Land, labour, financial sector reforms needed to improve manufacturing, boost economic growth, says Chief Economic Adviser
5 years, 10 months ago

Land, labour, financial sector reforms needed to improve manufacturing, boost economic growth, says Chief Economic Adviser

Firstpost  

The share of manufacturing in the economy has grown just 1.5 percentage points in the last three years to 18 percent, and good exports have shown little sign of a pick up in the last five years. New Delhi: The next government will have to bring in land, labor and financial sector reforms to improve the productivity of the manufacturing sector and boost economic growth, said Krishnamurthy Subramanian, the chief economic adviser. But brushing aside concerns about an economic slowdown, Subramanian said the present government’s economic reforms have contributed to an average annual growth rate of 7.3 percent over the past five years. Subramanian, who was a student of former Reserve Bank of India governor Raghuram Rajan at the University of Chicago Booth School of Business, was appointed as chief economic adviser by Prime Minister Narendra Modi last December for three years. Land costs have more than doubled over the past five years, and hiring costs have gone up significantly, hitting labor intensive sectors like textile, leather and gems and jewelry, business leaders said.

Economy Labor Growth Economic Growth Land Economic Farm Sector Subramanian Chief Economic Adviser  subramanian  economic  costs  growth  manufacturing  improve  reforms  labour  land  needed  labor  farm  sector  economy  financial

History of this topic

India's inclusive growth applauded by International community: IMF Executive Director Subramanian
1 month, 1 week ago

India's inclusive growth applauded by International community: IMF Executive Director Subramanian

The Hindu  

The world is bullish on India, the country's top economist, currently Executive Director of the International Monetary Fund has said, noting that India’s public digital infrastructure and inclusive growth is not only being talked about but also applauded by the International community. Apart from that, the kind of inclusive growth that India has pursued over the last decade is also …

India Needs to Create 78.51 Lakh Jobs in Non-Farm Sector: Survey
5 months, 3 weeks ago

India Needs to Create 78.51 Lakh Jobs in Non-Farm Sector: Survey

Deccan Chronicle  

New Delhi: The government on Monday asserted that the Indian economy needs to generate around 78.51 lakh jobs annually in the non-farm sector to meet growing demand and population growth. “The Indian economy needs to generate an average of nearly 78.5 lakh jobs annually until 2030 in the non-farm sector to cater to the rising workforce,” said the survey. “Casual …

Jobs Creation, Agri Push, Skill Development, MSME Support: Govt Unveils Key Policy Focus Areas
5 months, 3 weeks ago

Jobs Creation, Agri Push, Skill Development, MSME Support: Govt Unveils Key Policy Focus Areas

News 18  

Finance Minister Nirmala Sitharaman on Monday tabled the Economic Survey 2023-24 in Parliament, setting the stage for the Union Budget 2024-25. Skill Gap Challenge The Economic Survey 2023-24 said 65 per cent of India’s fast-growing population is under 35, and many lack the skills needed by a modern economy. In India, the government has been paying focused attention to enabling …

Economic Survey 2024 key highlights: FY25 growth forecast, inflation outlook and more
5 months, 3 weeks ago

Economic Survey 2024 key highlights: FY25 growth forecast, inflation outlook and more

India Today  

Finance Minister Nirmala Sitharman on Monday tabled the Economic Survey 2023-24, which highlighted that the Indian economy is “on a strong wicket and stable footing”. Here are some of the key takeaways from the Economic Survey 2023-24: Indian economy on 'strong wicket' The Economic Survey highlighted that the economy is growing strongly, demonstrating resilience despite challenges. Inflation under control, private …

In search of jobs: On the challenge of employment generation
5 months, 4 weeks ago

In search of jobs: On the challenge of employment generation

The Hindu  

Employment generation will remain a major challenge before the Narendra Modi government in its third term, and the upcoming Union Budget is expected to take note of it. The ILO’s India Employment Report had also warned that the share of manufacturing employment was stagnant, at around 12%-14% and the slow transition of jobs from agriculture to non agriculture reversed due …

