How India’s economy is recovering rapidly from the pandemic
4 years, 1 month ago

How India’s economy is recovering rapidly from the pandemic

Hindustan Times  

The popular story of the shepherd boy who repeatedly cried “wolf” even though there was none has been heard over many generations now. The government launched the world’s largest food security scheme for 800 million people coupled with cash transfers of ₹1.7 lakh crore under the Pradhan Mantri Garib Kalyan Yojana scheme. Equated Monthly Instalments were put on hold for six months; ₹18,000 crore was released for taxpayers; foreign direct investment norms were changed to protect Indian companies from opportunistic acquisitions; collateral-free loans and bank guarantees were announced for Micro, Small and Medium Enterprises ; tax deadlines were increased significantly to give relief to taxpayers; and One Nation One Ration Card schemes were implemented. The overall economic package of ₹20 lakh crore, that is, 10% of India’s Gross Domestic Product became the financial spine for a self-reliant India. These numbers tell the story of belief in the human spirit over forecasting; the same human spirit which pushed India to become a global manufacturing hub for Personal Protective Equipment kits and masks.

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History of this topic

Modi govt's mismanagement has set economic transformation back by 20 years: Cong
10 months ago

Modi govt's mismanagement has set economic transformation back by 20 years: Cong

Deccan Chronicle  

Underlining that economic growth means diversification of employment from agriculture to industry to services, the Congress on Saturday claimed that the progress achieved under Manmohan Singh's prime ministership in this direction has been reversed by the Narendra Modi government. The current dispensation's "mismanagement" has set the economic transformation back by 20 years, the party alleged.Congress general secretary Jairam Ramesh said …

Modi says India’s economy will be among the top three in the world within five years
1 year, 4 months ago

Modi says India’s economy will be among the top three in the world within five years

Associated Press  

NEW DELHI — Prime Minister Narendra Modi said India’s economy will be among the top three in the world within five years, as he marked 76 years of independence from British rule on Tuesday. Wearing a flowing, multi-colored turban, Modi addressed the country from New Delhi’s 17th century Mughal-era Red Fort, saying his government had lifted over 130 million people …

The Economist praises Modi govt for revitalising Indian banking sector
1 year, 7 months ago

The Economist praises Modi govt for revitalising Indian banking sector

Op India  

On Thursday, the British weekly newspaper The Economist praised the Modi government for reviving the banking sector in India and turning around its profitability. In a development few, if any, predicted, Indian banks are among the world’s most profitable.” The Economist noted that the bankruptcy reforms introduced by the Narendra Modi government in 2016 helped in the rapid liquidation of …

Economic Survey 2022-23 | Survey presents comprehensive analysis of India’s growth trajectory: PM Modi
1 year, 10 months ago

Economic Survey 2022-23 | Survey presents comprehensive analysis of India’s growth trajectory: PM Modi

The Hindu  

The Union Finance Minister, Nirmala Sitharaman, tabled the Economic Survey for the Financial Year 2022-23, after the President’s address, on the first day of the Union Budget Session 2023-24 today. The Economic Survey said that India’s economic recovery from the pandemic is complete and the economy is expected to grow in the range of 6% to 6.8% in the coming …

Despite India's economic growth, few jobs and meagre pay for urban youth
1 year, 11 months ago

Despite India's economic growth, few jobs and meagre pay for urban youth

The Hindu  

Ravi Verma, hired by an electrical parts manufacturing firm early last year as India’s economy surged, was fired in November when the company lost several export orders. “I face a risk of loan default if I don’t get a job soon.” The urban unemployment rate swelled to 10.1% in December, although the total number of jobs in India touched a …

India's pragmatic response to pandemic-triggered crises ensured moderate inflation, high growth: Vaishnaw
1 year, 11 months ago

India's pragmatic response to pandemic-triggered crises ensured moderate inflation, high growth: Vaishnaw

The Hindu  

Union Minister Ashwini Vaishnaw on Wednesday said India took a very pragmatic approach in dealing with the humanitarian and economic crises triggered by the Covid-19 pandemic and that has ensured moderate inflation and high growth in the country. Speaking here at the World Economic Forum Annual Meeting 2023, the minister said India's economy has been resilient and the policy framework …

Explained | Is the economy driving with the brakes on?
1 year, 11 months ago

Explained | Is the economy driving with the brakes on?

