Facts Speak : Economy : Current state of Indian Economy : Part 3
Employment is the critical factor for any goverment. We can measure the government ability by the number of jobs created . Modi government lacks the ability to provide jobs as they promised.
51. Rising urban employment
52. Implementation-stalled projects inch up.
36 projects stalled during quarter ended Sep 2017 envisaged an investment of ₹503 billion.
53. GDP growth rate between 2004 to 2015
54. RBi surveys show general economy in pessimistic zone. Jobs again another big worry.
55. Employment generation gone low GST or Demonetization.
56. 90% of currency back in circulation
57. Hiring is cut by 45% which is huge and crucial for the new graduates in the market for job opportunities.
58. A Very Subdued Diwali with consumer sentiments fall compared to last year. Unemployment, GST could be the possible reasons for the downfall.
Festival season itself become not so good time due to policy problems of the union government.
59. Addition of jobs to the IT also shrinks .
60. India GDP annual growth rate declines.
61. Can the Government fool all the people all the time.
62. Volatility of the #unemployment rate via @_CMIE
63. Worrying trend as campus placements of management students have seen a decline.
64. Reasons for #DeMonetisation are never achieved.While the detection of counterfeit currency increased in the 12 months through .
Cash is still king
65. Currency with public rises after #DemonetizationDisaster.
66. Digital transactions fail to gather steam after initial surge post #Demonetisationascam #Nov8blackday
67. GDP and GVA growth declines.
68. Fiscal deficit forecast is lower , result of expenditure compression.
69. Loan write off in 10 years.
70. Tax growth was much higher during boom years under UPA 1
71. Rural wages decelerating, which are calculated after taking inflation.
72. 10 broken promises
73. 2015–2016 was worst year for corporate sales since liberalization in 1992.
74. 5 crores jobs , earlier it was 2 crore jobs promised. But not even meagure amount in 10Ks are happening.
75. Willful defaulters are increasing.
76. Currency circulation rises further.
77. Rising unemployment
78. The rising jobs challenge.
The unemployment rate remained elevated in the week ended March 11. It has been rising steadily and the labour participation rate, which has not been improving, actually worsened in the last week. The unemployment rate was 7% and the LPR was 42.6% during the week.
PM is often reminded that during his pre-election campaigns he had promised to provide jobs to 20 million people if he were to be elected. The ask on the jobs front is much bigger. But what M delivered so far ? Big disappointment.
Demonetisation led to a very sharp fall in the count of the unemployed and the marginally unemployed. The count of employment did not change significantly but, the count of unemployed fell very sharply.
Twenty million jobs are not enough. If the ask was 80 million in 2016 then it will be more than that by 2019. What will the politicians promise us around this time?
More importantly, what will be the strategy of the the new government to ensure that our demographic dividend does not turn into a demographic disaster .
Modi already made into one. It is going to take hell to reverse it .
79. The number of farmers covered under prime minister’s crop insurance scheme fell to 47.9 million in 2017-18, from a high of 57.5 million the year before, a sharp decline of 17% in just a year.
ICRIER Delhi, showed that the Prime Minister’s crop insurance scheme is beset with problems like delays in assessment of crop loss and claim settlement, high actuarial premiums charged by insurance companies, lack of officers monitoring a scheme.
80. Modi and his government find themselves under fire from opponents for what they perceive to be a failure to live up to that promise.
81. Allocation for National health mission, Child Heath spending, Swatch Bharat, affordable housing declined where as people in power enjoy the high salaries at people tax.
82. Employment in MGNREGS
83. Jobs in IT sector are also decreasing
84. India’s GDP performance under UPA 1 & 2
85.Data from @_CMIE says that value of projects stalled in the first 3 months of 2018 has gone up more than 300%.
86. Meanwhile completion of projects has declined.
Further #SlowDown looks imminent.
To be continued.