Modi govt's mismanagement has set economic transformation back by 20 years: Cong
10 months, 3 weeks 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 …

Government choices and policies have taken India's economy to new height: PM Modi
1 year, 1 month ago

Government choices and policies have taken India's economy to new height: PM Modi

Firstpost  

Modi said that their biggest priority should be people’s ease of living, and took a swipe at past governments saying they ignored the equality envisaged by B R Ambedkar, the key figure behind the Constitution, among all citizens Prime Minister Narendra Modi on Thursday said his government’s policies and decisions have taken the economy to a new height, creating immense …

For reforms, laying groundwork is key
2 years, 6 months ago

For reforms, laying groundwork is key

Hindustan Times  

Prime Minister Narendra Modi’s comment in Bengaluru — “Several decisions and reforms may be unpleasant temporarily, but with time their benefits can be experienced by the country” — may have been made without specific context, but is espec-ially relevant because it comes against the backdrop of widespread and violent protests against the Agnipath scheme for induction of soldiers into the …

Congress focusses on jobs as the key driver for economic growth
2 years, 7 months ago

Congress focusses on jobs as the key driver for economic growth

The Hindu  

An urban employment guarantee Act on the lines of Mahatma Gandhi National Rural Employment Guarantee Act ; an allowance for home-makers; an education allowance for children completing school on a need-cum-merit basis; a complete fee waiver for applicants to government jobs; a law to regulate employment of domestic help; and free legal aid to working/self-employed women could be some of …

PM Modi Says Farm Sector Needs Post-harvest Revolution; Govt Impetus on Scientific Ecosystem
3 years, 6 months ago

PM Modi Says Farm Sector Needs Post-harvest Revolution; Govt Impetus on Scientific Ecosystem

News 18  

Prime Minister Narendra Modi on Monday said there is a need for a “post-harvest revolution” in the farm sector, which has been witnessing an increase in production. “With the ever increasing agricultural production, there is a need of post-harvest revolution and value addition,” Modi said in a message to commemorate the National Bank for Agriculture and Rural Development’s foundation day, …

Lack of reforms hurting India, democracy making reforms difficult: BJP spokesperson
4 years, 1 month ago

Lack of reforms hurting India, democracy making reforms difficult: BJP spokesperson

The Hindu  

BJP’s national spokesperson on economic affairs Gopal Krishna Agarwal on Wednesday said the lack of critical reforms after 1991 has made Indian industry unfit to compete globally for now and appeared to back the NITI Aayog CEO’s comments on democracy making reforms difficult. Citing the resistance to the government’s farm sector reforms, Mr. Agarwal said that everybody agrees that the …

India’s growth story has never seemed so endangered
4 years, 4 months ago

India’s growth story has never seemed so endangered

Live Mint  

We all knew it would be bad, but no one could have predicted just how bad. Supply and credit links, which had been largely cash-based in the informal sector, among others, remained broken even after high-denomination currency came back into circulation, and some small businesses and poorer households—we will likely never know how many—never recovered to their level of well-being …

Measures taken by Indian govt. will boost economic growth: SBI MD Dinesh Khara
4 years, 10 months ago

Measures taken by Indian govt. will boost economic growth: SBI MD Dinesh Khara

The Hindu  

Slowdown in the Indian economy has bottomed out and measures taken by the government in the recent budget to improve capacity to spend in rural sector, infrastructure creation and inviting foreign investments will boost growth, State Bank of India Managing Director Dinesh Khara has said. “These kinds of measures which have been taken will go a long way in terms …

Economic Survey 2019-20 highlights: GDP growth to rebound in FY21, share of formal employment rises; 2.62 cr new jobs created
4 years, 11 months ago

Economic Survey 2019-20 highlights: GDP growth to rebound in FY21, share of formal employment rises; 2.62 cr new jobs created

Firstpost  

India’s economic growth is expected to “strongly rebound” to 6-6.5 percent in 2020-21 from 5 percent estimated in the current fiscal, the Economic Survey said on Friday, adding that the government with a strong mandate has the capacity to expedite reforms India’s economic growth is expected to “strongly rebound” to 6-6.5 percent in 2020-21 from 5 percent estimated in the …

