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The pillars of an equitable post-COVID India -S Mahendra Dev

-The Hindu In the post-pandemic world, addressing inequality is key to sustaining growth and well-being COVID-19 in the last one year has once again reminded us of the growing inequalities in India. A recent Pew Research Report shows that India’s Middle Class may have shrunk by a third due to the novel coronavirus pandemic while the number of poor people earning less than ₹150 per day more than doubled. The Pew report...

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Government withdraws order on rate cut on small savings schemes -Vikas Dhoot

-The Hindu This is the first time that the Centre has scrapped the notified interest rates on small savings schemes after switching to a quarterly interest rate setting system in April 2016. Hours after notifying significant cuts in small savings instruments’ returns for this quarter, the government has backtracked on these sharp cuts. This is the first time that the Centre has scrapped the notified interest rates on small savings schemes after...

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Govt’s April Fool’s joke on small savings schemes would have hurt the economy -Vivek Kaul

-Livemint.com * Trying to project lower interest rates as a panacea for everything isn’t the right way to go about it. The central government just played an April Fool’s joke on a large section of India’s Middle Class, which invests in small savings schemes. Late Wednesday evening, the government announced a substantial cut in interest rates on small savings schemes for the three months to June. The interest rates on Senior Citizen Savings Scheme...

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China may have become more prosperous in comparison to India in 2020, estimates new study

During the last one year, India seems to have lost the race in becoming the world leader in terms of development, prosperity and growth thanks to the recession brought about by the Covid-19 pandemic. The total number of poor people in the country has swelled and the Middle Class has shrunk in 2020 in comparison to what was anticipated earlier. A new study by the United States based think tank Pew...

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Modi’s India proves that liberal economics can happily coexist with political illiberalism -Indrajit Roy

-Scroll.in Going against conventional wisdom, the Indian Middle Class is not a source of liberalism. A profound contradiction lies at the heart of contemporary India’s political economy. On the one hand, it embraces economic liberalism. In September 2020, it legislated laws aimed at liberalising agriculture from state-guaranteed protections. The recent budget, passed in February, was high on promises of accelerating divestment of public sector undertakings. On the other hand, however, this enthusiasm...

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