Poverty remains one of the most pressing challenges facing the country today. But why are the people poor? Why are able-bodied working age group people poor? Old people, disabled people, that's different.
The Merriam Webster Dictionary defines poverty as "the state of one who lacks a usual or socially acceptable amount of money or material possessions." However, poverty is not simply characterised by a lack of adequate income. It has far reaching implications.
In December 1967, the then Finance Minister Morarji Desai introduced a new term for bankers, the "Priority Sector" and this term has come to stay in the Indian banking terminology since then.
Job creation, unarguably, is one of the most critical issues facing not only the Indian economy but also the world as a whole. Job creation is critically important not only from an economic point of view but it also has a wider impact on social indicators such as health and education, and even law and order.
18th July 2019
In the seven months since Shaktikanta Das took over as the Reserve Bank of India's (RBl) governor on 12 December 2018, there's been a sea change in the image of the central bank and its approach to policy and regulation.
The Indian economy is passing through a very challenging phase. GDP growth has dropped substantially, unemployment is high, the financial sector remains stressed as a result pace of investments has slowed down. The public discourse has largely been focused on highlighting these problems. Is it all gloom and doom or is there a way out? Negativity prevails over hope due to narratives being spun by a section of 'NRI' economists taking pot-shots from foreign shores. The same set of economists, whose contributions to the present slowdown are well documented have now come out with the so-called 10-point plan to fix the economy. India Economic Forum, organised by SKOCH in November-end 2019 in the national capital, focused on the solutions instead of harping on the problems.
1. Tax digital MNCs - software majors, social media, search engines etc - including e-Commerce players.
2. Capitalise cash burn, tax Inheritance, asset monetisation and speed disinvestment to generate revenue.
3. Structural reforms necessary to do higher than 6 per cent and to reach the $10 trillion target set by @narendramodi.
The Prime Minister's vision of India becoming a $5 trillion economy by 2024 has inspired every citizen to contribute to this worthy cause. In his words, "If every one of the 130 crore Indians takes one step forward, the country too will go that many steps ahead". The Economic Survey had extended its absolute commitment to this collective endeavour of fructifying the Prime Minister's vision.