Yet a recent wave of policies widely perceived to be illiberal has eroded this confidence. Critics within and outside India point to many developments such as the revocation of Jammu and Kashmir’s autonomy, the passage of the Citizenship (Amendment) Act, and the possibility of implementing a National Register of Citizens as evidence of a weakening commitment to liberalism. The government’s defences of these moves have not satisfied India’s minority groups or others concerned about India’s direction. But more than government policy is at issue here: key Indian institutions are weakening dangerously, and important segments of the population appear disenchanted with their country’s liberal inheritance. … [Read more...] about Charting India’s pathway to the big leagues
Jobless growth in india
Against China’s success, India’s achievement, though significant compared to what it was before independence, is modest. India also took tentative steps to modernise its economy in the early 1980s, but these petered out. Freed from the constraint of food grain availability thanks to the Green Revolution, India did not manage to apply to its industrial sector the lessons it learnt in its agricultural revolution — using foreign knowledge, relying on the private sector and deploying subsidies selectively. Instead, foreign borrowing was used to ease the consumption constraint in the public sector and to cushion loss-making public enterprises. … [Read more...] about Can India catch up with China?
New Delhi: Moody's Investors Service today changed the outlook on the Government of India's ratings to negative from stable reflecting increasing risks that economic growth will remain materially lower than in the past, partly reflecting lower government and policy effectiveness at addressing long-standing economic and institutional weaknesses than previously estimated, leading to a gradual rise in the debt burden from already high levels.“Prolonged financial stress among rural households, weak job creation, and, more recently, a credit crunch among non-bank financial institutions have increased the probability of a more entrenched slowdown. Moreover, the prospects of further reforms that would support business investment and growth at high levels, and significantly broaden the narrow tax base, have diminished,” the top credit rating agency said. It added that if the nominal GDP growth does not return to high rates, the government will face very significant constraints in … [Read more...] about India’s economic outlook changed to negative from stable: Moody’s
ETBFSI DeskAfter Moody's and Fitch, S&P Global Ratings has revised India's economic growth projection to negative 9% from negative 5%. "India's economy shrank 23.9% year over year in the March to June period, larger than we expected. The pandemic, and tight lockdown measures enforced to combat it, knocked private consumption by 26.7% while fixed investment sunk 47.1%. Higher welfare spending prevented an even sharper fall in growth. Agriculture cushioned the blow as it was the only major sector to expand, thanks to a favorable monsoon season."The agency, however, expects a degree of normalisation to result in growth of about 10% in the following fiscal year as consumers resume discretionary activity that they have curtailed during the pandemic. "A significant part of the growth rebound is due to the very weak base during the current fiscal year. We also do not expect policymakers to enforce further widespread lockdowns. The larger adverse shock to growth will be driven by corporate … [Read more...] about Rising covid cases to restrict private spending & investment in India: S&P Global
In the technocratic vision, democracy is a result of technology. That is why for Mr. Modi, “ >technology is advancing citizen empowerment and democracy, that once drew their strength from Constitutions.” This is a remarkable statement — no democratic revolution in the world has been brought about by technology, but by human beings willing to sacrifice themselves for equality and liberty. Here, technology might be an instrument, just as it might equally be a tool in the hands of oppressors. Perhaps, it is not ironic that in the Information Age, governments and corporations have the most vital information about people’s private and public lives. … [Read more...] about The grand delusion of Digital India