The average value of assets (AVA) of the top ten percent of urban households in India is more than seven thousand five hundred times greater than what the bottom ten percent owns. The AVA of the top decile was Rs. 1.5 crores, while the lowest decile owned an average of Rs. 2,000 of assets. The data is part of the All India Debt and Investment Survey - 2019, the survey for...
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Real Wages Declined for Rural Indians in 2022, a Year When the Economy Somewhat Recovered
The year 2022 was supposed to mark the recovery of the Indian economy from the Covid-19 pandemic and lockdowns of the preceding two years. However, the Russian invasion of Ukraine in February pushed up prices of food, fuel and fertilizer worldwide. In India consumer price inflation, which had declined to under 5 percent in the September-November period of 2021, has steadily increased, staying above 6 percent throughout 2022. What happened to rural incomes in 2022? An...
More »Budget Briefs: FY 2022-23 MGNREGS allocation 9% lower, expenditure outstrips funds - Ria Kasliwal, Mridusmita Bordoloi, Avani Kapur
Accountability Initiative, Centre for Policy Research Budget 2023-24 will be unveiled on February 1. This brief examines the Government of India’s flagship rural employment programme. The Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS). It was launched in 2006 and is the largest scheme of the Department of Rural Development (DoRD) under the Ministry of Rural Development (MoRD). It aims to provide 100 days of guaranteed wage employment to every rural...
More »Indian banks gave more home loans than agricultural credit
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...
More »Need to make agri credit system equitable -Bishwa Bhaskar Choudhary
-The Tribune The agency-wise share indicates that agricultural credit dispensation in the country is heavily dependent on commercial banks and points towards the poor credit delivery capability of cooperative banks and regional rural banks. THE availability of finance is a key driver of progress in any sector. In the case of agriculture, access to adequate credit assumes vital significance since most of the agriculturists are small or marginal farmers. It has been...
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