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Every few months we read statistics related to the economy in the news. Whether it is about government claims of the economy growing, or job losses, industries suffering, the economy is on our minds But how much do we understand about it? What factors affect economic growth? And how are we affected by it? To understand how the larger principles of the Indian economy affects us, we at Suno India are bringing in a new series called Indian Economy Explained. In the “Indian Economy Explained” se ...
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Many semi skilled workers are taking up jobs with online companies such as Zomato, Ola, Uber among others. The gig economy has produced about 8 million jobs and is expected to triple to 24 million jobs in the next 3-4 years. While the sector offers opportunities to informal sector workers to get relatively better paying jobs, with flexible work tim…
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The Union budget 2021 claimed a 137 percent increase in health and well being. However, the Union health budget still remains at about 0.34% of GDP – a slight increase from 0.31% last year’s budget estimate. The biggest scheme introduced in the past few years is the Ayushman Bharat scheme. In February 2020, the Finance Minister, Nirmala Sitharaman …
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On March 15 and 16th of 2021, the United Forum of Bank Unions called for a two day strike in order to oppose the proposed privatization of Public Sector Banks by the Centre. The Finance Minister, Nirmala Sitharaman in her Union Budget Speech 2021-22 stated that the Centre wanted to privatise IDBI and two other banks. More than 10 lakh banking emplo…
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According to the latest data released by the Centre for Monitoring Indian Economy, the unemployment rate in the country has increased to 6.9%. In this scenario, most people fall back on the government to provide them with work. Right to work is a directive principle in the Indian Constitution. The government has existing legislation guaranteeing ri…
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On 1st February 2021, Finance Minister Nirmala Sitharaman presented the first ever paper-less and digital Union Budget for the fiscal year 2021-22. This is the first time the budget documents were paperless since Independence. All members of Parliament received soft copies of the Union Budget. We wanted to find out how Union Budgets have been prese…
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In November last year, India’s female labour force participation rate fell to its lowest points at 6.9%. While 67% of all men of working age are employed, only 9% of all women of working age are employed in the country. The longer term trends suggest that female labour force participation rates in India have been puzzling. Women’s participation in …
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With discussions around agitations related to the recent Farm laws, what is missing is context. Reforms in agriculture have a history since India’s independence starting with the Green revolution. This history is important to understand the present. In this episode, Kunika Balhotra, Suno India’s Research and Communications Officer, spoke to Profess…
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The Goods and Services Tax which is commonly referred to GST was passed in the parliament on the 29th of March 2017. GST is a tax which is levied on most goods and services. It is an indirect tax which is collected at the point of consumption, and not at the point of origin. It replaced other taxes in the country such as Value Added Tax, excise dut…
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In a developing country like India, MSMEs are the backbone of the economy. The MSME sector contributes to 45% of India’s Total Industrial Employment, 50% of India’s Total Exports and 95% of all industrial units of the country and more than 6000 types of products are manufactured in these industries. There are about 6.3 crore MSMEs in the country wh…
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The Indian economy is in the doldrums. The Indian economy was already in bad shape before the COVID-19 pandemic struck. In 2019, India’s Gross Domestic Product i.e. GDP growth was 4.18%, lowest in that decade. The coronavirus pandemic and the nationwide lockdowns spiraled the economic downturn into a full-fledged economic crisis in the country. Ind…
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