The Hindu  

The story so far: At this time last December, India’s economy was on the cusp of a fledgling recovery from the COVID-19 pandemic, though the Omicron variant posed fresh speed bumps for the rebound. As JP Morgan managing director and India chief economist Sajjid Chinoy explained at a CII economic policy summit last week, 2022 was expected to see a …

India’s chance to shed pandemic scars and reach out for the stars
2 years ago

India’s chance to shed pandemic scars and reach out for the stars

Live Mint  

Many of us are stepping into 2023 with some trepidation. We believe two things must go right for India to achieve ‘stronger-for-longer’ growth: macro stability and a continuation of reforms. There are some new high-growth sectors which could raise India’s potential growth in the medium term. And we see India’s green-transition ambitions as an opportunity, spurring investment in emerging sectors …

India's Economic Resilience Despite A Global Crisis Makes the World Take Lessons
2 years, 2 months ago

India's Economic Resilience Despite A Global Crisis Makes the World Take Lessons

News 18  

India is a unique country. IMF’s managing director Kristalina Georgieva went a step ahead and said India deserves to be called a bright spot in an otherwise dark horizon because it has been a fast-growing economy, even during difficult times. In its annual ‘World Economic Outlook’ report, the International Monetary Fund said outlook for India is growth of 6.8 per …

Pandemic in perspective
2 years, 2 months ago

Pandemic in perspective

The Hindu  

Published : Oct 06, 2022 09:30 IST Over the last two years, numerous books and articles have been authored on the socio-economic fallout and policy shortcomings pertaining to the COVID-19 pandemic. The Making of a Catastrophe: The Disastrous Economic Fallout of the COVID-19 Pandemic in India By Jayati Ghosh Aleph Books, 2022 Pages: 296 Price: Rs.799 More specifically, Ghosh provides …

Sitharaman says India’s fundamentals sound because of steps taken by govt
2 years, 6 months ago

Sitharaman says India’s fundamentals sound because of steps taken by govt

Live Mint  

Finance minister Nirmala Sitharaman on Wednesday said India’s fundamentals are sound due to several steps taken by the government such as reducing corporate tax, ensuring that the economy is greatly digitized and bringing in the Goods and Service Tax and bankruptcy code. Citing a study, Sitharaman said the Pradhan Mantri Garib Kalyan Yojana reduced the probability of borrowing money significantly …

DC Edit | The growth story continues
2 years, 6 months ago

DC Edit | The growth story continues

Deccan Chronicle  

In spite of local lockdowns and the impact of Delta and Omicron variants of the coronavirus, the Indian economy has managed to grow by 8.7 per cent in the financial year 2021-22. In contrast, consumption — both private and government — trailed investment as the government’s focus has been on creating future assets while boosting economic growth. Faster growth in …

The post-pandemic economic question
2 years, 7 months ago

The post-pandemic economic question

Hindustan Times  

Unless there is a surge in Covid-19 deaths — India has learnt to manage its economy better in every successive wave — the economy is unlikely to suffer any unexpected shocks. This brings up the most important post-pandemic question: What is India’s growth potential and has the pandemic left any permanent scars on this ability? Reserve Bank of India ’s …

Economy may take more than a decade to overcome COVID-19 losses: RBI report
2 years, 7 months ago

Economy may take more than a decade to overcome COVID-19 losses: RBI report

The Hindu  

The Indian economy may take more than a decade to overcome the losses caused by the outbreak of COVID-19 pandemic, according to Reserve Bank of India’s Report on Currency and Finance. Taking actual growth rate of 6.6% for 2020-21, 8.9% for 2021-22 and assuming growth rate of 7.2% for 2022-23 and 7.5% beyond that, India is expected to overcome COVID-19 …

Two years since lockdown: The journey of India’s Covid response
2 years, 9 months ago

Two years since lockdown: The journey of India’s Covid response

Hindustan Times  

In a late evening address to the nation on March 24, 2020, Prime Minister Narendra Modi announced the government’s decision to lock down India in an effort to contain the coronavirus disease. ‘Flatten the curve’ On March 16, the Imperial College of London published a report, titled “Impact of NPIs to reduce Covid-19 mortality and healthcare demand”, which was largely …

The spring blues: The Hindu Editorial on India’s recovery two years after PM Modi announced the lockdown
2 years, 9 months ago

