Sharpening inequality now firmly embedded in nature of country's economic growth: Congress
Attacking the Centre citing a
World Bank report
, the Congress on Sunday claimed that sharpening inequality is now firmly embedded in the nature of the country's economic growth, and asserted there is a compelling need for tax reforms in GST, ending "brazen corporate favouritism" and providing
income support
for families. Congress general secretary in-charge communications Jairam Ramesh said the
World Bank
has released its Poverty and Equity Brief for India this month, and the report raises several concerns even as the Modi government spins it to its benefit.
#Pahalgam Terrorist Attack
India stares at a 'water bomb' threat as it freezes Indus Treaty
India readies short, mid & long-term Indus River plans
Shehbaz Sharif calls India's stand "worn-out narrative"
In its report, the World Bank has said, "Over the past decade, India has significantly reduced poverty. Extreme poverty (living on less than USD 2.15 per day) fell from 16.2 per cent in 2011-12 to 2.3 per cent in 2022-23, lifting 171 million people above this line."
In his statement on the report, Ramesh noted that as per calculations based on the international poverty line (USD 2.15/ day), poverty has continued its downward trend in recent years to reach extremely low levels.
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Google Brain Co-Founder Breaks His Silence: Read These 5 Books And Turn Your Life Around
Blinkist: Andrew Ng's Reading List
Undo
"This reflects the success of India's growth story - which began with liberalisation in June 1991 and which has since taken a momentum of its own - and that of several social welfare interventions developed by Dr Manmohan Singh's government during 2004-14," he said.
Ramesh claimed the most important intervention is the
MGNREGA
, 2005 which has effectively set a floor on the annual income for crores of families, acting as a safety net to keep families out of poverty and the National Food Security Act, 2013 that provides the foundation for the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKY).
Live Events
He, however, pointed out that the World Bank has also warned that more updated data --adoption of purchasing power parity conversion factor from 2021 as compared to that of 2017 -- would result in a higher rate of extreme poverty.
"Changes in the questionnaire design, survey implementation, and sampling in the Household Consumption Expenditure Survey 2022-23 present challenges from making comparisons over time', he said, citing the report.
"It is worth recalling that these changes were made after the Government rejected the previous iteration of the survey (conducted in 2017-18) after it showed falling consumption in rural areas," he said.
As a lower middle-income country, the appropriate rate to measure poverty in India is that of YSD 3.65/day, Ramesh said, adding that by this measure, the poverty rate for India in 2022 is significantly higher at 28.1%.
"Wage disparity in India remains high, with the median earnings of the top 10% being 13 times higher than the bottom 10% in 2023-24. Moreover sampling and data limitations suggest that consumption inequality [as measured by Government data] may be underestimated," he alleged.
Ramesh argued that the report, therefore, has several takeaways for Indian policymakers such as the significant variance between differing poverty lines shows that large sections of the population are only marginally above the international extreme poverty line.
"Social welfare systems such as MGNREGA and the National Food Security Act 2013 cannot be abandoned but must be strengthened to ensure that they protect these segments from negative shocks," he asserted.
Ramesh said the Congress' long-standing demand to increase MGNREGA wages, and to conduct the decadal Population Census (due in 2021) and include 10 crore additional persons in the ambit of the NFSA, finds new urgency based on these numbers.
"The lack of clarity and transparency over the prevalence of poverty in India is a result of this Government's confused and opaque policymaking. Since the Rangarajan Committee Report submitted in 2014, the Union Government has not set any updated poverty line for the country. The Government must do so immediately," he said.
Asserting that data quality, consistency, and integrity are of the highest priority, Ramesh said the government's recent track record on this front -- best exemplified by the suppression of the Consumption Expenditure Survey 2017-18 - is not inspiring.
"In fact, blatant data doctoring and manipulation is part of the Modi government's tool-kit when economic realities are contrary to its claims and boasts," he alleged.
Ramesh claimed that "sharpening inequality" is now firmly embedded in the nature of our economic growth and its trajectory fuelled by the Modi government's policies and the widening gap between the privileged few and the dispossessed many can no longer be denied.
"There is a compelling need for tax reforms in GST to mitigate its regressive impacts ending tax terrorism to stimulate private corporate investment, ending brazen corporate favouritism and providing income support for families and incentives for household savings," the Congress general secretary said.
