{"id":4968,"date":"2019-11-21T18:19:47","date_gmt":"2019-11-21T12:49:47","guid":{"rendered":"https:\/\/triumphias.com\/blog\/?p=4968"},"modified":"2019-11-21T18:19:47","modified_gmt":"2019-11-21T12:49:47","slug":"economic-growth-development-and-responsibility","status":"publish","type":"post","link":"https:\/\/triumphias.com\/blog\/economic-growth-development-and-responsibility\/","title":{"rendered":"Economic growth, development and responsibility"},"content":{"rendered":"<p><strong>Relevance: Mains: G.S paper III: Indian Economy<\/strong><\/p>\n<p><strong>Why in news?<\/strong><\/p>\n<ul>\n<li>Abhijeet Banerjee, Esther Duflo and Michael Kremer\u2019s Nobel Prize for \u2018randomised control trials\u2019 or RCTs brought back fond memories of our Masters in Gokhale Institute of Politics and Economics.<\/li>\n<li>After the announcement of the Nobel Prize 2019, there was a lot of replugging of articles written by people who disagreed with the RCT and the results it produced.<\/li>\n<li>As the saying goes, if you put two economists in a room, you will get two opinions, unless one of them is Lord Keynes, in which case you would get three opinions.<\/li>\n<\/ul>\n<p><strong>Example:<\/strong><\/p>\n<ul>\n<li>Privatisation of hospitals could require a broader analysis in the context of the implementation of Ayushman Bharat, but providing vegetarian or non-vegetarian food to students is more likely to be area-specific \u2013 small and manageable problems, as they are called.<\/li>\n<\/ul>\n<p><strong>Idea of Nyay programme:<\/strong><\/p>\n<ul>\n<li>In that context, Banerjee\u2019s role in ideating the Nyay programme \u2013 giving 72,000 a year to the poorest (Rs 6,000 a month) \u2013 was a prominent election plank for the Congress.<\/li>\n<li>All and sundry criticised that it will mean higher taxes for corporates and high networth individuals.<\/li>\n<li>Well, the latter has already happened, and the corporate sector got relief only after the economic growth rate started faltering.<\/li>\n<\/ul>\n<p><strong>Case study:<\/strong><\/p>\n<ul>\n<li>Telangana Chief Minister K Chandrashekhar Rao\u2019s Rythu Bandhu scheme, which provides Rs 5,000 per acre per season has been a huge success.<\/li>\n<li>It has boosted consumption, and the state is one of the top ones in goods and services tax collections and needs minor or no compensation from the centre.<\/li>\n<li>So, money at the hands of the people is working. And KCR is a winner, politically.<\/li>\n<\/ul>\n<p><strong>Way forward:<\/strong><\/p>\n<ul>\n<li>If Congress really wants to show to people that it was serious about Banerjee\u2019s proposal on Nyay, it should implement it in the five states \u2013 Punjab, Rajasthan, Madhya Pradesh, Chhatisgarh and Puducherry \u2013 in which it is in power.<\/li>\n<li>The resource is a question. But state government can raise money through bonds, and if consumption is revived, tax collections follow. It can also be targeted and done in phases.<\/li>\n<li>This would strengthen the view that like democracy, economics can be of the people, for the people and by the people.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Relevance: Mains: G.S paper III: Indian Economy Why in news? Abhijeet Banerjee, Esther Duflo and Michael Kremer\u2019s Nobel Prize for<\/p>\n","protected":false},"author":1,"featured_media":3299,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[123,42,43],"tags":[392],"class_list":["post-4968","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs","category-general-studies-iii-technology-economic-development-bio-diversity-environment-security-and-disaster-management","category-indian-economy","tag-union-public-service-commission-upsc"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/posts\/4968","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/comments?post=4968"}],"version-history":[{"count":1,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/posts\/4968\/revisions"}],"predecessor-version":[{"id":4969,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/posts\/4968\/revisions\/4969"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/media\/3299"}],"wp:attachment":[{"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/media?parent=4968"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/categories?post=4968"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/tags?post=4968"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}