Not at all as the gold holding of Indians is known world over. INR being pegged to gold is relevent to Indians who have such gold holding. For others it will be to match the value of our INR.
Indian Economy : News,Discussions & Updates
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Shouldn't the gold actually be held by the govt instead of the people? People are not going to help the govt on their own initiative after all.
Not to mention, this will give too much power to the govt over our monetary policy. BJP may use it properly but the Congis will definitely misuse it.
It is very interesting to read the tweets below, Indeed Twitter is filled with paid bots and total fools.
Also if you have noticed these days on youtube, whenever there is news of privatisation/disinvestment there are some young Muslim always commenting "Modi ne desh ko bech diya", either they are bots or do not understand they don't get reservation in these PSU'S but are paying taxes to fund them.
FM Sitharaman shares details of 50,000-crore public work scheme for migrants; PM Modi to launch it on June 20
Finance minister Nirmala Sitharaman has shared the details of PM Garib Kalyan Rojgar Abhiyaan today via a press conference. The public work scheme worth ₹50,000 crore will provide job opportunities to migrant workers, finance ministry said in a tweet.
In a bid to provide relief to migrant labourers, Prime Minister Narendra Modi today announced to launch Garib Kalyan Rojgar Abhiyaan on June 20. This scheme will help the migrant labourers, who have returned to their states, to find livelihood opportunities amid this coronavirus pandemic.
The massive employment scheme will create infrastructure in the rural regions with a resource envelope of ₹50,000 crore, the central government said in a statement. As many as 116 districts of Bihar, Uttar Pradesh, Madhya Pradesh, Rajasthan, Jharkhand and Odisha have been selected for the campaign.
The first priority of PM Garib Kalyan Rojgar Abhiyaan is to provide immediate relief to migrant workers who have gone home, says Sitharaman.
India plans to provide employment to migrant workers: FM
India plans to provide employment to migrant workers and create rural infrastructure through Garib Kalyan Rojgar Abhiyaan, according to statement issued by Prime Minister Narendra Modi’s administration.
There will be 25 different kind of works
Construction of wells, plantation, horticulture, angwadi centres, rural housing, rural connectivity and border road works, railway works, Shyama Prasad Mukherjee RURBAN mission, PM KUSUM works, laying of fiber optic cable under Bharat Net, works under Jal Jeevan mission.
Migrants will have these jobs
Community santitaion complex, Gram panchayat bhawan, works under finance commission funds, national highways works, water conservation and harvesting works.
Govt's first priority to provide livelihood to those who have returned to villages, says Finance Minister.
Migrants from 116 districts from six states will get jobs: FM
116 districts of Bihar, Uttar Pradesh, Madhya Pradesh, Rajasthan, Jharkhand and Odisha have been selected for the campaign. These districts are estimated to cover about two third of such migrant workers.
Those districts where 25,000 migrants have returned are selected: FM
Those districts where 25,000 migrants have returned have been chosen for this programme. The central government has selected 116 districts.
Jobs for 125 days
In the first installment, jobs will be provided for four months, says finance minister. As we go ahead, we have to see how this works out for migrants and central government, says FM
First priority is to provide immediate relief: FM
The first priority of PM Garib Kalyan Rojgar Abhiyaan is to provide immediate relief to migrant workers who have gone home, says Finance Minister.
PM will launch Garib Kalyan Rojgar Abhiyaan on June 20
Prime Minister Narendra Modi will launch PM Garib Kalyan Rojgar Abhiyaan on June 20 via virtual conference.
Jobs will be in 25 sectors
Community sanitation complex, gram panchayat bhawan, national highways works, construction of wells, horticulture — jobs will be provided in various sectors
₹50,000-crore public work scheme
PM Garib Kalyan Rojgar Abhiyaan will be spread over a duration of 125 days. It will cover 116 districts of the country.
Migrants will have jobs in their states
Several government projects like Jal Jeevan Mission, Gram Sadak Yojna will nee people. Job opportunities will be created in these projects.
Jobs for all
All those migrants in 116 districts will be provided jobs, says FM
More jobs
The government mapped the skill sets of migrants who have returned from several states of the country. There will be 25 different projects which will create job opportunities for migrants.