The spring blues: The Hindu Editorial on India’s recovery two years after PM Modi announced the lockdown

The Hindu  

This week, India will complete two years since the Government embarked on what is now considered the harshest and quickest lockdowns in the world in a bid to block entry points for the infectious COVID-19 virus. Just as the virus appeared to be ebbing, triggering hopes of a revival in consumer confidence, the Russia-Ukraine conflict has thrown up fresh challenges, …

An already slowed Indian economy faces fresh risks
2 years, 9 months ago

An already slowed Indian economy faces fresh risks

Al Jazeera  

Rising crude oil prices and supply disruptions following Russia’s invasion of Ukraine could further sap an Indian economy already slowed by COVID-19, posing risks to household spending and private investments, economists have said. The “surge in oil prices as a result of the crisis poses considerable risks to the Indian economy”, Aditi Gupta, an economist at Bank of Baroda, said …

India's GDP To Be Just 1% Above Pre-Pandemic Levels In FY22, Says RBI Deputy Governor Michael Patra
2 years, 10 months ago

India's GDP To Be Just 1% Above Pre-Pandemic Levels In FY22, Says RBI Deputy Governor Michael Patra

ABP News  

New Delhi: Even after the estimated 9.2 per cent growth in FY22, the gross domestic product of India will be just 1 per cent above the pre-pandemic levels, Reserve Bank of India’s Deputy Governor Michael Patra has said. Making it clear that India’s slide on growth began in 2017, much before the pandemic, this factor coupled with comfort on inflation …

Budget 2022: India to lay out plan for keeping world’s fastest-recovery going
2 years, 10 months ago

Budget 2022: India to lay out plan for keeping world’s fastest-recovery going

Live Mint  

India is set to present an annual budget topping $500 billion Tuesday, in one of its most keenly watched economic events seen pivotal to sustaining the nation’s recovery from pandemic-induced disruptions. While the fiscal deficit forecast is narrower than the 6.8% gap targeted for the current fiscal year, it’s far wider than the shortfall seen in pre-pandemic years. Higher spending …

Recovery in economic activity now above pre-pandemic levels, says Principal Economic Advisor
2 years, 10 months ago

Recovery in economic activity now above pre-pandemic levels, says Principal Economic Advisor

India Today  

Principal Economic Advisor Sanjeev Sanyal on Monday said the recovery in economic activity is now above pre-pandemic levels. There has been a revival in economic activities to pre-pandemic levels in the year 2021-22, Sanyal said while addressing a press conference today in New Delhi after the presentation of the Economic Survey 2021-22 by Finance Minister Nirmala in Parliament. The Economic …

Indian economy recovered \'handsomely\' from pandemic-induced disruptions: Panagariya
2 years, 10 months ago

Indian economy recovered \'handsomely\' from pandemic-induced disruptions: Panagariya

Deccan Chronicle  

New Delhi: The Indian economy has recovered 'handsomely' from the pandemic-induced disruptions, former Niti Aayog Vice Chairman Arvind Panagariya said on Tuesday, while expressing hope that the recovery will be sustained and the growth rate of 7 to 8 per cent will be restored. While an advanced estimate by the Ministry of Statistics & Programme Implementation places India's GDP growth …

Indian GDP likely boosted in July-Sept as lockdowns lifted: Report
3 years ago

Indian GDP likely boosted in July-Sept as lockdowns lifted: Report

India Today  

India's economic recovery likely strengthened in the previous quarter, boosted by services activity that recovered after pandemic-related mobility restrictions were eased, a Reuters poll of economists found. Relative control over new infections, and a large increase in vaccination helped improve services activity," wrote Rahul Bajoria, chief India economist at Barclays. "It is a rough road ahead for the economic recovery, …

Explained: Is India's economy gaining immunity against Covid-19?
3 years, 3 months ago

Explained: Is India's economy gaining immunity against Covid-19?

