The Union Budget for 2023-24 has come at a time when the economy is ostentatiously doing well but is facing challenges both internally and externally. The unorganised sector is suffering due to the policies the government has been pursuing for some time. Externally, the war in Ukraine and the ongoing ‘New Cold War’ are adding to the problems. Both these challenges needed to be addressed in the Budget. Unfortunately, that is not in evidence.
As per Section 27 of the Industrial Relations Code passed in August 2020, if the appropriate government (the Union or the state government) is of the opinion that it is necessary or expedient that a trade union or federation of trade unions is to be recognized as Central- or state-level trade union, it may do so according to the prescribed procedure. This means that what was a voluntary process arising out of tripartite consultations will become a legal measure once the Code is in force. Thus, it is important to know its history as well as the current controversies over the same.
The fiscal deficit created now translates into a higher debt burden that future generations have to service. Is that fair? It is more than fair. In the misty mornings of peak winter, a flock of sharp-beaked, joyless birds takes flight in the capital – Fiscal Deficit Hawks, who swoop down on North Block, where harried finance ministry officials race against time to prepare the Union government’s annual budget, to screech sharp orders to slash the fiscal deficit.
The government affidavit filed on November 16 justified demonetization by claiming that it was a part of a bigger policy push to digitize and formalize the economy – in its view a beneficial step. The affidavit, in paragraph 15 justifies the decision to demonetize the large denomination currency notes by stating that it was a “well-considered decision” taken after “extensive consultation with the Reserve Bank of India (‘RBI’) and advanced preparation”. The implication is that if the decision was wrong, it is the RBI’s (the expert’s) fault.
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Given the high share of its young population, India has a huge potential that is being wasted due to the inability of its policymakers to set the right policies. Potentially, many workers in the population can support the non-workers—the young and the elderly—and the economy can grow faster.
This column argues that for India to continue to sustain the position it has occupied for some years as the largest recipient of gross inward remittance flows, it would be necessary to aim Indian diplomacy toward expanding greater global economic and education space for Indians.
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The State of Population and Development – #PopulationAndDevelopment | Panel Discussion on The Great March of Migrants During The National Lockdown: Lessons Not Learned and Missed Opportunities On the Occasion of International Migrants Day on 18 December #IMPRI Center for…