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Mint
3 days ago
- Business
- Mint
India's informal sector isn't off the map: It's being tracked better than ever
Recently, Indian GDP measurement came under considerable discussion in the media on account of an observation emanating from the Niti Aayog based on a projection made by the World Bank—that India has become the world's fourth largest economy. As part of this discussion, some commentators speculated that Indian GDP is underestimated because 'a very significant informal sector is not measured in the GDP." This allegation can be fairly easily dismissed. The 'informal sector' is a term that is loosely used by many economists. There are two different conceptual approaches to defining this term. First, by the International Labour Organization, which tends to focus on 'informal employment,' primarily referring to work that happens without written contracts, job security and often on daily wages. Second, by the UN's System of National Accounts (SNA), which refers to value added within the household sector, covering those establishments that do not maintain regular books of accounts. Also Read: GDP's dirty little secret: Why we should be tracking GVA instead Since 2011-12, the Indian System of National Accounts has used this globally accepted definition to measure the informal economy. If we look at the recent National Account Statistics 2025 released by the ministry of statistics and programme implementation, in chapter 7 we will find various aggregates pertaining to the household sector of the economy. This alone is enough to indicate that the informal economy is included in India's GDP measurement. A second type of criticism arises from the argument that the informal sector in GDP data is actuallyoverestimatedin the current series. This criticism has been around since the series was revised in 2015, with proponents arguing that demonetization and GST introduction had a severe impact on the informal sector and since this was not 'adequately' reflected in the data, the numbers may be faulty. Subsequently, the covid pandemic was also added to this list. This criticism requires more careful analysis, and understanding it requires a closer look at the composition of the household sector (shown in the pie-chart for 2023-24). Remember that national accounts calculate value added in each of these segments differently. Also Read: Mint Quick Edit | India's GDP: A key test lies ahead The contribution to gross value added (GVA) by agriculture and construction (which account for over 56% of the household sector), is computed through a 'commodity flow' method. The production data for these sectors is separately and independently verifiable, leaving little scope for under- or over-estimation. For the remaining segments, GVA computation in the base year 2011-12 was done using employment data from the National Sample Survey's (NSS) employment-unemployment numbers and establishment-level value added data from the 2010-11 NSS on unincorporated enterprises. The major innovation introduced in the revision was to use a measure of effective labour that assigned different weights for different types of employment (regular, casual, etc). In years after the base year, the GVA was moved using different indicators; in transport, the indicator was based on growth in commercial vehicles; in trade, it was drawn from sales tax collections (which probably shifted to GST post 2017); and in manufacturing, it was drawn from the Index of Industrial Production and Annual Survey of Industries. In other segments, it was based on the growth in the corresponding corporate segments. Also Read: Kaushik Basu: Redefine prosperity; GDP tunnel-vision could prove costly The possibility of mis-measurement then depends on the dissonance between the chosen indicator and the sector itself. In this context, it should be noted that the mere introduction of GST does not by itself lead enterprises to formalize, since enterprises under a certain size ( ₹20 lakh in services and ₹40 lakh in goods) are not required to register. Even those above this norm with a turnover up to ₹1.5 crore can pay a fixed tax rate under the GST composition scheme and are not required to maintain books of accounts. In effect, enterprises with turnover below ₹1.5 crore remain in the household (i.e., informal) segment. Also Read: It's time to lay the great Indian GDP controversy to rest Since 2017-18, the NSS has been conducting annual and quarterly surveys of employment, which from this year have become monthly. Since 2021-22, it has also been conducting an annual survey of unincorporated enterprises. As of now, three years of data from this survey are available. The survey is conducted on a design similar to the earlier quinquennial survey of unincorporated enterprises done in 2010-11 and 2015-16. Data from these surveys taken together suggests that the informal sector has been growing robustly, undermining simple arguments of over-estimation. In fact, the employment survey seems to indicate that employment in the informal sector is now better than at any time in the last 20 years. However, its compositional character has shown changes, with a very rapid growth in employment within household enterprises. Going forward, the concept of effective labour requires us to carefully assess its impact on value added. Also Read: TCA Anant: How India's statistical system could win the ongoing war of narratives The timeliness and regularity of informal sector data now available through the NSS is better than it has ever been. This creates an opportunity for the ongoing base revision to measure informal sector value added in a manner that offers more clarity. It should be possible for us to reduce our dependence on episodic base revisions and have a genuinely continuous series of national accounts. Base revisions could then be undertaken (as is done globally) only to account for changes in the global methodology as and when they occur. The author is a visiting professor at the Institute for Studies of Industrial Development and former chief statistician of India.
