WHETHER it is neoliberalism or neoconservatism, as seen with the rise of Trump, it fundamentally serves to protect the hegemony of the rentier class while increasing the burden on working people. Since the 1970s, governments, academia, and the media have promoted ideals like free markets, trade, a level playing field, and multilateral trade norms where countries are seen as equal trading partners – at least in principle. The concept of a "flat world" and the "global village" symbolised interdependence between countries based on mutual gains.

INCREASED dependence on debt and depletion of savings by average Indian households has been recognised as the emerging trend in the past three years. According to a recent RBI report India’s household debt has been 42.9 per cent of GDP at current market prices. The Financial Stability Report also recognises that the number of borrowers increased in the recent past. Increased dependence on personal loans, credit cards, consumer durable loans and other personal loans are on the rise.

A HUGE campaign is going on across the country about India aspiring to become a developed country in 2047. There is nothing wrong in targeting something big with a hope that even if it fails, we could reach somewhere near to what had been the goal. However, the goal shouldn’t be so unrealistic that people think it infeasible in the first place. India is currently the fastest growing economy in the world and there is possibility of relatively high growth being maintained in India over the coming years compared to global average.

THE finance minister presented the budget for the FY 2025-26 in the context of a slowing down of growth, rising inequality, lack of private investment together with declining growth of government investment, depleting foreign exchange reserves and declining growth of exports. The growth of consumption expenditure continues to be low as real wage and earnings are eroded due to episodes of high food inflation.

THE National Statistical Office has recently released the fact sheet of Household Consumption Expenditure Survey 2023-24. It is the second survey report of the annual series that begun in 2022-23 after a long gap since the 68th Round Consumption Expenditure Survey released by the government in 2011-12. The government seems to be comfortable to release this report this time as the Monthly Per Capita Consumption Expenditure (MPCE) has increased from Rs 3,773 in 2022-23 to Rs 4,122 in 2023-24 in rural India and from Rs 6,459 to Rs 6,996 in urban India respectively.