India’s oldest Socialist Weekly!
Editor: Dr. G.G. Parikh | Associate Editor: Neeraj Jain | Managing Editor: Guddi
The G-20 meeting in Delhi was occurring in the midst of an acute global economic crisis. Yet the G-20 summit did not take any initiative in the matter of overcoming this crisis, especially with regard to the external debt of the third world countries.
The Karnataka government’s plan to launch its “Anna Bhagya” scheme on July 1 under which it was planning to provide 10 kg of free rice per month to each family below the poverty-line has run into problems because of the Food Corporation of India’s unwillingness to sell rice to that state.
Fascistic elements move centre-stage only when they get the support of monopoly capital which provides them with ample money and media coverage. This happens when there is a capitalist crisis; the role of the fascistic elements in such a situation is to provide a diversion of discourse.
Today, when a party that is an RSS-front organisation is in power, the need for all who love democracy to appreciate Jawaharlal Nehru’s acute understanding of fascism is particularly urgent.
After Sri Lanka and Pakistan, Bangladesh has become the third country in our neighbourhood to become afflicted by a serious economic crisis.
The estimates of India’s GDP for Q4 2022-23 show a growth rate of 6.1% over Q4 2021-22; for 2022-23 as a whole, the GDP growth rate comes to 7.2%, a shade higher than expected. But this makes not an iota of difference to one’s assessment of the current state of India’s economy.
Raising taxes on the rich, whether through the corporate profit tax or through a wealth tax, should be the obvious way of raising resources to finance government expenditure. But both Biden administration and the Republicans leave out this alternative in the current debate on US debt ceiling.
There is a fundamental difference between the comparatively low growth-rate of the earlier dirigiste period (pre-1990s) and that of the current neoliberal period.
The Modi government’s economic policy has often been termed, rightly, as being utterly callous towards the people, and utterly devoted to serving the interest of “cronies”. But it is “cronyism” sanctified by the idea of building up a (Hindu) “nation”.
The IMF managing director Kristalina Georgieva has now openly admitted that the year 2023 will witness the slowing down of the world economy to a point where as much as one-third of it will see an actual contraction in gross domestic product.
Help us increase our readership.
If you are enjoying reading Janata Weekly,
DO FORWARD THE WEEKLY MAIL to your mailing list and
invite people to subscribe for FREE!