Ramaswami

This Blog is about the democratic movements in India. Its only aim and objective is to fight against the anti-people policies of the ruling class.

Saturday, March 7, 2020

First, the 3.5 per cent GDP growth rate of the earlier period was accompanied by much higher rates of employment growth, because those days there were restraints upon the introduction of labour-displacing technological-cum-structural change. Secondly, the inequality in income distribution is increasing these days unlike then. In fact, as Piketty and Chancel have estimated on the basis of income tax data that the share of the top 1 per cent of households in total income had become as low as 6 per cent in the early 1980s; it has climbed thereafter to about 22 per cent in 2013-14, which is the highest it has ever been since 1922 when the income tax was first introduced in India. Thirdly, the overall growth-rate then was sustained by a significant growth rate in agriculture, especially foodgrains, so that per capita foodgrain output and availability increased noticeably, reversing a trend that had come to characterise the last half-century of colonial rule. The per capita availability had fallen from about 200 kilograms around 1900 to less than 140 kilograms at independence; it increased to about 180 kilograms by the end of the 1980s and has again fallen since then.

Economy Sliding into Stagnation | Peoples Democracy




Ramaswami at 6:05 AM
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