The World Bank report said that rural extreme poverty dropped from 18.4 per cent to 2.8 per cent, and urban from 10.7 per cent to 1.1 per cent, narrowing the rural-urban gap from 7.7 to 1.7 percentage points, a 16 per cent annual decline.
The brief said that India also transitioned into the lower-middle-income category. Using the USD 3.65 per day LMIC poverty line, poverty fell from 61.8 per cent to 28.1 per cent, lifting 378 million people out of poverty.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
14 minutes ago
- Indian Express
AAP retains Ludhiana West against odds, a Rajya Sabha seat for Arvind Kejriwal may be next
In a significant boost for the embattled Aam Aadmi Party (AAP) in Punjab, the party's Sanjeev Arora won the bitter Ludhiana West bypoll Monday by a decent margin of over 10,637 votes. Arora, a prominent industrialist, who is a sitting Rajya Sabha MP of the AAP, defeated the Congress's Bharat Bhushan Ashu, a former minister and two-time MLA. It was the second consecutive defeat for Ashu from Ludhiana West, an urban constituency dominated by Hindu voters. The Akali Dal's slide continues, with the party finishing even behind the BJP to end up fourth. In the 2022 Assembly elections, the AAP's Gurpreet Bassi Gogi had won from Ludhiana West, defeating Ashu. The bypoll was necessitated due to Gogi's death. The speculation all through the campaign was that if Arora won, the Rajya Sabha seat vacated by him would be filled by AAP convenor Arvind Kejriwal. Even if that does not happen, the Ludhiana West victory will come as a breather for the party that lost power to the BJP in Delhi, with even Kejriwal losing his seat, and whose Punjab government has been beset with problems. The takeaways from Monday's result: The Ludhiana West bypoll, coming soon after the AAP defeat in Delhi for the first time since its formation, was seen as a test of if the party could bounce back. Leaving nothing to chance, the AAP was the first to declare Arora as its candidate – doing so in February itself, long before the elections were even announced – and deployed an array of star leaders to campaign. In a major action, a protest by farmers on the Shambhu and Khanauri borders of Punjab, blocking highways for months and inconveniencing movement, was removed overnight, as the business community and industrialists, including from Ludhiana, complained to the AAP government over their mounting losses. During the campaign, Kejriwal made tall promises for Ludhiana and told voters to pick 'the humble and hardworking' Arora, not 'the angry and arrogant' Ashu, and to go with the ruling party in the state. If Arora won, Kejriwal said, he would be made a minister and 'get several projects to Ludhiana'. A defeat in Ludhiana West would have emboldened the Opposition, which has been accusing the AAP Delhi leadership of holding the reins of the Punjab government, including in appointments to government postings, of indulging in 'VVIP culture', and of failure to tackle the drug menace and meet pre-poll promises such as its cash scheme for women. One barb the AAP would have found it difficult to dodge was how it had 'used' Arora, just to get Kejriwal to Parliament. A two-time MLA from Ludhiana West (2012, 2017), Ashu hoped to make a comeback in the bypoll after his defeat to the AAP's Gogi in 2022. A victory would have also been a nice payback for the AAP government imprisoning him for nearly a year in an alleged corruption case. However, again, the Congress's campaign remained fragmented. The faction led by party Punjab chief and Ludhiana Lok Sabha MP Amrinder Singh Raja Warring and, including Leader of the Opposition Partap Singh Bajwa, stayed away from Ashu's campaign. The faction led by former CM Charanjit Singh Channi, and senior MLA Rana Gurjeet Singh and Pargat Singh threw its weight behind him. The AAP repeatedly raised the fact that Ashu and Warring were not on talking terms with each other. The BJP could not repeat its performance from the 2024 Lok Sabha elections, when it had led other parties in the Ludhiana West Assembly segment. However, BJP candidate Jiwan Gupta, whose candidature was announced at the fag end of nomination filing, managed a decent share of 22% votes. That is a contrast to its former ally SAD, whose existential crisis continues. The party's Ludhiana West candidate, Advocate Parupkar Singh Ghumman, got just 9% of the votes, even though SAD president Sukhbir Singh Badal camped in Ludhiana for days and headed the party's campaign in the bypolls. The ruling AAP faced massive allegations of distributing cash, freebies, ration etc to the voters during the bypoll, and several complaints were filed against it by the Opposition parties. The party also faced allegations of brazenly using administrative power and machinery in its campaigning. After the results were declared, CM Mann said: 'This victory shows that the people of Punjab are extremely happy with the working of our government. We are working day and night for the progress and development of Punjab. We will fulfill every promise made during the bypoll.' Ashu said he took 'the entire responsibility for this defeat'. 'I believe that the entire Congress was always with me. I will wholeheartedly support Arora whenever he needs me for Ludhiana's development. I congratulate him for the win.'
