India’s oldest Socialist Weekly!
Editor: Dr. G.G. Parikh | Associate Editor: Neeraj Jain | Managing Editor: Guddi
Only a few weeks ago, the central government was talking grandly about India reaching a $5-trillion economy and refusing to recognise the severe slowdown India is going through. (This is not such a grand ambition when compared with China, which is often portrayed as India’s competitor, because by 2025, China’s economy is expected to achieve…
One phenomenon common to the years of the Narendra Modi government and the current economic slowdown is bank frauds. According to the Reserve Bank of India’s annual report 2018–19, the total amount involved in bank frauds was to the tune of Rs 71,542.93 crore in 2018–19 as compared to Rs 41,167.04 crore in 2017–18, a…
There is no longer any room for doubt on the parlous state of the Indian economy. The automobile industry, seen as a bellwether of activity in the post-liberalisation years, is in crisis, as automakers, parts manufacturers and dealers have laid off about 350,000 workers since April this year, with more job cuts likely. While this…
On 20th August, 2019 Indian Express e-paper carried an unusual advertisement by the Northern India Textiles Mills Association about Indian Spinning Industry facing a huge crisis. The spinning mills are incurring huge loses, they are not in a position to buy Indian cotton, livelihood of 10 crores people, directly or indirectly, dependent on textile industry…
It is ironical that the Narendra Modi government, which never tires of reminding everybody about their nationalism and patriotism, is actually following an economic policy of selling off the country’s national resources to foreign companies. It recently announced measures of easing foreign direct investment (FDI) in coal mining and associated infrastructure, contract manufacturing, single brand…
Suddenly, it seems like everything is shrinking in India: Our capacity for tolerance and diversity, the space for democratic expression and dissent—and now, economic growth. The warning signs have reached a point where they cannot be ignored any longer, and more people, including prominent business leaders, are speaking out. Yet, at least overtly, the government…
Neeti Biyani and Sakshi Rai Income and wealth inequality in India is deepening. The current regime, despite its promises to tackle black money, has chosen a contradictory course of action which has bolstered financial secrecy in the country, further widening already existing structural inequalities. The extent of income and wealth inequality in India is…
Prabhat Patnaik Fifty years ago on July 19, 1969, fourteen large private banks had been nationalised. Ironically the Golden Jubilee of that event, which had been a significant step in the process of building up a new financial architecture for the country, is being celebrated today by trade unions in the banking sector but not…
In a bizarre turn of events, the labour minister in Modi government, Santosh Kumar Gangwar, announced at a press conference that the new floor level minimum wage for the country will be Rs 178 per day. This translates to Rs 4,628 per month. This is bizarre on several counts. First, the official declaration of the…
It is clear by now that the figures provided in the 2019–20 budget are palpably unfounded. The budget has concealed the actual receipts and expenditures for 2018–19 even though these were available, because they show huge shortfalls compared to the budget estimates for that year. And all its estimates for 2019–20 are projections based on…
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