The Policy Monitor
In the 21st century India where social and economic policies are being put in place to hasten and strengthen the process of women empowerment, some fundamental negative externalities are in place neutralizing the impact of such policy changes, with Climate Change being one such prominent negative externality.
The consecration of Shri Ram Lalla idol at the newly reconstructed Shri Ram temple in Ayodhya, immediately before the 75th Republic Day heralds the beginning of a new epoch in Indian history. In some ways it resembles the 26th January 1930 when, though reluctantly, Indians embraced the inevitable, their destiny.
The post-independence development trajectory of India has been based on a number of growth models from time to time. The outcomes however have been mixed. While it was expected of the Indian economy to steadily transition from the primary to the secondary sector, the latter failed to absorb the surplus labour from agriculture. In an attempt to find subsistence, the out-marching agricultural labour derived subsistence from the informal sector. Over the course of time eventually, the informal sector in India has grown considerably. Lately, the policy prescription has been trying to limit the informal sector in India. The present note is a brief elucidation on the viability and importance of the informal sector for the Indian economy. The note draws on the common observations and contemporary factual outcomes and tries to validate the case for the prevalence of the informal sector in the Indian economy.
The circular economy has emerged as a crucial model for building sustainability by minimizing resource use and waste generation through product reuse, refurbishment, and recycling. However, the latest Circularity Gap Report highlights a widening gap globally between resource consumption and sustainability targets.
Ensuring equal pay for women is not only a matter of fundamental fairness but also a powerful driver of economic development. Closing the gender pay gap contributes to increased household income, reducing poverty rates, and fostering economic stability and a more equitable distribution of resources. When women receive fair compensation, they are more likely to invest in education and contribute to a skilled workforce, enhancing productivity and innovation.
A recent study by the Association Chamber of Commerce and Industry of India estimated that the hundreds of thousands of Indian students now studying abroad cost India as much as US $17 billion a year in revenue. As a result, Indians end up contributing to their host country more than their home country.
Should ‘Smart India’ carry forward the burden of ‘Unsmart Agriculture’, how long?
Probably, time has come to abandon the dream project ‘Doubling Farmers Income’ by 2022, launched 7 years ago, which appears a far cry! Better, initiate exercise to pay remunerative price to farmers having rationality to MRP and closer to price charged from consumers.
The principle-based approach of the positive duties of the Indian state has benefited its large population of poor and marginalized, it has also shifted focus from creating agency for the disadvantaged to limiting the discussion to the quality of public service delivery.
Poverty is multidimensional and thus the concept of it has to be extended beyond the deprivation of income; not only extended to the deprivation of basic necessities such as food, clothing and shelter or access to social securities of health and education, but also to the deprivation of freedom (such as political freedom) or social acceptance.
The RBI has surprised the markets by this strong move towards policy sequencing of inflation containment prior to economic growth in the recent MPC meetings. Since May 2020, indeed the policy imperative of RBI has been “whatever it takes” to tackle the economic growth recovery process. However, with the war in Ukraine and mounting inflationary pressures, price stability has become the significant concern for RBI. The ever-mutating coronavirus would continue as a crucial determinant of macroeconomic uncertainties.