India Today  

India’s economy is on track to rebound sharply after two waves of the Covid-19 pandemic dampened growth during all four quarters of FY21. A majority of financial analysts predict GDP growth at 18-20 per cent in the June quarter and remain optimistic about economic recovery in upcoming quarters as the second wave fades and more Indians get vaccinated against the …

India's economy shows signs of recovery as factory activity rises in July
3 years, 4 months ago

India's economy shows signs of recovery as factory activity rises in July

India Today  

India’s economy has shown signs of recovery in July as factory activity rebounded on the back of rising domestic and international demand. IHS Market’s survey confirmed that output rose at a robust pace, with over one-third of companies noting a monthly expansion in production as business rebound and Covid restriction ease. Read | Factory activity shrinks for first time in …

State of working India 2021: The pandemic’s impact on the economy in India
3 years, 5 months ago

State of working India 2021: The pandemic’s impact on the economy in India

Hindustan Times  

This report documents the impact of one year of Covid-19 in India, on jobs, incomes, inequality, and poverty. On top of this, there were legacy problems such as a slow rate of job creation and lack of political commitment to improving working conditions which trapped a large section of the workforce without access to any employment security or social protection. …

Tenuous revival: On boosting Indian economy
3 years, 6 months ago

Tenuous revival: On boosting Indian economy

The Hindu  

The national income estimates released by the NSO posit an economy that appears to have found some footing in the January-March quarter before the pandemic’s second wave hit. GDP expanded by 1.6% in the final quarter of the last fiscal, an acceleration from the 0.5% growth in the preceding three-month period, that marginally softened the extent of the full-year’s record …

Indian economy, hit by COVID-19, shrinks by 7.3% in 2020-21
3 years, 6 months ago

Indian economy, hit by COVID-19, shrinks by 7.3% in 2020-21

Associated Press  

NEW DELHI — India’s economy, pummeled by the coronavirus pandemic, contracted by 7.3% in the 2020-21 financial year, just before the country was hit by another catastrophic surge in infections. Daily new cases set global records, spurring many states to announce widespread restrictions and lockdowns. In January, a government survey estimated the economy -- previously one of the fastest growing …

Indian economy's ability to rebound on test amid threats from second wave
3 years, 6 months ago

Indian economy's ability to rebound on test amid threats from second wave

Hindustan Times  

The Indian economy’s resilience will be tested by its ability to overcome a devastating outbreak of Covid-19, although no one’s yet doubting its potential to pull off the world’s fastest pace of growth among major economies this year. Data due later Monday will probably show gross domestic product grew 1% in the three months ended March, making it the second …

The economic crisis is real; the picture of economic resilience is an illusion
3 years, 6 months ago

The economic crisis is real; the picture of economic resilience is an illusion

The Hindu  

As the ongoing second wave of coronavirus infections in India peaks, there is little clarity on what its economic fallout is and will be. Two assessments from official sources—one from the Reserve Bank of India, titled The State of the Economy and the other from the Ministry of Finance, titled Month Economic Report for May—seem to suggest that economic trends …

India's economy may grow at world's fastest rate in FY22 despite Covid shock
3 years, 6 months ago

India's economy may grow at world's fastest rate in FY22 despite Covid shock

India Today  

India’s economy has been predicted to grow at the fastest rate among all major economies in the world this year despite the disruption caused by the second wave of Covid-19 pandemic. It may be noted that the estimate has been shared after several ratings agencies downgraded previous growth forecasts for India due to the impact on the economy triggered by …

India’s economic report card is drenched in red ink
3 years, 6 months ago

India’s economic report card is drenched in red ink

Live Mint  

India’s nascent economic recovery has been derailed by the second covid-19 wave even before it could gather steam. Launched in October 2018, Mint’s macro tracker provides a monthly state-of-the-economy report based on trends in 16 high-frequency indicators across four segments: consumer economy, producer economy, external sector, and ease of living. A year ago, during the first nationwide lockdown, 13 of …

How is India’s economy faring in April-May ’21 compared to last year?
3 years, 6 months ago

How is India’s economy faring in April-May ’21 compared to last year?

Hindustan Times  

On March 24, 2020, Prime Minister Narendra Modi announced the imposition of a nationwide lockdown in India to prevent a surge in Covid-19 infections. India’s average Crude Oil basket price fell to $44.82 per barrel in 2020-21, the lowest since 2004-05. No more windfall gains from capital markets in 2021 India’s benchmark stock market index, the BSE Sensex, collapsed to …

Covid-19: Top economist says India might face 'serious livelihood crisis'
3 years, 7 months ago

Covid-19: Top economist says India might face 'serious livelihood crisis'

