ECONOMIC NOTES

The Strangulation of the MGNREGS

THE MGNREGS was introduced by the UPA-I government despite opposition from the neo-liberal lobby within it, owing inter alia to the active intervention of the Left which was supporting that government from outside. It was restrictive from the beginning: it promised a maximum of only 100 days of employment in a year, and that too for just one member of a rural household. But within those restrictions it conferred an economic right: employment could not be refused and if it was not provided within a certain period then the person seeking employment had to be paid a compensation.

The Peasantry’s Victory over Imperialism

PARTICULAR battles often have a significance that goes beyond the immediate context, of which even the combatants may not be fully aware at the time. One such was the Battle of Plassey, which was not even a battle since one side’s general had already been bribed by the other not to lead his troops against it; and yet what happened in the woods of Plassey that day ushered in a whole new epoch in world history.The battle between the kisan movement and the Modi government falls into the same genre.

The Scourge of Demonetisation

IN the entire history of post-independence India, no single economic measure has been as devastating for the people and as utterly futile in achieving its stated objectives, as the demonetisation of currency notes, of Rs 500 and Rs 1000 denomination, decreed by the Modi government on November 8, 2016.

Misconceptions about Agriculture

 THERE are a number of misconceptions about Indian agriculture which, if not removed forthwith, can have potentially adverse effects on the ongoing kisan agitation against the three farm laws. The first of these is the belief that corporate encroachment on peasant agriculture is a matter concerning only the corporate encroachers and the peasants. This is wrong: corporate encroachment on peasant agriculture is a matter that affects the economy as a whole; it concerns everybody. This is not a rhetorical statement; it is literally true.

Foodstocks, Bio-Fuels and Hunger

THE Modi government’s attempt to “explain” away India’s slipping from being 94th on the world hunger index in 2020 to 101st in 2021, a rank well below that of neighbours Pakistan, Nepal or Bangladesh, by questioning the “methodology” of the index, is jejune enough; but even more shocking is its total inability to see the reason behind the acute hunger in the country.Precisely when India has been slipping on the hunger index, the country has had more foodgrain stocks than are required by it according to official “norms”; in fact on September 1, 2021, the FCI had 50.2 million tonnes of foodgr

Measuring Unemployment Trends in India

UNLIKE in the advanced capitalist countries, a reduction in employment opportunities in India takes the form not of a larger proportion of the work-force being shut out of employment, but of almost everyone having lesser number of days of work. This is a reflection of the fact that only a tiny segment of the work-force is employed on a full-time basis. Most are either self-employed, like peasants or shop-keepers, where many more or fewer family-members can share a given amount of work; or are causal workers who may get work on a given day but not on another.

Finance Capital and the World Economy

THE period of neo-liberalism witnesses an increase in the share of economic surplus in total output both in individual countries and also for the world as a whole. This is because the “opening” up of the economy to freer trade in goods and services leads to a rapid introduction of structural-cum-technological change, which, because of its labour-displacing character, keeps down the growth rate of employment, to even below the natural growth-rate of the work-force.

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