India’s oldest Socialist Weekly!
Editor: Dr. G.G. Parikh | Associate Editor: Neeraj Jain | Managing Editor: Guddi
Sarkari economists have latched on to the latest estimates of national income and Gross Domestic Product (GDP) issued by the National Statistical Office on May 31, to assert yet again that India is on the verge of an economic recovery. Nothing could be more wrong.
The Modi government has been claiming that India had received the highest FDI inflow of $83.57 billion in FY 2021-22. While this is not incorrect, the full picture about foreign investment in India is much bigger than this – India’s foreign exchange crisis is actually worsening.
Along with wheat and atta, prices of vegetables, cooking oils, milk and LPG cylinders are all zooming up.
Cuts in budgets for planned economic development continue as long-term goals for the economy and society are shelved for the foreseeable future.
A new report by the Economic Advisory Council to the Prime Minister throws up sobering figures on the inequity levels in India.
When the Centre decided to sell HNL to private parties on a massive disinvestment drive, the Kerala government stepped in to take over the paper products manufacturer.
India’s once-thriving public vaccine manufacturers were absent during the pandemic. This was not due to a lack of capability. The problem has been active neglect by the government.
A CAP analysis shows companies like Amazon and Microsoft paid less than 10% tax while AT&T and Dow claimed a refund.
The headlong rush to list LIC shows shocking disregard for public interest while pandering to the whims of speculative “investors”. The IPO’s pricing indicates that it is perhaps India’s biggest-ever privatisation scandal.
None of the Centre’s explanations for the coal and power shortages hit the mark. The government took no preventive steps though the severity of this crisis was long foretold. The real culprits are its notion of what constitutes power sector ‘reforms’ and lack of inter-ministerial coordination.
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