India Today  

India might be heading towards a “serious livelihood crisis” as the situation seems to be worse this time for the working class amid the COVID crisis and local restrictions by states already add up to something close to a nationwide lockdown, according to noted economist Jean Dreze. Read | V-shaped recovery unlikely as India’s economy faces tougher Covid test About …

World’s fastest recovery outlook at risk as Covid-19 sweeps India
3 years, 7 months ago

World’s fastest recovery outlook at risk as Covid-19 sweeps India

Live Mint  

Just two weeks ago, the International Monetary Fund upgraded India’s economic growth forecast to 12.5% -- the quickest rate among major economies. “This second wave of virus cases may delay the recovery, but it is unlikely in Fitch’s view to derail it,” the ratings company said in an April 22 statement. “While the rapidity with which cases are rising is …

Modi warns of coronavirus ‘storm’ overwhelming India
3 years, 8 months ago

Modi warns of coronavirus ‘storm’ overwhelming India

Al Jazeera  

Prime Minister Narendra Modi says authorities are racing to boost oxygen supplies as Delhi authorities warn of impending shortage. Indian Prime Minister Narendra Modi has said the country faces a coronavirus “storm” overwhelming its health system, as authorities in New Delhi said the Indian capital’s hospitals would start running out of medical oxygen by Wednesday. Modi said the federal government …

Economic impact of 2nd Covid-19 wave could worsen in coming weeks. Here's why
3 years, 8 months ago

Economic impact of 2nd Covid-19 wave could worsen in coming weeks. Here's why

India Today  

A sharp surge in daily cases during the second wave of the Covid-19 pandemic has led to stricter lockdowns in most states. Brokerage firm Nomura recently said in a report that the pace of business activity resumption has taken a huge knock due to the mobility restrictions across Indian states. Business activity in India has started plummeting since the second …

V-shaped recovery unlikely as India's economy faces tougher Covid test
3 years, 8 months ago

V-shaped recovery unlikely as India's economy faces tougher Covid test

India Today  

India’s economic recovery has been cut short by an unprecedented Covid-19 wave that has forced many states to impose localised lockdowns. In January, the government said India’s economy would see a ‘V-shaped’ recovery as economic activity resumed in full swing after the first wave. ECONOMY FACES COVID TEST India’s gross domestic product could go through multiple revisions in the current …

COVID-19 impact: Indian households spent more on food, less on healthcare during first lockdown
3 years, 8 months ago

COVID-19 impact: Indian households spent more on food, less on healthcare during first lockdown

Firstpost  

One year on, the effects of the COVID-19 pandemic continue to linger. The figure below illustrates a box plot of changes in total household expenditures between June 2019 and June 2020 using the CPDx household survey data. In June 2020, data shows a 1 percent further reduction in the overall share of health expenditures in the total for both rural …

With the COVID-19 second wave, we need to stop listening to the ‘ecosystem’: Here is why
3 years, 8 months ago

With the COVID-19 second wave, we need to stop listening to the ‘ecosystem’: Here is why

Op India  

Why is India not testing enough? At the time, India’s test positive rate was quite low in comparison to most countries, including western countries with advanced healthcare systems. It also helped that IMF projections showed India’s GDP suffering the worst blow among major economies. First of all, if India’s economy was devastated like they said, why would there be any …

India back to positive growth but Covid-19 still poses a downside risk, says IMF's Gita Gopinath | Exclusive
3 years, 8 months ago

India back to positive growth but Covid-19 still poses a downside risk, says IMF's Gita Gopinath | Exclusive

India Today  

The International Monetary Fund has projected an impressive 12.5 per cent growth rate for India in 2021, saying there is a normalisation of economic activity in the country. India Today TV and AajTak News Director Rahul Kanwal spoke to IMF's Chief Economist Gita Gopinath over the basis of the projection, what lies ahead and many other relevant issues, especially when …

Covid has pushed too many Indians back into poverty
3 years, 8 months ago

Covid has pushed too many Indians back into poverty

Live Mint  

As the world continues to be ravaged by the covid pandemic, more than a year on, it is becoming increasingly evident that the greatest burden has fallen on the global poor. By contrast, for India, a staggering 75 million people were pushed back into poverty by the covid crisis—this is almost 60% of the global total increase in poverty caused …

Explained: 4 ways how fresh Covid-19 restrictions can disrupt economic recovery
3 years, 8 months ago

