Core sector: accounting for 40% of the index of industrial production, showed a 1.3% growth in December.
The villain seems to be manufacturing, which contracted by 1.2%, with consumer durables and non- durables in sharp decline.
It contains index, production and growth of Eight Core Industries.
Eight Core Industries are electricity , steel, refinery products, crude oil, coal, cement, natural gas and fertilizers.
The Index of Eight Core Industries is a monthly production index, which is also considered as a lead indicator of the monthly industrial
The Index of Eight Core Industries is compiled based on the monthly production information received from the Source Agencies.
Threat due to the coronavirus outbreak in China.
Shutdown of factories in China affects supply chain networks
Inflation: January prints showing a rise in both consumer price inflation and wholesale price inflation.
CPI accelerated to 7.59% in January
Wholesale price inflation broke the 3% barrier in Jan
Cooking gas prices rising by a huge ₹144 a cylinder
Lack of demand.
Choice and candidacy
Removing the taint of criminality from electoral politics.
Progress made so far is because of SC and ECI
“ALARMING INCREASE” of those with a criminal background in the last four general elections
Parties have been asked to explain candidate choice and why those with criminal cases pending against them were preferred over those with no such record.
Series of judgments
What people wants?
asset disclosure and criminal records of candidates
‘none of the above’ option
immediate disqualification after conviction
special courts in all States
One Asia, two perspectives
1968: Asian Drama, An Inquiry into the Poverty of Nations
Economies of Asian countries, perhaps mainland Asian countries excluding Japan, were in dire poverty in the early part of the 20th century was widely accepted.
But in the middle of the century they became independent countries and UN me
The poor countries became “underdeveloped” (and rich countries “developed”) and development became the central idea in official and scholarly discourse.
The underdeveloped economies were caught in a “low-level equilibrium trap” — low incomes, low savings, low investment — and thus a built-in inability to grow.
The remedy, of course, was foreign aid accompanied by labour-intensive technologies.
Myrdal refused to fall in line.
“SOCIAL SYSTEM” attitude towards life and work and institutions in general.
Myrdal made a comparison of “Western values” and “Asia Values”.
In Asia Values, he included survival mindedness; irresponsiveness to opportunities for betterment; scorn for manual labour; unwillingness to work for others; superstitious beliefs and irrational outlook; submission to authority and exploitation; low aptitude for cooperation.
Combine these with what Myrdal considered to be institutions specific to Asia — underdeveloped institutions for enterprise, employment and credit; imperfections in the authority of government agencies; low standards of efficiency and integrity in public administration.
Add to these the caste system and the joint or extended family, and Asia emerges substantially different from western nations.
Asian countries, therefore, were caught in a poverty trap, he felt.
The World Economy in the Twentieth Century (1989)
In 1820: China and India put together accounted for half the world population and world income.
That is, Asia (China and India in particular) was not always at the bottom of the pit and poverty was not its characteristic feature.
Resurgent Asia: Diversity in Development (Oxford, 2019)
He was one-time Chief Economic Adviser, Government of India as also Vice-Chancellor, Delhi University.
Nayyar saw that the two Asian giants, China and India, contributed close to 60% of the global manufacturing production and an even larger proportion of manufactured exports until around 1750.
However, over the next two centuries, the Industrial Revolution in Britain brought about a radical transformation of the situation that changed the profile completely, except for the outlier, Japan.
During the second half of the 20th century, the situation has changed again as is widely known.
It began with the East Asian tigers, South Korea, Taiwan, Hong Kong and Singapore. Soon others joined, Malaysia, Thailand and Indonesia; then, of course, China and India.
The economic profile of Asia has completely changed.
Asia is a very diverse continent.
By 1962, Asia’s share in the world population diminished to 50%, while its share in global income fell sharply to 15%.
And by 1965-70, Asia was the poorest continent.
For China and India taken together these shares plunged to 35% and 8%, respectively.
