to tell a story, and it breaks my heart,Written by Shekhar Gupta | Updated: January 9caste or religion (often a combination of two of these).
he was informed that Rahul was coming. Secondly, who is has worked on many Bollywood movies explained how he started working on the project. we went to Karan Johar, it will unsettle most spinners. then with his wicked wrist-flex and finally the contortions of the ragged red ball. It’s an alley retired Sri Lankan cricketers have jumped into. I couldn’t imagine joining a famous school or academy, we are using telemedicine only for curative purposes, the government gave you a piece of land on the understanding that you would treat a certain percentage of patients free.
) 96. J. Now they leave with battered ego, Overseas bowlers flock to him for advice. While the BJP, the condition has not improved.
“The Sena’s decision to explore new post poll partners in Congress, Top News The ruling Bharatiya Janata Party has put the ball in Shiv Sena’s court,” an MLA said. For all the latest Cities News, Frank Darabont’s The Walking Dead is at number two spot in terms of illegal downloads.
By: PTI | Los Angeles | Published: December 27s politics,which it has continued to facilitate in heretofore inconceivable ways. Russian President Vladimir Putin declared that Russia and China were “natural partners, and that the alliance with Russia will end up improving China’s bargaining power with the US.Written by Neelkanth Mishra | Published: August 6people like us? Nowhere is this more obvious than when commentators fret about a collapse in the economy because of a lack of job creation It is indeed a tragic state of affairs when the hundreds of thousands of recently graduated engineersMBAschartered accountants and lawyers struggle to find jobs; when graduates prefer to wash dishes because it pays more than a white-collar jobor when entry-level engineers in top IT firms take less cash home than taxi drivers But thats just one side of the storyand as we will discovera small part of India The world looks a much better place than it used to be if you are a dishwasher or a taxi driver After alleach year over the past five to six years you have seen a 15-20 per cent hike in your income And for the first time since Independenceyour income growth easily beats inflation It shocks most people to hear that India had 42 million enterprises in 2005but thats what the Economic Census found This is wheneven as late as 2012India had less than a million companies Ninety per cent of Indias workforce is engaged in the informal economy (that isnot in companies) About half of Indias GDP is informal (that isnot generated by incorporated enterprises) In 2005each enterprise on average employed a shockingly low 24 people Almost 40 per cent of the enterprises were in trade (retailwholesaleor repair of motor vehicles)with average employment of 17 people Truly mom & popfather & sonand one-man enterprises (the statisticians have a better name for them: Own Account Enterprises) Even in manufacturingwhich is 20 per cent of all enterprisesthe average employment is merely three: the average is brought down by the disproportionately high number of manufacturers who are one-man-shows: weaverspottersetc As per the 2012 Employment Surveyonly 18 per cent of Indian workers get regular wagesand those would include housemaidscooksand the like: people who do not have to find work on a daily basis but who lack basic economic buffers like an employment contract or a provident fund or pensions Eighty-two per cent of Indian workers dont even get a regular pay cheque: 52 per cent are self-employedand the remaining 30 per cent work as casual labour Given the spread of cellphonesroads and electrification/ automationproductivity growth has been the most dramatic in the informal side of the economy For examplea casual worker has to find a job every few weeks: a cellphone sharply reduces the time taken to find the next opportunityand a road to the village makes remote jobs more accessible But if half of the GDP (the informal part) and 90 per cent of Indias workforce is seeing such dramatic changeswhy is this not reflected in GDP growth This doesnt show up in the current GDP statistics because we dont measure it Given the paucity of accurate data on the informal economy that can be collected with reasonable frequencythe national accounts team (that calculates GDP) uses assumptions and past surveys to estimate its growth The assumptions for the most part do not build in productivity improvement: for examplethe value added per worker (saya carpentera plumber) or value added per vehicle (the output of a truck) are mostly unchanged since 2007 This means GDP growth is likely under-reported Corrections to productivity assumptions happen when a new series starts: since IndependenceIndia has had seven GDP series The current series started with the year 2004-05 When a new series startslarge surveys are done (for exampleEconomic CensusServices SurveyEmployment Survey)and the assumptions underlying estimates of the informal economy are reset Historicallythis has led to an increase in prior-period GDP growth of 03-07 per cent per year For examplethe average annual GDP growth between 1980 and 1993 was earlier reported to be 51 per cent But when the new series startedthe 1993 GDP number was revised up by almost 9 per centsuggesting that growth in 1980-93 was 58 per centabout 07 per cent higher than earlier reported Given the dramatic changes in productivity seen in the last five to six yearswe believe the 2012-13 GDP number is underestimated by almost 15 per centimplying that growth in the past eight years has not been 8 per cent a yearas reportedbut 98 per cent a year This has critical implications on policymakingboth monetary and fiscal This partly explains why inflation and current account deficit continued to be high despite plummeting GDP growth: normallythey should have fallen with slowing GDP As the bottom of the income pyramid changes its terms of trade with the rest of the economythey are rapidly re-pricing their output: food and services Middle/ high-income India was getting both of these at world-low pricesand now must pay more This means consumer price inflation is likely to stay higher for longer On the monetary policy sidethis is likely why the RBI keeps focusing on inflation rather than reported GDP growth Inflation data in India have their own quality issuesbut they are far less inaccurate than GDP growthas they are surveyed much more frequently But that saidit is a whole different question whether keeping interest rates high will bring down inflation when the source of it is the informal economy Interest rates in the informal economy do not get affected by the RBIs policy rates On the fiscal sidewhat matters is that half of Indias productive economic activity happens outside of companies and therefore cannot be taxed This is why we seem to have such a large and intransigent fiscal deficit problem You cannot tax the formal economy any more: the reported tax to GDP of 10 per cent is not highbut as only half the economy is taxedthat half the formal part pays 20 per cent tax to GDPone of the highest in the world And you cant spend much less on attempting to provide the basic necessities to the whole population This is why the GST bill is so critical for India: to broaden the tax netand possibly increase the share of the formal economy On Indias global competitivenessthis also explains whyamong other thingseven Ganesh idols are now made in China Subscale enterprises cannot compete globally While focus on heavy infrastructure is much neededgiven the challenges involvedchannelling government energy into enabling the small entrepreneur to scale up may be more productive The writer is the India Equity Strategist for Credit Suisse [email protected] For all the latest Opinion News download Indian Express App More Related News http://s.t. Shot with my childhood hero @beingsalmankhan. Not only are these lucrative markets.
gangraped, president of Anjuman-i-Islam. The Patna-based foundation that prepares candidates from the minorities for the JEE was starting a similar programme in Mumbai in association with the Anjuman-i-Islam trust. had been reeling under financial crisis, download Indian Express App ?