The Spinoff
6 days ago
- Business
- The Spinoff
Will a voluntary ‘nature credits' market really help biodiversity?
The idea is for businesses to fund conservation projects and benefit from the eco-friendly association. The government sees potential and wants to get involved, but how much difference can such a scheme actually make? Late last week, associate minister for the environment Andrew Hoggard announced the government was 'supporting the expansion of the voluntary credits nature market [sic]'. Details were scarce on what the government's role would be, but in a press release, Hoggard said, 'We want to connect those caring for the land with investors who support conservation. Nature credit markets help fund trusted environmental projects that actively protect and restore ecosystems.' The press release mentioned nine voluntary nature credits market pilots, conservation projects such as restoring exotic forestry or farmland to native bush. One of those is a partnership between Sanctuary Mountain Maungatautari, a Waikato wildlife reserve that has struggled with funding issues, and environmental financing business Ekos, which began in 2022. 'This represents a significant move away from reliance on traditional grant funding and towards private sector investment to support New Zealand's biodiversity future,' said Sanctuary Mountain Maungatautari CEO Helen Hughes in response to Hoggard's announcement. Hoggard suggested the voluntary nature credits market would act as an alternative to the SNA (Significant Natural Areas) framework of the National Policy Statement on Indigenous Biodiversity, following the government's 2024 suspension of the requirement for councils to map SNAs on private land, a move that was widely criticised. 'Farmers and other private landowners are doing their part to protect native biodiversity and want to do more. Supporting voluntary natural credits markets is a chance for the government to show them the carrot, not just the stick,' said Hoggard. 'We will test the role for government which may include setting principles, and a framework for standards, to build market confidence and ensure quality.' So what are 'nature credits' or 'biodiversity credits'? The concept is based on the existing 'carbon credits' market. Under that framework, businesses that wish to recognise the CO2 they emit into the atmosphere that is otherwise difficult to immediately address can voluntarily buy carbon credits as a contribution to climate action. The money from buying carbon credits goes towards environmental projects that remove or mitigate the release of CO2. Voluntary credits can be configured in different ways, and include nature and other co-benefits which are recognised in the price per tonne of CO2 of the credits. Biodiversity credits are similar, but instead of offsetting actions that have negative effects on the environment, they seek to provide an opportunity for businesses to finance positive environmental action. A large barrier to lasting conservation action is money. Planting trees, pest control and protecting wildlife comes at no small cost, and these efforts need to be financed somehow. Introducing: biodiversity credits. To generate a biodiversity credit, actions need to be undertaken that demonstrably improve biodiversity, and by investing in biodiversity credits and financing such activity, businesses can associate themselves with an eco-friendly image. But how much difference do biodiversity credits actually make? Many concerns with the concept of biodiversity credits stem from existing issues within the voluntary carbon credits markets. Far too often carbon credits have been sold to finance environmental efforts that have little real effect on the environment, meaning that businesses get all of the positive publicity for helping the environment, without properly addressing the negative climate impacts of their company. Some criticise carbon credits as a 'pay-to-win' system, allowing businesses to just throw money at the climate crisis and engage in greenwashing – pretending to be an eco-friendly company before actually doing anything positive for the planet. The biodiversity credits system presents a similar risk if not regulated properly. Businesses could generate credits without having a measurable impact on the environment, stagnating environmental action. In comments made via the Science Media Centre, Sebastian Gehricke, a senior lecturer in finance and director of the Climate and Energy Finance Group at the University of Otago, echoed this concern. 