116 districts received large number of migrants
116 districts spread over six states received huge number of migrants.
Finance Minister Nirmala Sitharaman starts press conference
Finance Minister Nirmala Sitharaman starts press conference. Today's focus will be on PM Garib Kalyan Rojgar Abhiyaan.
Employment opportunity for migrants
Spread over 125 days, this scheme will implement 25 various kinds of jobs to help migrant workers. It will work in a mission mode to create employment opportunities for the migrants.
Launch on June 20
“PM @narendramodi to launch Garib Kalyan Rojgar Abhiyaan on 20th June to boost livelihood opportunities in Rural India," a tweet from the prime minister’s office said.
PM Garib Kalyan Rojgar Abhiyaan will start from Telihar village, Bihar
Designed to help those who have returned home amid pandemic, this scheme will be launched Telihar village, Khagaria district, Bihar. The state chief minister Nitish Kumar will be present in the virtual launch of 'Garib Kalyan Rojgar Abhiyaan.' The chief minister of five other states will also participate in the launch.
Labour minister Santosh Gangwar will be present
Labour minister Santosh Gangwar and rural development minister Narendra Singh Tomar will also join finance minister in today's press conference.
PM Garib Kalyan Rojgar Abhiyaan
In a bid to provide employment opportunities to migrant workers, PM Narendra Modi will unveil a public work scheme worth 50,000 crore this week. The Centre has selected over 25,000 returned migrant labourers from 116 districts of Bihar, Uttar Pradesh, Madhya Pradesh, Rajasthan, Jharkhand and Odisha for the campaign.
www.livemint.com
Finance minister Nirmala Sitharaman has shared the details of PM Garib Kalyan Rojgar Abhiyaan today via a press conference. The public work scheme worth ₹50,000 crore will provide job opportunities to migrant workers, finance ministry said in a tweet.
In a bid to provide relief to migrant labourers, Prime Minister Narendra Modi today announced to launch Garib Kalyan Rojgar Abhiyaan on June 20. This scheme will help the migrant labourers, who have returned to their states, to find livelihood opportunities amid this coronavirus pandemic.
The massive employment scheme will create infrastructure in the rural regions with a resource envelope of ₹50,000 crore, the central government said in a statement. As many as 116 districts of Bihar, Uttar Pradesh, Madhya Pradesh, Rajasthan, Jharkhand and Odisha have been selected for the campaign.
The first priority of PM Garib Kalyan Rojgar Abhiyaan is to provide immediate relief to migrant workers who have gone home, says Sitharaman.
India plans to provide employment to migrant workers: FM
India plans to provide employment to migrant workers and create rural infrastructure through Garib Kalyan Rojgar Abhiyaan, according to statement issued by Prime Minister Narendra Modi’s administration.
There will be 25 different kind of works
Construction of wells, plantation, horticulture, angwadi centres, rural housing, rural connectivity and border road works, railway works, Shyama Prasad Mukherjee RURBAN mission, PM KUSUM works, laying of fiber optic cable under Bharat Net, works under Jal Jeevan mission.
Migrants will have these jobs
Community santitaion complex, Gram panchayat bhawan, works under finance commission funds, national highways works, water conservation and harvesting works.
Govt's first priority to provide livelihood to those who have returned to villages, says Finance Minister.
Migrants from 116 districts from six states will get jobs: FM
116 districts of Bihar, Uttar Pradesh, Madhya Pradesh, Rajasthan, Jharkhand and Odisha have been selected for the campaign. These districts are estimated to cover about two third of such migrant workers.
Those districts where 25,000 migrants have returned are selected: FM
Those districts where 25,000 migrants have returned have been chosen for this programme. The central government has selected 116 districts.
Jobs for 125 days
In the first installment, jobs will be provided for four months, says finance minister. As we go ahead, we have to see how this works out for migrants and central government, says FM
First priority is to provide immediate relief: FM
The first priority of PM Garib Kalyan Rojgar Abhiyaan is to provide immediate relief to migrant workers who have gone home, says Finance Minister.