Economic Times
17 minutes ago
- Economic Times
Higher crude oil prices a net positive for upstream cos, possibly for OMCs too: Kotak Equities
The recent rise in crude oil prices may prove beneficial not only for upstream oil companies but also for oil marketing companies (OMCs), according to a report by domestic brokerage firm Kotak Institutional Equities. ADVERTISEMENT In a recent note, the brokerage highlights that the latest rally in oil prices, with Brent crude being up 15% since early June, could aid upstream companies such as ONGC and Oil India by lifting their net realizations and earnings. "Brent has moved up to US$85/bbl from US$74/bbl earlier in the month," the brokerage said, adding that every US$1/bbl increase in Brent prices adds Rs 2.4–2.5/share to ONGC's EPS and Rs 3.5–4/share to Oil India's EPS, assuming no changes in government levies. According to Kotak, ONGC's base case assumes an oil price of US$80/bbl Interestingly, the brokerage also sees the potential for OMCs to benefit from higher oil prices under current market conditions. 'Oil marketing companies (BPCL, HPCL, IOCL) may benefit too, if the government maintains current pump prices,' Kotak stated. The report notes that despite the recent increase in Brent prices, auto fuel prices have remained unchanged in India, implying potential margin expansion for OMCs. ADVERTISEMENT "OMCs are seeing marketing margins rise to Rs 5.6/liter for diesel and Rs 7/liter for petrol," the report stated, assuming average Brent at US$85/bbl and a USD/INR exchange rate of Kotak points out that HPCL's marketing EBITDA was Rs 3.5/liter in FY24, suggesting that current margin levels may offer substantial upside if they persist. The firm acknowledges that while refining margins remain modest, the improving marketing profitability may offset those concerns. ADVERTISEMENT On refining, the brokerage notes that gross refining margins (GRMs) continue to be relatively weak, with Singapore complex GRM currently at US$3.5–4/bbl, and diesel cracks at US$13–14/bbl, which are below seasonal averages. Also read: HDB Financial Services GMP at 6.3% ahead of IPO. What should investors do? ADVERTISEMENT Nevertheless, the note emphasizes that product cracks are not as weak as GRMs suggest, and that the margins are still acknowledging the volatility in the crude market, Kotak Institutional Equities underlines that higher oil is unequivocally good for upstream companies and may not hurt OMCs in the near term either. ADVERTISEMENT The brokerage firm also stated that it continues to prefer ONGC and Oil India among upstream players and maintains a 'buy' rating on both stocks. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
19 minutes ago
- Time of India
Buying gold from Dubai? Here's an essential guide of Dos and Don'ts before you purchase
Dubai, also known as the 'City of Gold' isn't just a shopper's paradise but also a global gold hub famous for its quality, variety and tax-free prices. The city is home to a mix of traditional gold souks, offering incredible opportunities for buyers to make their gold purchase more overwhelming with numerous styles, sellers and pricing structures. Whether you're looking for an investment piece, a travel keepsake, or a showstopping gift, here's everything you need to know to make your Dubai gold shopping experience smooth, secure, and truly golden. The city is home to a mix of traditional gold souks and sleek modern showrooms, drawing tourists and investors alike. But while the options are abundant, understanding how to buy gold smartly and safely is essential, especially for those unfamiliar with the process as per a Gulf News report. Buying gold from Dubai is a golden opportunity if you shop smart. Therefore, here's the complete guide of 'DOs' and 'DON'Ts' before buying the glittering purchase from Dubai. Buy gold in Dubai : Essential 'Dos' before you buy Always check the daily gold rate Gold prices in Dubai are regulated and tied directly to the international market. The rate fluctuates daily and is quoted in dirhams per gram. Checking the day's rate gives you a baseline to compare prices across stores and avoid overpaying. Most reputable stores display the live rate on digital boards inside their premises. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo This transparency helps customers see the price breakdown — separating the actual gold cost from additional charges. Understand gold karats and what they mean The term karat refers to the purity of gold: 24K (99.9% pure): The highest purity, usually bought in bars and coins. It's too soft for most wearable jewellery. 22K (91.6% pure): Commonly used for jewellery. Offers a good balance between purity and durability. 