'The global voluntary carbon credit markets face significant scrutiny around the credibility and integrity of credits,' he said. '[As] we're still grappling with the complexities of carbon, something comparatively easier to quantify, then I am really concerned about applying similar models to nature and biodiversity, which are far more complex to quantify and very context dependent.' While Forest & Bird cautiously welcomed Hoggard's announcement, saying it was a 'useful step' that would 'help support people and organisations who wish to voluntarily invest in biodiversity', the potential for greenwashing was also a concern. 'We need to ensure that any external biodiversity incentive system has high integrity and is sustainable – that real, enduring outcomes for nature are achieved and it is not used to mask environmental damage,' said Richard Capie, Forest & Bird's group manager for conservation advocacy and policy. Gehricke was sceptical of the lack of detail in Hoggard's announcement of what the government actually plans to do. 'It appears the government is indicating potential future involvement in a market that private actors are already working to develop. This isn't so much a clear incentive as it is a signal of interest,' said Gehricke. 'Shifting focus toward a voluntary credit market, which is still in its early stages, risks diverting attention from the more immediate and proven impact of regulatory protections.' The broader policy context was important, he said, pointing to the SNA suspension referenced in the press release and other 'significant climate and environmental protection policies' the government had 'recently rolled back'. 'Making a statement of vague support for a 'nature credit market' does not compensate for the tangible loss of safeguards that were already in place, and which many experts already considered insufficient.' Similarly, Green Party agriculture spokesperson Steve Abel called the nature credits announcement 'a bandaid on a gaping wound'. 'While credit schemes and covenants are an important pathway to protecting vital biodiversity on farmland, these alone are not nearly enough to address the biodiversity crisis in Aotearoa,' he said. 'One tiny step in the right direction does not make up for the significant damage this government is doing to the environment in many ways.' He also expressed concern that 'market and corporate-driven biodiversity credits can be little more than a greenwashing tool – and there's proven to be very little demand without regulatory requirements for them'.
Irish Examiner
6 days ago
- Entertainment
- Irish Examiner
Artist creates paintings for all of his favourite Radiohead songs
After creating more than 100 artworks inspired by Radiohead songs, Lewis Crowley may well have cemented his status as the band's biggest fan in Ireland. The 21-year-old artist from Drimoleague, who now lives in Bantry, West Cork, has painted an artwork for almost every song by the band he has ever heard. Some 101 of the themed pieces will go display as part of an exhibition taking place in Ma Murphy's Bar, Bantry, on July 16. The event, titled 'Daydreaming — A Portrait of Radiohead', will explore themes of alienation, love and inner unrest. Lewis undertook the challenge to create a painting for each of his favourite Radiohead songs a year ago. Despite the band forming almost two decades before he was born, he has been a Radiohead fan for as long as he can remember. Comprised of Thom Yorke, Johnny Greenwood, Colin Greenwood, and Ed O'Brien, the group are best known for hits such as Creep and Fake Plastic Trees. A selection of Lewis Crowley artworks to match the 101 published songs of Radiohead with some of the band's cover art. Picture: Larry Cummins 'It all started when I was 19 years old and on the bus to college,' Lewis explains. 'I was attending College of Commerce and studying to become an SNA at the time. The song No Surprises was on my playlist. As soon as I listened to the music I could see the artwork for it. 'Before that I had been painting movie posters but as soon as I heard No Surprises I became obsessed with the song. I created a painting to go with it and kept going from there. 'Now I have 101 paintings inspired by Radiohead songs. They are just the studio songs as I decided not to cover any of the B sides.' An artwork might take Lewis between one and eight hours a day. 'A smaller painting normally takes me an hour or two, compared to a larger artwork which might take up to eight hours. 'Radiohead's music has always made me feel deeply restless, haunted, uplifted, and undone. This exhibition is a way of translating those feelings into paint, colour, and form.' Each piece is a kind of echo. I have my own style which can be seen from the paintings. 'The exhibition also features paintings of the album covers which will be positioned discreetly on the walls for fans to recognise.' Lewis says Radiohead's music formed an important part of his childhood. 'We always had the song Creep playing in the house. My parents are really happy I'm doing the exhibition. 