Tag Archives: employment

‘Marxisms in the 21st Century’ – What do Bihar Elections Have to do With It?

 

 

In the  course of the Bihar election campaign of behalf of his party, the Rashtriya Janata Dal (RJD) and the Mahagathbandhan (the  grand alliance), the chief  ministerial face of the alliance Tejashwi Yadav has been indicating a significant shift of focus. ‘That was the era [his father Laloo Yadav’s] of social justice; this is the time of economic justice and the youth today want jobs’. Clearly this shift comes against the backdrop of the massive loss of jobs and livelihoods over the past six years since this government came to power. The lockdown was only the most inhuman culmination the the process of destruction of livelihoods that began with demonetization, followed by the ill-thought out Goods and Services Tax (GST).

Continue reading ‘Marxisms in the 21st Century’ – What do Bihar Elections Have to do With It?

Modi mocks ‘pessimists’, but RBI says a whole lot of Indians are pretty pessimistic about the economy

Last week, Prime Minister Modi gave an hour long speech denouncing ‘pessimists’ who refused to see the bright side of demonetisation and other transformations that his government’s able management had visited upon the economy.

We at Kafila, did a quick fact-check offering many reasons for pessimism, but as they say in Delhi – humari kya aukaat hai?

Now, a set of surveys by the Reserve Bank of India have concluded that 65% of the 5100 metropolitan households polled feel the economic situation has either worsened or stayed the same. It’s a small sample, but the results are revealing.  To quote :

Households’ current perceptions on the general economic situation remained in the pessimistic zone for four successive quarters, with the outlook worsening — RBI

For those you wondering – “four successive quarters” is a full year.

I would urge most readers to read the report in full, but here are some key takeaways:

Continue reading Modi mocks ‘pessimists’, but RBI says a whole lot of Indians are pretty pessimistic about the economy

Modi says the economy isn’t so bad; He’s right – it’s worse

by Samarth Bansal and Aman Sethi

On October 4, Prime Minister Narendra Modi offered a robust defence of his government’s management of the economy, shortly after the Reserve Bank of India lowered its Gross Value Added (GVA) growth estimates for the current fiscal year from 7.3% to 6.7%.

Since then, the ruling party has been pains to push a positive narrative on the economy,  extent of emailing clips of the speech to journalists who write about the economy.

So, what is the current state of the economy? Here’s a reality check.

How many jobs has the economy created?

Modi said: “Upto March 2014, the subscriber base of the Employees Provident Fund Organization (EPFO) stood at 3.26 crore. Over the last three years, the numbers increased to 4.8 crore. Some people forget that this number can’t increased without a corresponding increase in employment.”

Reality Check: EPFO numbers have increased, but this doesn’t necessarily mean that total employment has increased. In July this year, this jump in EPFO subscribers was attributed to a government amnesty scheme which allowed firms to come clean on their actual staff strength without being penalized. In a detailed note, Mahesh Vyas, Managing Director and CEO of the Centre for Monitoring Indian Economy (CMIE), explained why using EPFO data as a proxy for job creation is “fraught with danger.”

Referring to the jump in the subscriber base, Vyas wrote: “This is not new employment. It is merely enrollment of employed persons into EPFO.”

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