PM will launch Garib Kalyan Rojgar Abhiyaan on June 20
Prime Minister Narendra Modi will launch PM Garib Kalyan Rojgar Abhiyaan on June 20 via virtual conference.
Jobs will be in 25 sectors
Community sanitation complex, gram panchayat bhawan, national highways works, construction of wells, horticulture — jobs will be provided in various sectors
₹50,000-crore public work scheme
PM Garib Kalyan Rojgar Abhiyaan will be spread over a duration of 125 days. It will cover 116 districts of the country.
Migrants will have jobs in their states
Several government projects like Jal Jeevan Mission, Gram Sadak Yojna will nee people. Job opportunities will be created in these projects.
Jobs for all
All those migrants in 116 districts will be provided jobs, says FM
More jobs
The government mapped the skill sets of migrants who have returned from several states of the country. There will be 25 different projects which will create job opportunities for migrants.
116 districts received large number of migrants
116 districts spread over six states received huge number of migrants.
Finance Minister Nirmala Sitharaman starts press conference
Finance Minister Nirmala Sitharaman starts press conference. Today's focus will be on PM Garib Kalyan Rojgar Abhiyaan.
Employment opportunity for migrants
Spread over 125 days, this scheme will implement 25 various kinds of jobs to help migrant workers. It will work in a mission mode to create employment opportunities for the migrants.
Launch on June 20
“PM @narendramodi to launch Garib Kalyan Rojgar Abhiyaan on 20th June to boost livelihood opportunities in Rural India," a tweet from the prime minister’s office said.
PM Garib Kalyan Rojgar Abhiyaan will start from Telihar village, Bihar
Designed to help those who have returned home amid pandemic, this scheme will be launched Telihar village, Khagaria district, Bihar. The state chief minister Nitish Kumar will be present in the virtual launch of 'Garib Kalyan Rojgar Abhiyaan.' The chief minister of five other states will also participate in the launch.
Labour minister Santosh Gangwar will be present
Labour minister Santosh Gangwar and rural development minister Narendra Singh Tomar will also join finance minister in today's press conference.
PM Garib Kalyan Rojgar Abhiyaan
In a bid to provide employment opportunities to migrant workers, PM Narendra Modi will unveil a public work scheme worth 50,000 crore this week. The Centre has selected over 25,000 returned migrant labourers from 116 districts of Bihar, Uttar Pradesh, Madhya Pradesh, Rajasthan, Jharkhand and Odisha for the campaign.
FM Sitharaman shares details of 50,000-crore public work scheme for migrants
The first priority of PM Garib Kalyan Rojgar Abhiyaan is to provide immediate relief to migrant workers who have gone home, says FM.There will be 25 different projects which will create job opportunities for migrants in 116 districts, says Sitharaman
www.livemint.com
Amid Border Tension, PMO Seeks Product-Wise Details from India Inc to Curb China Imports - News18
China accounts for about 14 per cent of India's imports and is a major supplier for sectors like cell phones, telecom, power, plastic toys and critical pharma ingredients.
www.news18.com
Economists say: No more a recession, India headed towards ‘depression’
The Indian economy is in a tailspin and India may actually be looking at something worse than a recession.
India has never faced a sustained long-term downturn in economic activity in its 73 years of existence as an independent country. But there is now every possibility that India is looking at a ‘depression’ for the first time in its history, a possibility flagged by several economists.
While everyone now has accepted the inevitable, that the GDP will contract in the current financial year (2020- 2021), the estimates vary. The World Bank pegs it at 3.2 per cent while Crisil puts it at 5 per cent. An RBI survey paints the rosiest picture as of June 10, saying that the economy will contract by only 1.5 per cent.
However, several economists warn that the impact will likely be much worse. Surajit Das, assistant professor at JNU’s Centre for Economic Studies and Planning (CESP), puts a perspective to the situation.
“Since economic recovery does not happen overnight, economic activities in the next few quarters will also take some time to recover. Looking at GDP from an output and employment point of view, I would say you are looking at anything between a 15 and 22 per cent contraction,” he says.
