The dire impact of Demonetisation, GST & COVID on manufacturing job
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- Опубліковано 9 лип 2024
- #ThePrintExplainer
54 lakh informal jobs lost, stagnant worker productivity, and barely any formal jobs created - Demonetisation, GST & COVID have hit India’s manufacturing hard, official data shows. Watch Deputy Editor TCA Sharad Raghavan explain in ThePrint Explainer.
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Time is running out. The demographic dividend may lead to future unrest and chaos. India needs true reformers at the centre and the state governments.
Making up stories typical layftist tactic... Reality Manufacturing PMI (Purchasing Managers Index) index is currently 57... Purchasing managers index is data given managers in the industry and not issued by government. Indian is attracting massive investment in manufacturing... India's domestic demand for everything from two wheelers and smart phones to gold is at an all time high, showing people have money to pay for products. How are people paying for stuff if they don't have jobs? In 2014 only 140mil Indians had smartphones today that number is 1 billion... but according to this story Indian manufacturing isn't doing well...
We have Modi and his guarantees successfully serving in past 10 years and going to continue for 5 more years. Jai Shreeram.
@@kumar.193 Modi's guarantee far better than Khangress freebies. Khangress sank Karnataka economy in just months to give freebies to their vote bank. For example 3Lakh subsidy for "minorities" to buy cars. Is that not Communalism? Karnataka gov has no money for development works anymore.
Here are some of Modi government achievements...
1. IMF report 2022 says Absolute poverty in India has fallen below 1% and is currently at .66% which they have credited to Services provided under PM Gareeb Kalyan Yojna and other Central government schemes for poor people...
2. Same IMF report also states Inequality in India is the lowest it has been since 1992
3. In terms of inflation India is one of the countries that is least affected..
4. In 2019 Only 17% of India's rural households had water connection in just 4 years that number has increased to 70% under Jal Jeevan mission.
5. Under Ayushman Bharat Abhiyan economically backward people have 5,00,000 free medical insurance
6. The length of Highways in India has increased from 90,000Kms to over 150,000Kms in just 8 years.
7. The number of airports in India has increased from 70 in 2014 to 140 in 2022
8. The number of medical college seats have increased 51,000 in 2014 to over 1,09,000 in just 10 years. Postgrad 31,000 to 68,000
9. 15 new AIIMs in India have been constructed in India. As compared to 2 built by Khangress in 60 years.
10. India has become 8 largest exporter in the world. Our exports have crossed 400 billon in merchandise and 200 billion in Services.
11. India has become one of the top 10 agricultural exporters in the world.
12. India has become second largest mobile manufactuerer in India world. In 2014 we manufactured none.
13. India has become 23rd biggest defense exporters, we weren't even in the defense exporters list before.
14. Indian railways electrification is almost 100% complete. In 2014 electrification was only 30%. Indian railways during the last 10 years Railways has added 31,000Kms of track. Now adding track at 15Kms per day while in 2014 this rate was only 4Kms per day.
15. Electricity has reached every Indian village.
16. 100s of millions of Public toilets and home toilets were built under Swacch Bharat Abhiyan
17. Modi government has given boradband connection to over 50% of Indian villages and all 100% will get them by 2024.
18. As for salary, India's GNP per capita has increased from 72,000 Rs in 2013-14 to 98,000 Rs in FY2022-23 which is an over 30% increase in just 9 years. Additionally consumption levels in Indian economy are at record high as can be seen from record levels of GST collection. Another indicator for rising income, India has gone from having just 104 million smartphone users to 931 million smartphone users.
19. Boom booms that used to happen almost every month in India have been stopped vastly improving security Situation in India.
20. India's first semiconductor fab factories and memory chip factories with the capacity to build over 300 crore chips a year being built in Bharat thanks to BJP Central and state government semiconductor policy which is giving 75% funding as subsidy.
I could keep going with Modi government’s achievement but in short they are awesome. Modi government has done more work than 60 years of Khangress governments put together...
India's economic path is being misled with an outdated objective. Dr. Raghuram rajan has given an analytical macro of India's manufacturing drive on the lines of china's success.
When china started the drive to upscale its manufacturing activity in competition with the West, it had a district advantage - cheap labor. China was then the sole competitor and was consequently immensely benefitted.
Today, there are umpteen numbers of nations competing with china on that score - Vietnam, Thailand, Bangladesh, Indonesia, India, etc.. India can not compete in manufacturing with these nations on a number of other counts, too.
As such, Dr.Rajan has suggested to improve on service sector reach and go in for manufacturing premium products. He has given the reasons too.
Rajan has given the statistics that the western companies opting out of China are mostly going to other countries than India. The reason cited by him is that business environment and policies are comparatively better and easier than here.
👌 nice topic. All governments should look at job creation as primary challenge.
No you need to create the middle class. That is your aim. Jobs are great but if your being paid much you in trouble.
lol if you decide to start a factory then protest and stop it then say no jobs 😂
government responsibility is to provide resources that make gradutes highly skilled and allow them to become enterprenuer not job creation
Nirmala S is one big muppet !!
all these were done by Arun Jaitley
Nobody is talking about problems in setting up a mfg unit. Humongous corruption, endless regulations & compliance, lack of skilled labour. Everybody body wants govt job. Even lowest skilled task, labour demands minimum of 25k per month. How many enterprises can afford?