Union Budget 2020-21: Corporate India pitches for job creation, higher infra spending, policies for agricultural sector
5 years ago

Union Budget 2020-21: Corporate India pitches for job creation, higher infra spending, policies for agricultural sector

Firstpost  

Corporate leaders on Monday sought initiatives to support job creation besides enhanced spending on infrastructure and policies for the agricultural sector as part of their Budget wishlist New Delhi: Corporate leaders on Monday sought initiatives to support job creation besides enhanced spending on infrastructure and policies for the agricultural sector as part of their Budget wishlist. While participating in a …

Growth recession: Can Modi govt ensure India rides out the storm?
5 years, 1 month ago

Growth recession: Can Modi govt ensure India rides out the storm?

India Today  

Union Finance Minister Nirmala Sitharaman has insisted that things are not as bad as they are being presented on economic front. This means at 4.5 per cent for July-September quarter might not be the lowest GDP growth rate for the current fiscal year. The economy has been slowing down for six consecutive quarters despite the Narendra Modi government announcing a …

Opinion | The case for a holistic approach to policy formulation
5 years, 1 month ago

Opinion | The case for a holistic approach to policy formulation

Live Mint  

The unintended consequences of good policies cannot be foreseen without systems thinking. Thus, two good things together: The improvement of productivity of agriculture with mechanization, and the management of water resources, has produced the unintended consequence of Delhi becoming the most polluted city in the world. The retention of girls in schools in Rajasthan’s poorer, water-scarce districts has increased in …

Committed to have sound macro-economic environment to fuel growth: Sitharaman
5 years, 2 months ago

Committed to have sound macro-economic environment to fuel growth: Sitharaman

India TV News  

India is committed to have a sound macro-economic environment conducive to fuel growth and ensure inclusive development, Finance Minister Nirmala Sitharaman said on Saturday as IMF slashed India's growth rate to 6.1 per cent from 7.3 per cent for 2019. With a prudent mix of policies, we are committed to have a sound macro-economic environment conducive to fuel growth and …

India’s economy slows, stalling once thriving manufacturing
5 years, 3 months ago

India’s economy slows, stalling once thriving manufacturing

Associated Press  

NEW DELHI — Anuj Kapoor took over his father’s booming auto parts business in 2012, hoping to elevate the company from selling to suppliers to selling directly to carmakers. “How do we file tax returns when sellers don’t give us any bills?” The sudden demonetization was the “biggest policy mistake of independent India,” says Jayati Ghosh, an economist at Jawaharlal …

Subramanian Swamy says only people with solid grounding in macroeconomics can revive economy
5 years, 3 months ago

Subramanian Swamy says only people with solid grounding in macroeconomics can revive economy

Firstpost  

Subramanian Swamy has come out with a book in which he takes a critical look at various aspects of the Indian economy, both past and present New Delhi: BJP MP Subramanian Swamy, who has often criticised the government’s economic policies, believes only people with solid grounding in macroeconomics can pull the economy out of its current tailspin. “Today, the economy …

Opinion | Modi seems to have reprised Gandhi’s economic vision
5 years, 4 months ago

Opinion | Modi seems to have reprised Gandhi’s economic vision

Live Mint  

Every Independence Day, Indian prime ministers have paid homage to the nation’s freedom fighters from the ramparts of the Red Fort. At present, the debate within the policy establishment is focused on reforms to make the economy grow faster and reach the goal of $5 trillion, which Modi is dangling like a carrot to investors. Suggestions of reforms to change …

Tracking India’s economic slowdown: Between NITI Aayog chief’s warning and CEA’s tough talk lies real cure for economy; inaction will be disastrous
5 years, 4 months ago

Tracking India’s economic slowdown: Between NITI Aayog chief’s warning and CEA’s tough talk lies real cure for economy; inaction will be disastrous