Das’ ominous predictions are not without ground. According to India’s retail association, sales of non-essential items - such as clothes, electronics, furniture - fell by 80 per cent in May. Even sales of essential goods - such as groceries and medicines - dipped by 40 per cent.
An independent countrywide survey involving 1,000 respondents carried out by research scholars at CESP found out that at least 80 per cent of them have put off plans of purchasing consumer durables (ACs, washing machines, TVs and other white goods), automobiles and real estate while also postponing domestic travel plans.
Veteran economist Arun Kumar in fact thinks the contraction of GDP in the months of the lockdown has been even more severe.
“I would say about 75 per cent of the GDP was wiped out in April and about 65 per cent in May. Exports, investment and consumption, all three engines of growth went into a tailspin,” says Kumar.
Kumar goes further in saying, “India would be the first country in modern history to face a depression. It would take at least three to four years to emerge out of it.”
“In the current fiscal, the GDP is set to contract by at least 30 per cent. My estimate is that from Rs 204 lakh crore, our GDP will come down to Rs 130 lakh crore. Tax to GDP ratio will fall from 16 per cent to 8 per cent. In such a situation, it would be difficult for the government to pay salaries or finance the defence budget.”
Das agrees and says, “I will strongly urge the government to universalise the MGNREGA programme and expand it to urban areas.
About 50 crore Indians live in urban and semi-urban areas and there are scores of non-salaried people there who do not work in the organised sector. I will also call upon the government to remove the 100 days cap and revise the pay from Rs 202 a day to Rs 350 in rural areas and Rs 450 in urban areas. These are absolute musts till these people find employment again,” he says.
While economists have been saying time and again wage-led growth that will boost demand is the only way to remedy the situation, the government seems to think supply-side interventions will save the day.
More demand leads to more output and profit and more employment. Unless the government wakes up to the reality that without aggregate investment there would be no change in demand, output and employment, the situation is likely to get worse.
Liquidity infusion into banks is meaningless unless that money reaches the economy.
Loans at lower interest will simply be used by old borrowers to service old loans and not get translated into aggregate investment.
Already, non-food credit offtake growth is in the negative.
Kumar has prescriptions for the government. He calls it the survival package. “See, at least 20 crore people have lost their jobs. If you take 4 persons per family, 80 crore people are looking at penury and starvation if the government does not step in. They have fallen below the poverty line. Even if the government pays them half of the World Bank’s Extreme Poverty Line wage of $1.99 that is $.99, that will cost the exchequer around Rs 18 lakh crore per annum. Adjusted with MGNREGA and other schemes, the government will still need to marshal an additional Rs 15 lakh crore.”
So assuming health expenses of Rs 2 lakh crore and a bare-minimum survival package for the micro sector at Rs 6 lakh crore, the government will have to find an extra Rs 24 lakh crore which will push fiscal deficit to almost 50 per cent of the GDP.
Kumar says even the wealthy will lose value of their investments in stocks and real estate. “I expect their wealth to decline by around two-third. In such a situation, wealth tax won’t be an option too. They will have to monetise by borrowing from the RBI which will issue bonds. People across the organised sector will have to sacrifice and take pay cuts. Otherwise, the system will collapse,” he says.
Kumar is totally on point here. The government’s GST collections in April 2020 has been found to be 15 per cent of what it was in the same month last year. With low demand and output, Corporate Tax will fall. With loss of jobs and pay cuts, so will Income Tax. In such a situation, monetisation will remain the only way.
A detailed analysis by Pronab Sen, former Chief Statistician of India, that was published in Ideas for India, an Indian Expressinitiative over the last weekend, showed India’s economy will contract not just this year but also in 2021-22. That means not recession and depression.
The study says India’s absolute GDP is likely to struggle to even come back to the 2019-20 level by 2023-24, which is the last year of this government’s current term. This is the same thing Kumar has said.
“As things stand, and the government retains the 2020-21 expenditure budget for 2021-22 as well, it is likely that 2021-22 will witness a GDP growth rate of -8.8%. This is a frightening thought since it means that the country could experience a full-blown depression – the first in our history as an independent nation,” says Sen.