21K and 18K: More alloyed, making them stronger and better for everyday use. The karat you choose should depend on your purpose investment (24K) or jewellery (18K–22K). Higher purity means a higher price, but also less strength in structure for wearable items. Buy from reputable, licensed sellers Dubai enforces stringent regulations on gold trading. Still, it's best to stick with licensed sellers in established locations: Deira Gold Souk: Traditional, bustling marketplace with hundreds of small gold vendors. Meena Bazaar: Popular with Indian expatriates and tourists, known for ornate bridal jewellery. High-end malls: Home to global jewellery brands offering premium designs with certified purity. Reputable sellers are monitored by the Dubai government for quality, pricing, and ethical practices. Buying from such stores drastically reduces the risk of counterfeit or under-purity products. Verify the hallmark on every piece Every authentic gold item in Dubai is stamped with a hallmark which is a tiny engraving that certifies the karat and origin. This is verified by the Dubai Central Laboratory, which ensures the gold meets the advertised purity standards. You'll usually find the hallmark discreetly etched on the inner band of rings or hidden areas of necklaces. Ask the seller to point it out and explain what it means. Understand making charges and how they affect pricing Gold jewellery isn't sold at just the metal value. The making charge is a separate cost added for the artistry and labor involved in designing the piece. These charges vary depending on: Intricacy of design Brand prestige Type of setting (e.g., gemstone-studded pieces) This fee can be anywhere from 5% to 25% of the gold price. However, in Dubai, many vendors are open to negotiation — especially in the souks. Insist on certificates and receipts Proper documentation is your best defense as a buyer. Always get: Certificate of authenticity: Confirms the karat, weight, and type of gold. Detailed invoice: Lists gold price per gram, total weight, making charges, and final amount paid. These documents will help if you plan to resell, face customs inquiries, or need repairs or exchanges. Explore your payment options Dubai gold retailers are generally flexible with payment. Most accept: Credit/Debit Cards Cash Bank transfers for high-value purchases Some vendors may offer small discounts for cash purchases, as it helps them avoid card processing fees. Also, some buyers prefer cash to avoid foreign transaction fees on cards. Buying Gold from Dubai: Common mistakes to avoid Don't fall for suspiciously low prices If a seller offers a deal far below the market rate, be cautious. It could mean the item is: Gold-plated (not solid gold) Of lower karat than claimed Fake entirely Always compare the store's rate with the published daily rate to avoid being scammed. Don't expect to bargain on gold price The price of gold itself is non-negotiable, as it's fixed based on international rates. What you can negotiate is the making charge. Vendors may reduce it for bulk purchases or simpler designs. Don't skip the important questions. A trustworthy seller will always be happy to answer questions like: Where was the gold sourced? What is your return/exchange policy? Can you explain your pricing structure? If a seller gets defensive or dismissive, take that as a red flag. Don't trust only verbal guarantees A seller may assure you that something is '100% real' or 'top-quality,' but unless it's backed by documentation and hallmarks, don't buy into it. Written proof is your only legal protection. Don't ignore customs regulations in your home country Taking gold home isn't as simple as it sounds. Most countries have strict import limits. For example: As per reports, India allows only 20 grams (approx.) duty-free for male passengers, and up to 40 grams for female passengers. Anything above the limit is taxable and must be declared. Failure to do so could result in heavy fines or confiscation. Always check your country's customs website for the latest rules. 6 Quick tips when buying gold from Dubai Use reliable websites or check local news for real-time updates on the gold rate before heading out. Always ask the seller to explain which karat is best for your intended use ; they'll usually be happy to guide you. No hallmark = no purchase. Always insist on seeing it before buying. If you're making a big purchase, inform your bank ahead of time so your card isn't declined abroad. If the seller refuses to issue paperwork, walk away . If you're on a budget, ask for lighter, simpler designs with lower making charges or even flat-rate options. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