Firstpost  

By now, the fear that India’s economy is slowing and slowing at a real dangerous pace has been confirmed by hard data Editor’s note: This is the seventh and concluding part of a series in which Firstpost’s columnists analyse the ongoing economic slowdown and offer solutions. In the absence of private sector participation, India’s economic growth fell to 5.8 percent …

From policy paralysis to economic paralysis? Modi govt is decisive but…
5 years, 5 months ago

From policy paralysis to economic paralysis? Modi govt is decisive but…

India Today  

Policy paralysis was the often-used catchphrase to describe governance of the Manmohan Singh government in its latter half. Economists such as former Reserve Bank of India Governor Raghuram Rajan argue that the actual rate of gross domestic product is in the range of 3.5-5.5 per cent. Its GDP growth rate for January-March was 5.8 per cent - at a five-year …

Budget 2019: 5 ways Nirmala Sitharaman can boost growth to counter economic slowdown
5 years, 7 months ago

Budget 2019: 5 ways Nirmala Sitharaman can boost growth to counter economic slowdown

India Today  

Finance Minister Nirmala Sitharaman will be presenting the Narendra Modi government 2.0’s first budget on July 5, 2019. Reduction in key interest rates The Confederation of Indian Industry has recommended that the government cut key interest rates to boost demand and provide a boost to the economy. Boosting farmer income Among the ways Nirmala Sitharaman can tackle growth slowdown is …

India’s economy is slowing, ramping up pressure on Modi
5 years, 7 months ago

India’s economy is slowing, ramping up pressure on Modi

Al Jazeera  

Slowing economic growth and high employment underscore challenges faced by Modi as he starts his second term. Government figures released Friday showed India‘s economy grew at a much-lower-than-expected 5.8 percent in the first three months of the year. The economic slowdown and high unemployment put pressure on Modi’s re-elected government and the central bank to stimulate the economy to boost …

Modi 2.0: Can India’s re-elected PM deliver on the economy?
5 years, 7 months ago

Modi 2.0: Can India’s re-elected PM deliver on the economy?

Al Jazeera  

The prime minister will have to boost spending in his second term even as the government’s finances worsen. “Greater public investment is precisely the need of the hour; there’s no need for such ‘fiscal orthodoxy’,” R Nagaraj, an economist at the Indira Gandhi Institute of Development Research, told Al Jazeera. Nagaraj points to India’s debt to GDP ratio, which at …

Narendra Modi govt needs to prioritise land, labour reforms in second-term, say analysts
5 years, 7 months ago

Narendra Modi govt needs to prioritise land, labour reforms in second-term, say analysts

Firstpost  

The economy is undergoing cyclical downturn at present which has seen a dip in growth to the 7% levels Mumbai: Prime Minister Narendra Modi should prioritise land and labour reforms in his second term, analysts said on Thursday. Domestic rating agency Crisil said the policy continuity presents at “opportunity to push tougher reforms particularly land and labour”. The government should …

A $1.4 trillion India spending push tops Modi 2.0 agenda
5 years, 7 months ago

A $1.4 trillion India spending push tops Modi 2.0 agenda

Live Mint  

India’s economy is set for a major boost if Prime Minister Narendra Modi follows through with key campaign promises following his party’s sweeping election victory. “Given that there is limited fiscal space it is hard to see them meeting those targets,” said Shilan Shah, senior India economist at Capital Economics Ltd. in Singapore. “But even if they are partially fulfilled, …

India needs land, labour reform to aid manufacturing: Krishnamurthy Subramanian
5 years, 10 months ago

India needs land, labour reform to aid manufacturing: Krishnamurthy Subramanian

Live Mint  

New Delhi: India's next government will have to bring in land, labour and financial sector reforms to improve the productivity of the manufacturing sector and boost economic growth, India's chief economic adviser said. Several business leaders said a delay in land acquisition for private factories, decades-old restrictive labour laws and higher borrowing costs discourage many investors who therefore prefer to …

Farm sector doles: Band-aid solutions hide jobless growth; India's agrarian economy needs liberalisation, not govt handouts
5 years, 10 months ago