Does this mean that we will see the data relating to employment also getting blocked soon?
The impact is never only.econpmic.
Modi --RSS has done irreparable damage on all levels.
Severing Economics from values and politics is one more instance of UNmorality of Print.
You need to be far more holistic. And also, prophetic.
It is my POV
First reduce GST on manufacturing products especially steel and iron .... Then only they will increase production and jobs will be produced
Are you tired of masterstrokes ??
The best comment here.
Demand in market reduced by 40% after 2022 if no demand in market why manufacturers have to increase production 90% of steel manufacturers are facing huge lossess day by day by 2025 many factories more goes to shutdown coming few years very hectic govt should pump more money to middle class and lower middle class citizens thats the only way
Very nice analysis. Can you please someday compare the methodology with which these surveys are carried out. Both KLEMS & HCES surveys are done by NSO, I guess & there are controversies surrounding them. Plus private firms like CMIE & Nelson conduct their own surveys of employment & consumption respectively.
So now tarnish their reputation if they dont give your supreme leader favourable reviews 😂
We are anti high speed tolled roads and railways. We are opposed to large scale coal mining for electricity or atomic plants for electricity or building big dams for electricity. We are opposed to easy labor laws. We are against ease of land acquisition.
Jobs are created by entrepreneurs. Goverment runs of taxes paid by entrepreneurs directly (Corp tax) or indirectly (GST, Salaries). The government's job is to make labor laws easy, create a high-speed low-cost transport network, 24x7 guaranteed electricity, and ease of land acquisition.
Manufacturing sector provides steady employment, unlike service sector, in which the jobs can evaporate due to technological changes.
I could not agree more
In short: Nirmala Sitharaman and Arun Jaitley have failed India.
Yes partially.
Macroeconomics Nirmala Sitaraman did great
Microeconomics Nirmala Sitaraman did worst
@@ChandranPrema123 People dont have jobs or money. Hence, Nirmala failed overall. I dont care about RBI reserves or fiscal deficit.
@@ChandranPrema123what's difference between macro and micro economics?
@@sharankrishna1583Marco economics deals with national or state level economics like GDP per capita growth ,tax revenues, budget deficit,Forex reserves,etc when these are ignored a nation can end up like Sri Lanka
microeconomics is person level economics like income, tax , subsidies, housing, inflation,etc
Yeah Modi successfully ran the county. The failures are because of his cabinet, party, opposition and the people.
Dont know what unemployment this is. Any industry person I know struggles to find labour. The freebees have screwed the industry.
Demonetisation was a questionable law, but clubbing GST in the same league is a hallmark of incompetent journalism.
GST was a much needed reform.
Suppose you are an honest entrepreneur with loads of cash. How did demonetization impact you negatively? I had cash in hand, and I had zero negative impact due to demonetization. Such large-scale sympathy for tax dishonesty is very puzzling.
Demonitise 500 rupees
What are the percentage of the loss because the responsible are interested in importing it from China? No entrepreneur wishes to take up manufacturing because it requires hard work and innovative approach. Look at all big houses going in housing, finance, retail business…
@@irsharma is it only the responsibility of entrepreneurs. Try running a factory, you cannot even fire a worker without dispute. Many ppl find it easier to not from china and sell under their own brand and close their factories
@@niteshjain7728 I have also run for 40 years. U need not fire anyone, if u have selected and treated him well. Many managers do not know how to handle their subordinates….
Why are you blaming big houses, why not yourself? Have you tried starting a manufacturing unit?
@@nv9991 I already have and facing systemic problems but have u?
Stop blaming people for their skills provide more and more jobs year on year, why are companies reducing Jobs or making job cuts.
Biased report
The working population of our size cannot be guaranteed with a job , it should be diverted to jobs abroad where population is aging in developed countries
But… it is considered ‘Unpatriotic’
At least government shouldn't stop people from opening factories. How do you justify this government?
@@himanshusingh5214 If corruption is holding our progress any government should be criticised, it is clear from previous video that private investment is low and new jobs are hard to come
@@amodpataskar5673 I am saying that government opposing factories is also a problem for employment generation.
Other factors were always valid.
They should bring down the bribes to make our products cheaper. This can be done by reducing Babus and police in the process. If you give less bribe, you can sell your products cheaper.
government responsibility is to provide resources that make gradutes highly skilled and allow them to become enterprenuer not job creation
i can understand gst had an impact ,but demonitization they may have kept black money
This is all because INDI alliance party ruled states opposing to bring petrol prices under GST. With this transport charges are increasing and crippling the manufacturing industry.
In China, each state gets a higher percentage of revenues than the centre.
A relative of mine, a businessman once featured in business today wanted to open a factory. He infact, went 6 months to Gujarat but all of the people/officials/politicians wanted some percentage rather than promising anything.
He later went to China & Dubai. In both places, he was shown sites & everything was ready, all legal work done in English as well as their own language. He finally chose Dubai. He was able to formally launch his operations on 3rd day as he got all permissions & permits needed on 2nd day itself.
That's the difference.
@@shirishag75able Also expenditure is nearly 50% at the local level in China, in India about 3% of the budget is spent at the local level. Which state is more centralized?
@@shirishag75able wow