THE latest annual report of Periodic Labour Force Survey, 2021-22 published by NSSO, Government of India draws attention to many perennial problems that India seems to be facing in the employment front. True indeed that the annual unemployment rate has marginally declined compared to the pandemic period but the structural concerns such as high rates of youth unemployment, high unemployment rates within the educated, increased vulnerability due to rising self-employment and erosion of rights of regular salaried workers, continue to remain as dark spots in India’s labour market.

THESE days talking about rights of people as individuals or as groups defined by specific identities, marginalised due to cultural and reasons other than that related to work is acceptable and seems fashionable but raising issues of workers is something which is considered to be dangerous! All oppressed people can legitimately raise their voice for their right and dignity but not workers who are exploited by capital, an impersonal systemic class rule.

THE first advance estimates released by the NSO on January 6, estimates the nominal GDP of India for the current financial year 2022-23 to be Rs 273 lakh crores and in this backdrop the budget proposed by the finance minister projects a 10.5 per cent nominal growth leading to a nominal GDP of 301 lakh crores for the financial year 2023-24. The Economic Survey 2022-23 estimates a real growth rate for the year 2023-24 to be 6.5 per cent as the baseline figure which indicates an implicit inflation to the tune of 4 per cent for the financial year 2023-24.

CUTTING down expenditures that impact upon the poor while bailing out the corporates has been the hallmark of neoliberal policies. Profit making by any means and favouring the rich by way of offering subsidies from state exchequer to the big corporates is being legitimised as pro-market and development enhancing strategies. Hardly any issues are being raised by the mainstream media on these sops while subsidies to farmers or to the middle class in terms of provisioning of electricity, water, education or health services has been termed as ‘freebies’ granted from tax payers money.

THE quarterly estimates released for the second quarter (July-September) by the National Accounts Division estimate a GDP growth of 6.3 per cent which was pegged at 13.5 per cent in the first quarter of 2022-23. It is understandable that the previous figure was relatively high because of the low base effect and growth rates show moderate trends as situations normalise. On the sectoral growth trends what seems positive is the recovery of growth in contact-intensive services particularly the hospitality industry which suffered a huge contraction during the pandemic.