But the recovery is uneven among countries, and within countries
The 1,000 richest people worldwide recovered their losses from the pandemic within nine months as opposed to the world’s poorest who might take a decade to limp back to their pre-pandemic standing.
Inequality in India has risen to levels last seen when it was colonised.
The additional wealth acquired by India’s 100 billionaires since March when the lockdown was imposed is enough to give every one of the 138 million poorest ₹94,045, according to the report.
An unskilled worker in India would take three years to earn what the country’s richest person earned in one second last year
This has social and political consequences as upheavals in democratic societies around the world show.
The theme of the World Economic Forum at Davos this week is ‘the Great Reset’ which it says is a “commitment to jointly and urgently build the foundations of our economic and social system for a more fair, sustainable and resilient future”.
Go for growth | ToI
Budget next week
The tax structure is lopsided as the government has piled on fuel taxes to offset revenue shortfalls.
Economic recession has coincided with an immediate national threat
On direct taxation, we are in the early stages of big changes initiated in late 2019 to align India’s corporate tax rate to East Asian levels.
Ease the burden on individuals
Build infrastructure - Infrastructure bonds with long lock-in periods need tax incentives.
A high tariff wall won’t allow Indian companies to tap global value chains.
Govt can cut back on unproductive subsidies to make room for expenditure that can give stimulus to economy
More growth will organically generate more revenues for the government.
Budget of Hope | Millenium Post
The current crisis is much more threatening than that of 1991 as it is for the first time since 1979 that the country is poised to declare a negative growth rate to the extent of 7.5 per cent.
Reserve Bank of India claiming forthrightly that there is a V-Shaped recovery of the Indian economy.
It will take time and a proper blend of policies and reforms to take the economy forward on the required rate of growth.
4.2 per cent growth rate in the preceding year
Unemployment, farmer distress and a host of other economic issues were lingering on the horizon, waiting to be resolved.
The government has to keep taking sound policy decisions throughout the year to respond in a dynamic manner to the changing economic scenario.
This budget has to be a DREAM BUDGET
India would require a growth rate in excess of 8 per cent every year in real terms.
Very little space is left for an increase in taxes.
Put more cash in the hands for the consumers rather than taking money away from them
Macroeconomic theory clearly points out that economic growth is a function of consumption demand, private investment, government expenditure and balance of exports over imports.
Among these, consumption demand has about 55 per cent weightage, and thus, it is a clear pointer that if the consumption demand is raised then the economy would grow faster.
One of the ways of doing this would be to paradoxically reduce the tax rate or do away with some of the imposed cess
In addition, stressed sectors like hospitality and tourism need a booster dose of direct cash transfer.
Further facilitate ease of doing business by suitable reforms in land, labour and other related sectors, but these measures have to bring results at the ground level to genuinely attract more private investment.
The expenditure priorities have to be healthcare, nutrition, education, agriculture and medium and small scale industries, with public health becoming the topmost priority of the nation.
Of course, we cannot ignore the all-important defense sector.
A sharp increase in the budget allocation for research and development in various sectors and also special schemes to incentivise R&D in the industrial sector.
Innovative social safety nets for the migrant labourers
Increasing the exports from India in both agriculture as well as manufacturing
Employment - urban equivalent of MGNREGA
Public sector banks
Tech-ing diagnostics forward | Fin Exp
Diagnostics space - digital, artificial intelligence and data analytic
Wearables and connected devices
Technologies and devices that have come up in the last few years can certainly help bridge healtcare gap
US-based Butterfly Network - device can be connected to any smartphone to generate and relay ultrasound images.
By 2023, the company hopes to launch a wearable that can allow diagnosis at home.
Apple, last year, launched its watch that could read blood-oxygen levels.
Samsung - blood pressure monitoring
Mobile-ventilator company AgVa was in the news for coming up with a low-cost, portable ventilator system.
InnAccel Technologies has readied a device called Saans, a battery-powered Continuous Positive Airway Pressure (CPAP) system that could increase the survival rate of premature babies who require respiration support.
Niramai has developed a technology which can help detect breast cancer using thermal analytics.
Janitri has simplified the cardiotocography process, which involves a bulky machine, using a patch and a mobile app; it has managed to bring costs down by over 60%.
However, in all such efforts, government support will be key.
A worsening dynamic | Ind Exp
Latest face-off between Indian and Chinese troops last week on the Sikkim border ended without any casualties
The confrontation demonstrates the worsening situation
Multiple rounds of negotiations are nowhere near finding a framework for disengagement and de-escalation
Beijing has employed similar tactics in its territorial disputes with most of its neighbours in Asia.
China had promised to resolve its disputes with neighbours through peaceful negotiations
Beijing’s GDP is more than five times that of Delhi.
Unlike Mao, who was leading a poor and divided nation, Xi’s China is a superpower that can impose considerable costs on India .
India needs to develop asymmetric strategies that can help overcome the growing power gap with China.
Let them work | Pioneer
A majority of H1-B visa holders and their spouses are of Indian origin, followed by Chinese nationals.
H4 visa – spouse
The changes brought in by the Obama Administration in those conditions were widely celebrated as it opened the doors of opportunity to thousands of women.
Trump Administration’s stopping the H4 visa holders from work was a retrograde step.
The Biden Administration’s move is expected to save the jobs of tens of thousands of H4 visa holders who are currently working in the US after being given employment authorisation.
If such talented people are not allowed to join the workforce, only the US will be the loser.
It is bad enough that India has lost this human capital, but to waste it completely would be a travesty.
PM Modi to address World Economic Forum’s Davos Dialogue today
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Three more Rafale fighter jets join Indian Air Force
Five lakh doses of India made Covishield vaccine to be delivered to Sri Lanka today
WHO experts set to begin investigations into origin of Covid-19 from Chinese city of Wuhan
Chancellor Angela Merkel invites US President Joe Biden to visit Germany as soon as pandemic situation allows
Prime Minister to address NCC rally in New Delhi today
Rashtriya Kisan Mazdoor Sangathan and Bharatiya Kisan Union announce withdrawal of support to ongoing farmers' protest
9 States confirm outbreak of Avian influenza in poultry birds, 12 States for crows, migratory and wild birds
ICMR says, Covaxin has equivalent immunogenicity against UK-variant and circulating strains of SARS-Cov2 in India
Union Minister Ravi Shankar Prasad to launch virtual intelligence tool Tejas tomorrow