Development -India

'RIP the idea of GST', 02 JUNE 2021

Congress party hits out at the Centre over GST council as Former Finance Minister P Chidambaram puts out a 'ten-point guide to understand GST' on his Twitter handle.

1. GST started as a good idea

2. BJP converted it into a bad law

3. It was notified with horrendous rates of tax

4. The law was applied as though tax-collecting officers were hounds hunting foxes

5. Every businessperson was suspected to be a tax evader

6. The GST Council was reduced to a talking shop

7. The GST Implementation Committee (consisting of officers) became the tail that wagged the dog

8. The FM treats the GoM as an extension of the NDA and its supporting parties

9. All FMs who express a contrary view are treated as errant schoolboys

10. The idea of GST: RIP

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The first-of-its-kind initiative was implemented in Assam, Bihar and West Bengal where 450 women-led enterprises were selected. The initiative was aimed at helping such enterprises, with a turnover of Rs 12 lakh and above, to increase their revenue and also generate employment opportunities in rural areas. In each state, 150 enterprises were selected, of which 132 were given soft loans (i.e. loans with no interest or an interest below that of market rate), and 18 were given grants to scale up their businesses.   

For this, the Deendayal Antyodaya Yojana-National Rural Livelihood Mission (NRLM) under the rural development ministry roped in Indian Institute of Management Calcutta Innovation Park (IIMCIP), a non-profit company under the aegis of IIM Calcutta to promote entrepreneurship and innovation. The non-profit organisation was tasked with the selection of eligible enterprises, providing technical assistance and hand-holding them to prepare their business plans and scale up.

by Risha Chitlangia

https://www.youtube.com/watch?v=1yl4JXXHfAs  4th June 2021 Between 2005 and 2015, 27 crore people came above the poverty line. But the corona crisis has brought 23 crore people below poverty line. How will the Modi government manage the situation? Watch Modi Raj Mein Arthvyavastha. A special series based on current economic scenario of the country. Senior Journalist Mukesh Kumar in conversation with renowned economist Prof. Arun Kumar.

Last year: https://youtu.be/1yl4JXXHfAs?t=306 after demonetisation, informal economy was affected in a way that they became vulnerable to shocks like pandemic.  Minimum necessary consumption line keeps shifting.. We have to decide our standard. what os our minimum living wage. food is one aspect, but there is education of children, 

between '90-99, after reforms and privatisation, prices of but not upto the extend that you are able to meet your essential expenses.  education and health went up substantially for the middle class and poor.  So your income may have gone up, but not enough to enable you to meet your essential expenditure. 

What do we do for the extremely poor..  need for a safety net, for education, health, right to ffod, mid-day meals, rural employment guarantee scheme,  But the current regime is more pro-business hoping for a trickle down.. this was there from 1990, but now it is at an extreme. 

20 lkh crore package.. not yet implemented.. it is a supply side economics, of supplying credit.. rather than giving straight to the poor.. no annoucement during the second wave.. No vision on how to revive busness, economy. No public pressure as well, during to restrictions, and pandemic conditions.. 

https://www.youtube.com/watch?v=FbL_0ETgZYY& Mahesh Vyas, of CMIE, looks at the numbers to talk about what will be the next crisis once the second wave recedes- the cost to incomes, livelihoods, the economy- especially with many families taking loans to pay hospital bills and salaried Indians losing jobs and facing pay cuts. 

threat of an economic downturn?

Amazon, Meta, Netflix: Why Big Tech Is Facing Massive Layoffs Wall Street Journal  Nov 18, 2022 https://www.youtube.com/watch?v=JYVMuWGCtK4
Tech companies saw exceptional growth in both revenue and employee headcounts through the pandemic. But now, they’re cutting thousands of jobs. WSJ explains the macro — and micro — reasons for the industry’s massive layoffs.

Layoffs Aren’t a Good Look for Big Tech’s Growth Story https://www.wsj.com/articles/layoffs-arent-a-good-look-for-big-techs-growth-story-11668045118
Meta Platforms, Twitter and other tech companies have shown they are economically sensitive, puncturing the myth of ‘permanent acceleration’

But part of what made fast-growing tech companies appealing to investors was their ability to defy economic cycles...When companies begin to succumb to economic cycles instead, they start to look more like the legacy businesses they were supposed to disrupt...Meta has been so desperate to rebrand itself in investors’ eyes that it changed its name from Facebook to reflect its “metaverse” product before it even existed...But the urgency now is to slash costs and bring in revenue. “Chief Twit” Mr. Musk is now looking at ways to bolster his newest business through subscriptions, video and paywalls. ..

TikTok Is Still Hiring as Competitors Shed Jobs https://www.wsj.com/articles/tiktok-is-still-hiring-as-competitors-shed-jobs-11668819207
Social-media company has said it would add 3,000 engineers, plans to boost head count at Mountain View, Calif., hub TikTok, which is roughly only five years old, is on a different growth trajectory than many of the older American tech giants that are now shedding thousands of jobs. By some measures, TikTok has surpassed Facebook and Meta-owned Instagram in popularity, especially among American teens. But TikTok still brings in a fraction of the revenue of Meta, which had $118 billion in sales in 2021.