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National income in India: What’s really growing?
28 February, 2018, C.P. Chandrasekhar & Jayati Ghosh
Recent income growth in India has been dominated by sectors that do not reflect real physical output increases – such as finance, insurance and real estate and public administration and defence.
Rising Incomes, Falling Wages
31 January, 2018, Jayati Ghosh
Changing the unequal economic tendencies brought out in the World Inequality Report 2018 requires changing the politics—not just making governments more accountable to the people, but making people realise that they are being fooled.
Shopping frenzy in the new China
24 November, 2017, C.P. Chandrasekhar
The Chinese e-commerce giant Alibaba creates a startling sales record on this year’s Singles’ Day, tapping into the rising consumerism of the upper middle class. The surge may not yield the home market growth needed to rebalance the country’s growth.
Development for Whom?
22 June, 2017, Jayati Ghosh
Calls for a new development paradigm grow louder each day, especially in rapidly growing countries like India. Award-winning development economist Jayati Ghosh explores prospects for such a new model of equitable and sustainable development with Allen White, Senior Fellow at the Tellus Institute.
The GDP elephant
06 June, 2017, Jayati Ghosh
National income is hard to estimate in India where so much activity and employment is in the informal sector. Much of GDP calculation is not purely “technocratic” but relies on judgments and assumptions. As long as our system of national accounting does not clarify the real impact on the economy and the actual degree of deceleration of economic activity, we will remain in the dark.
Why workers lose
30 May, 2017, C.P. Chandrasekhar
The IMF’s push to delink the decline in the share of labour in national income from the rise of finance, neoliberalism and globalisation leads to a set of banal prescriptions on how to deal with a problem that is at the centre of the crisis of capitalism today.
A Simple Arithmetic
25 May, 2017, Prabhat Patnaik
The advance GDP estimates for 2016-17, however calculated,show a grim picture of the economy. The real per capita income of the agriculture-dependent population, which constitutes half the country's populace, has remained stagnant or even marginally declined during the three years of the Modi government. While the pursuit of neoliberal policies can be held responsible for this, treating the aggregate growth as a “great achievement” for political mileage is unwarranted.
Quarterly GDP Estimates: Curiouser and curiouser
02 March, 2017, Jayati Ghosh
CSO's latest GDP estimates for the third quarter throw up some real surprises as these run counter to all the evidence of depressed demand, of massive drops in sales, of job losses and of a significant hit especially on small scale and informal manufactured goods producers following demonetisation.
Buckling under Pressure
18 January, 2017, Jayati Ghosh
There has been a depressing erosion in the credibility of the major institutions that in different ways are vital for the functioning of our democracy as they are bent to the will of the ruling dispensation.
Finance Capital and the Nature of Capitalism in India Today
25 November, 2016, C.P. Chandrasekhar
This article explains how the growing dependence on foreign finance capital has distorted India’s growth. Due to the accumulated presence of foreign capital in the country since liberalisation, it is turning moribund and losing sovereignty.
How is India Inc Doing?
28 October, 2016, C.P. Chandrasekhar
The scenario of Inida’s manufacturing sector seems to be one where the sector, when considered as a whole, is settling for higher profits even at the expense of lower sales volumes.
How Wage-led Growth has Powered Argentina's Economic Recovery
31 August, 2012, Jayati Ghosh
The manner in which Argentina has been able to generate more genuinely inclusive growth, through the promotion of productive and fairly remunerated employment and a different approach to social protection, sets a bright example of alternative strategy. This could be a learning lesson for all other countries trying to come out of the current recessionary trends.
Inequality in South Asia
25 July, 2012, Jayati Ghosh
The increase in income and consumption inequalities in the South Asian countries during their period of globalisation compared with other highly globally integrated countries such as those in Latin America suggest that South Asian governments have much to learn from the proactive policies for equity elsewhere in the world.
Factor Shares in the Indian Economy
17 April, 2012, C.P. Chandrasekhar & Jayati Ghosh
The functional distribution of national income is relatively ignored by researchers interested in income distribution in India. An analysis of CSO’s data on factor shares in the past three decades shows that the the period of most rapid acceleration of growth was also the period of the sharpest fall in the share of the unorganised sector in GDP. Although this change is to be welcomed, the concern is that it has been accompanied by no increase of the organised sector’s share in total employment.
National Accounts Statistics (Base: 1999-2000)
21 January, 2012,
National Accounts Statistics (Base: 1999-2000)
Why are Women’s Health Outcomes in India so Poor?
29 November, 2011, C.P. Chandrasekhar & Jayati Ghosh
Women’s health outcomes in India are generally much worse than in comparator countries, despite two decades of very rapid growth in India. Public spending on health as a share of GDP has not increased, and per capita spending on immunisation and primary health centres has actually gone down.
The Growth-discrimination Nexus
13 April, 2011, Jayati Ghosh
It is argued by many that market forces break open age-old social norms, particularly those of caste and gender. However, unfortunately, capitalism in India, especially in its most recent globally integrated variant, has used social discrimination and exclusion to its own benefit, to take forward the growth tory.
Unravelling India's Growth Transition
02 November, 2007, C.P. Chandrasekhar
An appreciating exchange rate, stock market volatility and global pessimism are yet to affect India’s growth story. Figures released by the Central Statistical Organisation at the end of August indicate that GDP grew by 9.3 per cent during the first quarter (April-June) of 2007-08 when compared with the corresponding quarter of 2006-07.
Boosting a Rising Profit Rate
05 September, 2007, C.P. Chandrasekhar & Jayati Ghosh
Corporate results for recent quarters in India point to a rapid growth in profits. Quarter-on-quarter increases in net profits of more than 20 per cent are the norm in recent times. Interestingly, despite this sharp improvement in profitability, the clamour for a reduction in corporate tax rates has only increased.
India's Savings Rate Surge
24 February, 2006, C.P. Chandrasekhar & Jayati Ghosh
The domestic savings rate or the ratio of gross savings to GDP is estimated by the CSO to have touched a record level of 29.1 per cent in 2004-05. This implies an increase of 5.5 percentage points since 2001-02, before which the rate had remained stagnant and even declined since the mid-1990s. The recent revision of the weighting system and revision of the base year from 1993-94 to 1999-00 has made a difference to the savings rate estimates for individual years for which estimates for both series are available. But the trend remains broadly the same.

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