The Indian economy was already in a bad shape, reeling under the long-term effects of Demonetisation and a hasty implementation of an ill-conceived GST plan. COVID-19 came as the proverbial Black Swan to hammer the nails into India’s economic engine.
Unless the Government of India acts fast and listens to those who advocate wage-led growth, India is looking at famines, mass starvations, massive uptick in crime rate, total civil unrest, collapse of law and order and a total decimation of the system.
And this government will be remembered in history as one which stood and watched as one of the promising emerging economies in the world went into absolute penury and anarchy.
Economists say: No more a recession, India headed towards ‘depression’
economy will Shrink from 3 trillion to below 2 trillion meaning war is imminent.
The Indian economy is in a tailspin and India may actually be looking at something worse than a recession.
India has never faced a sustained long-term downturn in economic activity in its 73 years of existence as an independent country. But there is now every possibility that India is looking at a ‘depression’ for the first time in its history, a possibility flagged by several economists.
While everyone now has accepted the inevitable, that the GDP will contract in the current financial year (2020- 2021), the estimates vary. The World Bank pegs it at 3.2 per cent while Crisil puts it at 5 per cent. An RBI survey paints the rosiest picture as of June 10, saying that the economy will contract by only 1.5 per cent.
However, several economists warn that the impact will likely be much worse. Surajit Das, assistant professor at JNU’s Centre for Economic Studies and Planning (CESP), puts a perspective to the situation.
“Since economic recovery does not happen overnight, economic activities in the next few quarters will also take some time to recover. Looking at GDP from an output and employment point of view, I would say you are looking at anything between a 15 and 22 per cent contraction,” he says.
Das’ ominous predictions are not without ground. According to India’s retail association, sales of non-essential items - such as clothes, electronics, furniture - fell by 80 per cent in May. Even sales of essential goods - such as groceries and medicines - dipped by 40 per cent.
An independent countrywide survey involving 1,000 respondents carried out by research scholars at CESP found out that at least 80 per cent of them have put off plans of purchasing consumer durables (ACs, washing machines, TVs and other white goods), automobiles and real estate while also postponing domestic travel plans.
Veteran economist Arun Kumar in fact thinks the contraction of GDP in the months of the lockdown has been even more severe.
“I would say about 75 per cent of the GDP was wiped out in April and about 65 per cent in May. Exports, investment and consumption, all three engines of growth went into a tailspin,” says Kumar.
Kumar goes further in saying, “India would be the first country in modern history to face a depression. It would take at least three to four years to emerge out of it.”
“In the current fiscal, the GDP is set to contract by at least 30 per cent. My estimate is that from Rs 204 lakh crore, our GDP will come down to Rs 130 lakh crore. Tax to GDP ratio will fall from 16 per cent to 8 per cent. In such a situation, it would be difficult for the government to pay salaries or finance the defence budget.”
Das agrees and says, “I will strongly urge the government to universalise the MGNREGA programme and expand it to urban areas.
About 50 crore Indians live in urban and semi-urban areas and there are scores of non-salaried people there who do not work in the organised sector. I will also call upon the government to remove the 100 days cap and revise the pay from Rs 202 a day to Rs 350 in rural areas and Rs 450 in urban areas. These are absolute musts till these people find employment again,” he says.
While economists have been saying time and again wage-led growth that will boost demand is the only way to remedy the situation, the government seems to think supply-side interventions will save the day.
More demand leads to more output and profit and more employment. Unless the government wakes up to the reality that without aggregate investment there would be no change in demand, output and employment, the situation is likely to get worse.
Liquidity infusion into banks is meaningless unless that money reaches the economy.
Loans at lower interest will simply be used by old borrowers to service old loans and not get translated into aggregate investment.
Already, non-food credit offtake growth is in the negative.
Kumar has prescriptions for the government. He calls it the survival package. “See, at least 20 crore people have lost their jobs. If you take 4 persons per family, 80 crore people are looking at penury and starvation if the government does not step in. They have fallen below the poverty line. Even if the government pays them half of the World Bank’s Extreme Poverty Line wage of $1.99 that is $.99, that will cost the exchequer around Rs 18 lakh crore per annum. Adjusted with MGNREGA and other schemes, the government will still need to marshal an additional Rs 15 lakh crore.”
