In each of the last three years – from 2020 through 2022 – Indian banks lent more money to retail customers purchasing homes than they did to farmers. In fiscal year (FY)2021-22 commercial banks gaveRs. 17.54 lakh crore worth of housing loans, while agriculture and allied activities got Rs. 15.16 lakh crore. That is nearly 14 percent less. In FY 2021 and FY 2020 – one of which saw a...
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Top 1% of Indians own 40.5% percent wealth, bottom 50% has around 3% - Oxfam Inequality report
Following the pandemic, the income of the bottom 50 per cent of the population is estimated at 13 percent of national income and 3 percent of total wealth Apoorva Mahendru, Kanishk Gomes, Mayurakshi Dutta, Noopur, Pravas Ranjan Mishra Oxfam International's annual inequality report makes for stark reading. The India supplement, part of the main report, states that the top 1 percent of Indians own nearly 40.6 percent of the total wealth in...
More »Understanding the rejig in India’s food security programme -Roshan Kishore and Pavitra Kanagaraj
-Hindustan Times India’s Public Distribution System (PDS) after the enactment of the National Food Security Act (NFSA) promises 5kg foodgrain per persons at a highly subsidised cost of ₹3/kg for rice, Rs.2/kg for wheat and Rs.1/kg for cereals. The government will stand to lose this revenue after the decision to make PDS entitlements free. New Delhi: On December 24, the Union government announced a rejig of India’s food security programme. It has...
More »The PM Fasal Bima Yojana needs an urgent revamp
-The Hindu Business Line The main grouse that States have with PMFBY is that while premiums are distributed evenly across participants, claims are cornered by a few Six years after its launch and post multiple overhauls, Pradhan Mantri Fasal Bima Yojana (PMFBY), India’s flagship scheme for crop insurance, has largely failed to deliver on its objectives. An expert committee steered by Ashok Dalwai recently submitted a report showing that, between 2016 and...
More »Work demand under MGNREGS at 4-month high, FY23 funds almost exhausted -Raghav Aggarwal
-Business Standard The budgetary allocation for MGNREGS has already been exhausted, if pending liabilities for the financial year are included Demand for work under India’s biggest anti-poverty scheme increased to a four-month high in November, government data showed as budgetary support for it is almost exhausted this financial year. More than 22.5 million people applied for work under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) in November, the highest since August....
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