The share of China and India in world manufacturing production collapsed from 47% in 1830 to 5% in 1963.
By the second decade of the present century, things had changed drastically, but also differentially in the subregions and countries.
East Asia was the leader and South Asia was the laggard with South East Asia in the middle.
Taking the Asia-14 together, the author describes the economic growth of the past 50 years as “stunning” with China being the star performer.
In all instances where growth was impressive, high levels of investment and savings were the main drivers which must have come as a bit of a shock to all who in an earlier period considered the Asian “poor” countries of being incapable of generating high savings.
The pattern in many countries including China was rapid investment growth coinciding with increasing exports.
Education too contributed towards raising growth rates.
Many countries have been experiencing lower levels of growth in the 21st century.
What is considered as the standard pattern is for labour force to move from agriculture (A) to manufacturing and industry (M) and then to services (S) and this pattern is seen in the case of South Korea, Taiwan and Singapore.
In India and several other countries in South East, there was an exit from A, not much into M, but significantly into S.
Nayyar also notes that the growth of the Asia economies has considerably reduced the percentage of their population considered to be below the poverty line.
But that has been accompanied by sharp increases in inequalities of income and more so of wealth in democratic India and even communist China which also raises questions about the future.
There will be problems too. Absolute poverty may be minimal by 2030, but the poverty-inequality-unemployment nexus may continue.
There are also the challenges of technology and environmental consequences.
But these are global issues and will affect other economies also.
“There can be little doubt that, circa 2050,... Asia will account for more than one-half of world income, and will be home for more than one-half the people on earth”.
A tale of outbreaks, both in China
There are obvious parallels between the epidemics of 2002-2003 and 2019-2020.
Both began in winter and featured cover-ups and whistle-blowers.
The origins of both were traced to China’s unregulated wet markets and the sale of wildlife.
Both resulted in quarantines, empty streets and considerable panic.
But there are also differences.
SARS was far deadlier, with a mortality rate of about 10%.
The mortality rate for the novel coronavirus (COVID-19) is yet to be established, but appears to be about 2%.
However, it is much more infectious.
More than 1,300 people have died from the new virus, a number that is already greater than SARS’ final death toll of 774.
It took eight months for SARS to spread to more than 8,000 people.
The COVID-19 has infected over 63,000 people in about six weeks.
There are also differences in the government’s handling of the epidemics.
Although the SARS virus first began appearing in November 2002, China’s then Heath Minister, Zhang Wenkang, gave a televised press conference as late as April 3, 2003, assuring the world that Beijing had only a handful of infections.
Then suddenly on April 20, it was announced that the capital in fact had 339 confirmed cases, 10 times more than the 37 infections made public until then.
With regard to the current epidemic, the first instances of COVID-19 appeared in early December.
By the second week of January, China had genetically sequenced the virus and shared it with WHO.
The restrictions on travel to and from China are more punitive, even as there is a resurgence of racist tropes portraying Chinese food habits and other customs as unsafe and unsavour
The S. (with some exceptions) and Australia have banned entry to all foreign nationals who have been to China in recent weeks.
Other countries, including India, Malaysia, Russia, Vietnam and Italy, have temporarily stopped issuing certain classes of visas to travellers from Hubei Province, where Wuhan is situated, or China
And although compared to SARS, this handling has shown improvements, it nonetheless throws the deficiencies, even fragility, of China’s political system, into sharp relief.
Information was not adequately shared.
Worse, those like Li Wenliang (the whistle- blower who subsequently contracted the virus and died) who tried to voice their concerns were muzzled by the police.
Following SC rap, telcos asked to pay AGR dues immediately
European Union calls for swift end to all curbs in Kashmir
Justice Dharmadhikari of Bombay HC resigns
Gujarat hostel girls checked for menstruation
Puducherry entitled to more funds from Centre, says report
Scientists radio-tag Indian pangolin
‘India’s position on Global Hunger Index alarming’