant Gujarat and GIFT City, emphasizing the challenge competitors face in matching his leadership and brand image.
Welfare schemes, policies in India not oriented towards poor: P Chidambaram
Senior Congress leader P Chidambaram criticized the current welfare schemes in India, stating they aren't effectively targeted towards the poor. Speaking at an event, he emphasized the need for policies to be oriented towards marginalized sections like SCs, STs, and the poor to achieve an egalitarian society. Chidambaram advocated for universal and free healthcare and education as essential components of such a society, citing examples from European nations.
RBI's ₹2 lakh-crore boost may help India's new govt have an easy-peasy run to achieve a goal
The RBI on May 22 announced a record-high dividend transfer to the government equivalent to 0.6 per cent of GDP ( Rs 2.1 lakh) from its operations in FY24. The figure has surpassed the 0.3 per cent of GDP expected in the FY25 budget from February. Hence, the rating agency said that it will aid the authorities in meeting near-term deficit reduction goals.
Centre sanctions Rs 21,253 crore to tackle Kerala's economic crisis
The move comes as Kerala grapples with various economic challenges, including salary delays for government employees and stalled development projects.
Rationalisation of govt bodies: WCD ministry 'officially' dissolves Food and Nutrition Board
The Women and Child Development (WCD) Ministry has officially dissolved the Food and Nutrition Board (FNB), a technical wing of the ministry responsible for providing technical and logistical support for community nutrition programmes. The FNB had a network of offices and quality control laboratories in Delhi, Faridabad, Mumbai, Kolkata, and Chennai. The decision came after a Cabinet meeting in April last year, following recommendations from the Principal Economic Adviser's report on the rationalisation of government bodies.
As LDF Govt hits 3-yr mark, CM highlights feats of Kochi Water metro, highways, industrial growth
Kerala's Chief Minister Pinarayi Vijayan, leading the Left Democratic Front (LDF) government, celebrated the state's three-year progress. Achievements include advancements in the IT sector, startup industry, and public welfare schemes, showcasing Kerala as a model for governance and quality of life.
Is Congress aware of cost of implementing Rahul Gandhi's 'Khata Khat' schemes: FM Nirmala Sitharaman
Finance Minister Nirmala Sitharaman questioned Congress' understanding of the costs associated with social welfare schemes, including the proposed Rs 1 lakh transfer to women below the poverty line. She highlighted the BJP government's improved fiscal management compared to the UPA era, despite challenges like the Covid-19 pandemic. India's debt-to-GDP ratio is relatively low compared to other economies.
The high price of slow lanes: How transport networks can make or mar the success of manufacturing hotspots
With India increasing the focus on exports, manufacturing hubs in the hinterlands have started playing a bigger role in powering the growth engine. However, these regions continue to face connectivity problems that make it difficult for traders to competitively price the goods in export markets.
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.
Congress Manifesto promises three W's: Work, Wealth, Welfare
The Congress party released its manifesto for the 2024 Lok Sabha elections at the All India Congress Committee (AICC) headquarters in Delhi on April 5. Congress president Mallikarjun Kharge, Congress Parliamentary Chairperson Sonia Gandhi, former Congress president Rahul Gandhi and other leaders were seen unveiling the party manifesto titled Nyay Patra.
Indian judiciary acknowledges economic well-being and individual rights not mutually exclusive but complementary: SC judge
Indian judiciary acknowledges that true economic development is not about immediate gains but involves a sustainable approach and economic well-being and individual rights are not mutually exclusive, Supreme Court judge Hima Kohli has said. Speaking at the American Bar Association (ABA)- India Conference 2024, Justice Kohli said the judiciary has shown an increasing inclination towards endorsing sustainable growth models.
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