So assuming health expenses of Rs 2 lakh crore and a bare-minimum survival package for the micro sector at Rs 6 lakh crore, the government will have to find an extra Rs 24 lakh crore which will push fiscal deficit to almost 50 per cent of the GDP.
Kumar says even the wealthy will lose value of their investments in stocks and real estate. “I expect their wealth to decline by around two-third. In such a situation, wealth tax won’t be an option too. They will have to monetise by borrowing from the RBI which will issue bonds. People across the organised sector will have to sacrifice and take pay cuts. Otherwise, the system will collapse,” he says.
Kumar is totally on point here. The government’s GST collections in April 2020 has been found to be 15 per cent of what it was in the same month last year. With low demand and output, Corporate Tax will fall. With loss of jobs and pay cuts, so will Income Tax. In such a situation, monetisation will remain the only way.
A detailed analysis by Pronab Sen, former Chief Statistician of India, that was published in Ideas for India, an Indian Expressinitiative over the last weekend, showed India’s economy will contract not just this year but also in 2021-22. That means not recession and depression.
The study says India’s absolute GDP is likely to struggle to even come back to the 2019-20 level by 2023-24, which is the last year of this government’s current term. This is the same thing Kumar has said.
“As things stand, and the government retains the 2020-21 expenditure budget for 2021-22 as well, it is likely that 2021-22 will witness a GDP growth rate of -8.8%. This is a frightening thought since it means that the country could experience a full-blown depression – the first in our history as an independent nation,” says Sen.
The Indian economy was already in a bad shape, reeling under the long-term effects of Demonetisation and a hasty implementation of an ill-conceived GST plan. COVID-19 came as the proverbial Black Swan to hammer the nails into India’s economic engine.
Unless the Government of India acts fast and listens to those who advocate wage-led growth, India is looking at famines, mass starvations, massive uptick in crime rate, total civil unrest, collapse of law and order and a total decimation of the system.
And this government will be remembered in history as one which stood and watched as one of the promising emerging economies in the world went into absolute penury and anarchy.
Economists say: No more a recession, India headed towards ‘depression’
economy will Shrink from 3 trillion to below 2 trillion meaning war is imminent.
Last edited:
Lets come back to this article when the financial year finishes and results are out......
So an article by National Herald hmmm...
This article looks like it was written with crayon, and by a toddler at that. Have you considered using just the bold feature?
Anyway, this is beyond the expected worst case for the economy. So take it with a pinch of salt.
I am not taking it with a pinch of salt. It was long time coming even before covid - 19.....economy was and is tanking and has already tanked for majority of people and unemployed youth. There is only few things this baniya suit boot govt can do now..... if it want to survive. start fudging data along with religious nationalist chauvinism to distract people or start a war.
later one will create less civil unrest though.
later one will create less civil unrest though.
You wanna kill growth this year, fine. But saying it will take 3-4 years to recover is nonsense.
All analysts are predicting high growth for next year, more than 5% at the minimum by all.
By August end we will know how bad the COVID quarter was, and by Nov end we will know where we are headed. Feb end will set the trend.
One ought to be grateful this government didn't wait for the entire co operative banks sector to go belly up before thinking up this move. Thank you Modi, NS & particularly Zavaadaker for this .
5% growth rate over 5-10% contraction will still be zero if not negative and that will be aggregate of 2years.
Yep. But the article promises much worse conditions than losing 2 years of growth. It actually says we will likely lose many more years instead.
Never mind your childishness, even for the COVID recovery, 2022 would be a key year.
You forgot to add the IN would get more ships from 2022 , key capital acquisitions would begin from 2022 , the defense budget would increase substantially in / from 2022 & of course Paxtan would cease to exist from 2022.All you ought to add is a disclaimer , any disclaimer or THE disclaimer - #Shiva says. That way you absolve yourself from any responsibility whatsoever for your statement.
Hold on till end of september. Indian economy will fly after that and if we have a war with China, it will be even better.