Beyond the Corporates
We were trailing around 4.7% growth rate, now going up to 7.9%. The higher figure of GR has come from new method of calculation of the growth rate. The GDP growth in 2010-11 was calculated based on factor cost which has now been changed to constant prices to take into account gross value addition in goods and services as well as indirect taxes. Besides, the base year has been shifted to 2011-12 from 2004-05 earlier.The growth rate statistics are for the economists to review.
Agriculture and allied activities contribute only 12% of the GDP employ 50% of the labour force. Manufacturing Sector contributes 15% of GDP but it's large industries generate few employments. The growth of service sector has changed the shape of our economy by contributing 57% of the GDP. IT boys and girls have made us rich (surplus) in foreign reserves. If we exclude the figures of the corporate incomes, the per capita annual income of the common man will further go down from the figure $1497 (PPP $5350) (2013). Statisticians can paint the picture of your liking, by playing with Statistics.
For common man, income matters that meets his two ends. Unless the wealth is distributed well amongst all Indians, the overall quality of life may not improve. With the NPA shadow, banks will go conservative in funding the flyers. That may have direct impact on the growth statistics, which may reduce the flow of FDI. Government has to increase its earning capacity with the growth model otherwise who will spend from where on HDI subjects?
With 12.3% BPL, we shall think for the new line QLL (Quality of Life Line)
There is a world beyond the Corporates.
Punamchand
22 June 2016
We were trailing around 4.7% growth rate, now going up to 7.9%. The higher figure of GR has come from new method of calculation of the growth rate. The GDP growth in 2010-11 was calculated based on factor cost which has now been changed to constant prices to take into account gross value addition in goods and services as well as indirect taxes. Besides, the base year has been shifted to 2011-12 from 2004-05 earlier.The growth rate statistics are for the economists to review.
Agriculture and allied activities contribute only 12% of the GDP employ 50% of the labour force. Manufacturing Sector contributes 15% of GDP but it's large industries generate few employments. The growth of service sector has changed the shape of our economy by contributing 57% of the GDP. IT boys and girls have made us rich (surplus) in foreign reserves. If we exclude the figures of the corporate incomes, the per capita annual income of the common man will further go down from the figure $1497 (PPP $5350) (2013). Statisticians can paint the picture of your liking, by playing with Statistics.
For common man, income matters that meets his two ends. Unless the wealth is distributed well amongst all Indians, the overall quality of life may not improve. With the NPA shadow, banks will go conservative in funding the flyers. That may have direct impact on the growth statistics, which may reduce the flow of FDI. Government has to increase its earning capacity with the growth model otherwise who will spend from where on HDI subjects?
With 12.3% BPL, we shall think for the new line QLL (Quality of Life Line)
There is a world beyond the Corporates.
Punamchand
22 June 2016
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