Farm sector doles: Band-aid solutions hide jobless growth; India's agrarian economy needs liberalisation, not govt handouts

Firstpost  

Instead of addressing the dwindling jobs and agrarian crisis, the government has responded by announcing a Targeted Basic Income scheme for farmers. In spite of its huge budgetary allocation Rs 75,000 crore per year, which exceeds National Rural Employment Guarantee Scheme budget, it offers very little purchasing capacity to individuals, let alone potential to create sizable jobs. It is in …

It’s a great leap backward on the employment front in India’s rural areas
5 years, 11 months ago

It’s a great leap backward on the employment front in India’s rural areas

Live Mint  

Shiv Prasad has a plan—one that he feels can change his destiny. “The problem is that we, being part of the government, cannot acknowledge that demonetization seriously disrupted the flow of activity and massively contributed to employment-related problems.” A visit to a government-run industrial training institute in Banda, nestled inside a village named Motihari, is testimony to the utter lack …

Modi government’s much needed focus on India’s farm sector
5 years, 11 months ago

Modi government’s much needed focus on India’s farm sector

Op India  

India’s farm sector has witnessed a systematic decline since the 1991 reforms as its importance in GDP has declined rapidly while its importance as India’s largest employer continued. It is not just provisioning of formal credit that saw the governments concentrated focus as the government through its experience in first two years realized that droughts have a significant and long-term …

NSSO data confirms India's jobs crisis: Unemployment at 45-year high of 6.1%, way out is to make economy grow
5 years, 11 months ago

NSSO data confirms India's jobs crisis: Unemployment at 45-year high of 6.1%, way out is to make economy grow

Firstpost  

The problem of unemployment is very serious and the only way to go ahead is to make the economy grow which happens gradually over time. The Business Standard report has focused on the unemployment rates among men and women youth in both urban and rural areas, which does require an explanation as it is quite deep-rooted and scary. The report …

Farmers plan march in New Delhi: Agrarian crisis is deep and pervasive, but not fully appreciated or remedied
6 years, 1 month ago

Farmers plan march in New Delhi: Agrarian crisis is deep and pervasive, but not fully appreciated or remedied

Firstpost  

There are waves and waves of marches by farmers, landless and tribals in many parts of India these days, particularly to the seats of power. Editor’s note: This article is the first of a two-part series analysing the agrarian crisis in India, in light of the various marches and protests undertaken by farmers in recent months to highlight their problems. …

GDP at 2-year high of 8.2% in Q1: Economy is finally coming out of twin shocks, but there is a bumpy ride ahead
6 years, 4 months ago

GDP at 2-year high of 8.2% in Q1: Economy is finally coming out of twin shocks, but there is a bumpy ride ahead

Firstpost  

The sharp jump in the first quarter gross domestic product numbers is heartening; it gives some hope that economy could stage a sharp recovery post a long lull phase. The manufacturing sector, where the growth has been tepid for many consecutive months, grew at 13.5 percent in Q1 compared with a contraction of 1.8 percent in the corresponding quarter of …

India’s world-beating growth not enough to end deep jobs drought
6 years, 4 months ago

India’s world-beating growth not enough to end deep jobs drought

Live Mint  

Mumbai/New Delhi: The world’s fastest growing major economy isn’t growing nearly fast enough. Yet analysts generally agree that more needs to be done to open up the economy, attract foreign capital and generate the kind of wealth and business opportunities that has broadened the middle class in China, whose $12.2 trillion economy is more than four times as big as …

'If economy is growing, how can job market not expand?', PM Modi rebuts Opposition allegations on unemployment
6 years, 5 months ago

'If economy is growing, how can job market not expand?', PM Modi rebuts Opposition allegations on unemployment

India TV News  

Prime Minister Narendra Modi rebuted the Opposition's allegations on lack of job growth, saying India is among the major economies of the world. In an exclusive interview to ANI, Prime Minister Modi said, "When economy is growing at a faster pace, in fact fastest among the major economies, how will the jobs market not expand?" Citing his speech in the …

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