'My dad didn't see the paintings up until recently as he's not on social media. He told me that some of the songs I painted are just as he imagined them. 'The artworks have the exact vibes he took from the songs.' The West Cork man currently works in a local restaurant by day. 'I don't think I'd consider art as a full-time career at the moment as I fear the potential for burnout. 'Each day I look forward to coming back from my day job to work on my paintings. I prefer to create art out of desire more so than obligation. 'If I had a long-term goal it would be to work in art therapy,' Lewis says. 'I went to college to train to work with children with special needs so this is something I'd really love to do.' Lewis Crowley's A3 acrylic paintings will go on display at Ma Murphys Bar in Bantry on Wednesday, July 16, from 12pm to 8pm, and prints will be available to purchase on the day or online
Sunday World
14-06-2025
- Sunday World
Drunk SNA smashed car into traffic lights in Dublin and knocked them over
Ines Perez (43), of Willowpark Avenue, Glasnevin, Dublin 9, pleaded guilty at Tallaght District Court to drink-driving on October 7, 2023. A special needs assistant who crashed when she was nearly three times over the legal alcohol limit, causing traffic lights in a south Dublin suburb to topple over, has been disqualified from driving for two years. Ines Perez (43), of Willowpark Avenue, Glasnevin, Dublin 9, pleaded guilty at Tallaght District Court to drink-driving on October 7, 2023. The court heard that Perez was driving a Volkswagen Polo along Scholarstown Road in Knocklyon shortly after 2am when she crashed into a light pole, causing nearby traffic lights to topple and block the road. The court heard that Garda Mark Faul, who was in the area, spoke to Perez, who had been driving the car. He noted signs of intoxication, after which Perez failed a roadside breath test and was arrested. Stock image: Getty Today's News in 90 Seconds - June 14 2025 A subsequent blood sample taken at a garda station showed a concentration of 144 milligrams of alcohol per 100 millilitres of blood - nearly three times the legal limit of 50mg. Garda Faul told the court that Perez had no previous convictions and was fully cooperative with the investigation. Her defence counsel, Ciara Ní Ghabhann BL, told the court that Perez is a mother of two children and had been going through an emotionally difficult breakup at the time. The court heard she rarely drank and was 'deeply embarrassed and anxious' to be before the court. The court heard Perez works as an SNA on a substitute basis and relies on her car to travel to different schools at short notice. Ms Ní Ghabhann asked the court to consider deferring the disqualification due to the possibility of a permanent role becoming available in September. Judge John O'Leary convicted Perez and imposed a €250 fine with six months to pay. He also disqualified her from driving for two years, with the ban deferred to begin on October 1, to allow her time to secure a permanent position. Funded by the Courts Reporting Scheme.
Irish Independent
14-06-2025
- Irish Independent
Special needs assistant toppled traffic lights when crashing while almost three times over legal limit, court hears
Ines Perez (43), of Willowpark Avenue, Glasnevin, Dublin 9, pleaded guilty at Tallaght District Court to drink-driving on October 7, 2023. The court heard that Perez was driving a Volkswagen Polo along Scholarstown Road in Knocklyon shortly after 2am when she crashed into a light pole, causing nearby traffic lights to topple and block the road. The court heard that Garda Mark Faul, who was in the area, spoke to Perez, who had been driving the car. He noted signs of intoxication, after which Perez failed a roadside breath test and was arrested. A subsequent blood sample taken at a garda station showed a concentration of 144 milligrams of alcohol per 100 millilitres of blood - nearly three times the legal limit of 50mg. Garda Faul told the court that Perez had no previous convictions and was fully cooperative with the investigation. Her defence counsel, Ciara Ní Ghabhann BL, told the court that Perez is a mother of two children and had been going through an emotionally difficult breakup at the time. The court heard she rarely drank and was 'deeply embarrassed and anxious' to be before the court. The court heard Perez works as an SNA on a substitute basis and relies on her car to travel to different schools at short notice. Ms Ní Ghabhann asked the court to consider deferring the disqualification due to the possibility of a permanent role becoming available in September. Judge John O'Leary convicted Perez and imposed a €250 fine with six months to pay. He also disqualified her from driving for two years, with the ban deferred to begin on October 1, to allow her time to secure a permanent position.