Explained: 4 ways how fresh Covid-19 restrictions can disrupt economic recovery

India Today  

A sharp rise in Covid-19 cases could severely slow down India’s economic recovery as many states have now started reimposing partial restrictions. India's economic recovery momentum could take a huge hit if states decide to impose stricter restrictions to contain the infection. Here are four ways in which fresh Covid curbs can hurt the economy: IMPACT ON ECONOMIC ACTIVITY A …

India's factory activity hits 7-month low as Covid lockdowns return
3 years, 8 months ago

India's factory activity hits 7-month low as Covid lockdowns return

India Today  

India's factory activity grew at its weakest pace in seven months in March as renewed lockdowns to curtail a resurgence in COVID-19 cases dampened domestic demand and output, a private survey showed, forcing firms to cut headcount again. Follow Covid-19 live updates Despite foreign orders growing at a faster pace in March, a sub-index tracking overall demand declined to its …

Will covid-19 halt India’s economic recovery once again?
3 years, 8 months ago

Will covid-19 halt India’s economic recovery once again?

Live Mint  

After months of erratic economic performance, India’s economic momentum had picked up pace last February, only to be stopped on its tracks by a global pandemic. Mint’s macro tracker shows a steady improvement in economic indicators over the past few months but a renewed surge in infections once again poses a threat to economic activity and investor sentiments. Launched in …

Cholera to Covid-19: Why Indians Have Selective Amnesia About the History of Pandemics
3 years, 9 months ago

Cholera to Covid-19: Why Indians Have Selective Amnesia About the History of Pandemics

News 18  

As COVID-19 upturned our world, it felt like it came out of nowhere. As Chinmay Tumbe’s brilliant new book, Age of Pandemics, shows, these cataclysmic events have been a significant part of India’s modern history. Part of the reason for this amnesia, Tumbe argues, is that the world hasn’t experienced a catastrophe of this scale since the influenza pandemic. Even …

Coronavirus | Pandemic may have doubled poverty in India, says Pew study
3 years, 9 months ago

Coronavirus | Pandemic may have doubled poverty in India, says Pew study

The Hindu  

March 19, 2021 08:07 pm | Updated March 20, 2021 10:59 am IST - NEW DELHI India’s middle class may have shrunk by a third due to 2020’s pandemic-driven recession, while the number of poor people — earning less than ₹150 per day — more than doubled, according to an analysis by the Pew Research Center. “The middle class in …

Pandemic pushed over 3 crore Indians out of middle class: Pew Research
3 years, 9 months ago

Pandemic pushed over 3 crore Indians out of middle class: Pew Research

India Today  

A recent research report has revealed that the novel coronavirus pandemic last year pushed approximately 3.2 crore Indians out of the middle class. The report prepared by the US-based Pew Research Center showed that the number of Indians in the middle class — those who earn between $10 to $20 per day — shrunk by roughly 3.2 crores. Read | …

Pandemic pushes 32 mn Indians out of middle class: Pew Research
3 years, 9 months ago

Pandemic pushes 32 mn Indians out of middle class: Pew Research

Live Mint  

Financial woes brought by last year's coronavirus pandemic have pushed about 32 million Indians out of the middle class, undoing years of economic gains, a report showed on Thursday, while job losses pushed millions into poverty. The number of Indians in the middle class, or those earning between $10 and $20 a day, shrunk by about 32 million, compared with …

India exits recession but rapid GDP growth is still a long way off
3 years, 9 months ago

India exits recession but rapid GDP growth is still a long way off

CNN  

New Delhi CNN Business — India’s economy is out of recession but still a long way from returning to rates of growth seen before the pandemic. In a research note on Friday, Shilan Shah, senior economist at Capital Economics, estimated that GDP grew 9.2% in the last quarter of 2020 compared with the previous quarter, “enough to lift it back …

Kandaswami Subramanian reviews Indian Economy’s Greatest Crisis, by Arun Kumar
3 years, 10 months ago

Kandaswami Subramanian reviews Indian Economy’s Greatest Crisis, by Arun Kumar

The Hindu  

It is difficult to keep abreast of the flow of writings on the genesis and spread of the COVID-19 infection by medical experts and by economists on its economic impact. Weaknesses exposed Prof. Joseph Stiglitz, a Nobel laureate, observed in a session of the UN General Assembly, “The crisis exposed weaknesses in economies, governments, and societies, with developed countries unable …

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