Dispatches from India: Dissecting the growth story

Peoples Dispatch | September 15, 2022

In this episode, we take a look at the numbers being India being declared the world’s fifth largest economy. We also hear from an all-India students’ rally demanding a fair education system and learn why the country’s IT hub went under water recently.

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IMF Downgrades its Growth Forecast for Asia, says Covid Still ‘Ravaging’ the Region

Countercurrents | October 25, 2021

The International Monetary Fund (IMF) on Tuesday downgraded its 2021 economic growth forecast for Asia after the Covid-19 delta variant caused a spike in cases in parts of the region.

The IMF said it expects Asia’s economy to grow by 6.5% in 2021, compared with its April forecast for a 7.6% expansion.

“The global COVID-19 pandemic is still ravaging the region,” the fund said in its Regional Economic Outlook report for Asia and the Pacific.

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POLITICAL ECONOMY OF GROWTH

Asymmetric Effects of Growth and Stagnation

Prabhat Patnaik

People’s Democracy | October 11, 2020

Growth under capitalism is associated with an increase in absolute poverty. Marx had recognised this and expressed it as follows: “Accumulation  of wealth at one pole is, therefore, at the same time accumulation of misery, the torment of labour, slavery, ignorance, brutalisation and moral degradation at the opposite pole, ie, on the side of the class that produces its own product as capital” (Capital Volume I); or again, “As productive capital grows…the forest of uplifted arms demanding work becomes ever thicker, while the arms themselves become ever thinner” (Wage Labour and Capital).Read More »

India: Growth for Whom?

Frontier Editorial | Vol. 50, No.25, Dec 24 – 30, 2017

Persons in power had been boasting about India’s high rate of growth in terms of the GDP. Now the fall in the rate of growth is being highlighted, while the official spokesmen are dishing out the hope, somewhat against hope that the rate of growth will soon pick up.

For one thing the impact of the global recession on the Indian economy was not negligible. The Indian economy was, however, not as much export-oriented as that of China. This was not due to the perspicacity of India’s policy makers but to popular struggles of varying forms and degrees, which prevented the ruling authorities from implementing full-scale globalisation. Recently, however, Narendra Modi’s demonetisation move has had a debilitating impact, particularly on the informal sector of the economy, besides causing immense harassment to the common money-using public. The fact that 99% of the demonetised cash returned to the baking system bears testimony to the fact that the so-called campaign against black money is a big failure, if not a big bluff. Demonetisation  coupled with Goods and Services Tax (GST) has slowed down the rate of growth of the GDP; on this there can be no disagreement. The twin evils seem to have hastened the process of decline of the manufacturing sector that grew by just 1.2 percent in the first quarter in 2017-18, as compared to 5.3 percent in the preceding quarter in 2016-17.Read More »

‘Africa rising’: Hope or impossibility?

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