💥Join UPSC 2027,2028 Mentorship (August Batch) + XFactor Notes & Microthemes PDF
Talk to Mentor

Civilsdaily

Login

Subject: Economics

  • Arvind Panagariya appointed as Sixteenth Finance Commission chief

    Central Idea

    • The Centre has appointed Arvind Panagariya, a renowned trade economist and former Niti Aayog vice chairman, as the chairman of the Sixteenth Finance Commission.

    Who is Arvind Panagariya?

    • Panagariya is a professor at Columbia University.
    • He served as the first vice chairman of the Niti Aayog from 2015 to 2017, succeeding the Planning Commission.

    About Finance Commission

    • Establishment: The Finance Commission (FC) of India was established by the President in 1951 under Article 280 of the Indian Constitution.
    • Purpose: Its primary role is to define and regulate the financial relations between the central government and the individual state governments.
    • Legislative Framework: The Finance Commission (Miscellaneous Provisions) Act, 1951, further outlines the qualifications, appointment, disqualification, term, eligibility, and powers of the Finance Commission.
    • Composition: Appointed every five years, the FC comprises a chairman and four other members.
    • Evolution: Since the First FC, changes in India’s macroeconomic landscape have significantly influenced the Commission’s recommendations.

    Constitutional Provisions

    • Article 268: Facilitates the levy of duties by the Centre, with collection and retention by the States.
    • Article 280: Outlines the FC’s composition, qualifications for members, and its terms of reference. It mandates the FC to recommend the distribution of net tax proceeds between the Union and States and the allocation among States. It also addresses the financial relations between the Union and States and the devolution of unplanned revenue resources.

    Key Functions of the Finance Commission

    • Tax Devolution: Recommends how net tax proceeds should be distributed between the Center and States.
    • Grants-in-Aid: Determines the principles governing these grants to States.
    • Augmenting State Funds: Advises on measures to enhance the States’ Consolidated Funds to support local bodies and panchayats, based on State Finance Commissions’ recommendations.
    • Other Financial Functions: Addresses any other financial matters referred by the President.

    Members of the Finance Commission

    • Structure and Standards: The Finance Commission (Miscellaneous Provisions) Act, 1951, provides a structured format and global standards for the FC.
    • Qualifications and Powers: Specifies rules for members’ qualifications, disqualification, appointment, term, eligibility, and powers.
    • Composition: The Chairman is chosen for their experience in public affairs. The other members are selected based on their judicial experience, knowledge of government finances, administrative and financial expertise, or special economic knowledge.

    Challenges for the 16th Finance Commission

    • Overlap with GST Council: The coexistence with the GST Council, a permanent constitutional body, presents a new challenge.
    • Conflict of Interest: Decisions by the GST Council on tax rates could impact the FC’s revenue-sharing calculations.
    • Feasibility of Recommendations: While the Centre often adopts the FC’s suggestions on tax devolution and fiscal targets, other recommendations may be overlooked.

    Major Outstanding Recommendations

    • Fiscal Council Creation: The 15th FC proposed a Fiscal Council for collective macro-fiscal management, but the government has shown reluctance.
    • Non-Lapsable Fund for Internal Security: Though the Centre agreed ‘in principle’ to establish this fund, its implementation details are pending.

  • Analyzing the Slowdown in India’s Core Sector

    Central Idea

    • India’s eight core sectors experienced a significant slowdown, growing by 7.8% in November, down from 12% in October.

    About Core Industries in India

    • The main or key industries constitute the core sectors of an economy.
    • In India, eight sectors are considered the core sectors.
    • These sectors are in decreasing order of their weightage: Refinery Products> Electricity> Steel> Coal> Crude Oil> Natural Gas> Cement> Fertilizers.

    About Index of Eight Core Industries

    • The monthly Index of Eight Core Industries (ICI) is a production volume index.
    • ICI measures the collective and individual performance of production in selected eight core industries viz. Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement and Electricity.
    • Before the 2004-05 series six core industries namely Coal, Cement, Finished Steel, Electricity, Crude petroleum and Refinery products constituted the index basket.
    • Two more industries i.e. Fertilizer and Natural Gas were added to the index basket in the 2004-05 series. The ICI series with base 2011-12 will continue to have eight core industries.

    The components covered in these eight industries for compilation of the index are as follows:

    1. Coal – Coal Production excluding Coking coal.
    2. Crude Oil – Total Crude Oil Production.
    3. Natural Gas – Total Natural Gas Production.
    4. Refinery Products – Total Refinery Production (in terms of Crude Throughput).
    5. Fertilizer – Urea, Ammonium Sulphate (A/S), Calcium Ammonium Nitrate (CAN), Ammonium chloride (A/C), Diammonium Phosphate (DAP), Complex Grade Fertilizer and Single superphosphate (SSP).
    6. Steel – Production of Alloy and Non-Alloy Steel only.
    7. Cement – Production of Large Plants and Mini Plants.
    8. Electricity – Actual Electricity Generation of Thermal, Nuclear, Hydro, imports from Bhutan.

    Recent data: Sector-Wise Growth Details

    • Decline in ICI: The ICI witnessed a 3.34% drop from October, marking its lowest since March 2023.
    • Sector-Specific Trends: Notably, only refinery products and coal showed month-on-month growth, with significant year-on-year increases.
    • Steel Production: Growth in steel production hit a 13-month low at 9.1%.
    • Crude Oil and Fertilizer: Crude oil saw a contraction, while fertilizer production growth decelerated.
    • Natural Gas and Electricity: Both natural gas output and electricity generation growth slowed down considerably in November.

    Comparative Analysis with Previous Year

    • Year-on-Year Comparison: The core sectors had a 5.7% growth in November 2022.
    • Influence of Base Effects: Last year’s high growth in certain sectors like cement significantly influenced this year’s comparative figures.

    Economic Insights and Projections

    • Bank of Baroda’s Perspective: The slowdown in fertilizer growth aligns with the end of the rabi sowing season, as per the bank’s chief economist.
    • IIP Forecast: The core sectors are expected to contribute to an IIP growth of 7%-8%.
    • Economists’ View: Experts predict a continued slowdown in core sector growth due to strong base effects from the previous fiscal year.

    Future Expectations and Challenges

    • India Ratings and Research Predictions: A slowdown in core sector growth is anticipated in the coming months, influenced by the strong base effect.
    • Broader Economic Impact: This slowdown is indicative of larger economic challenges, potentially affecting future policy and market expectations.

    Conclusion

    • Economic Resilience Test: The trends in India’s core sectors underscore the challenges in sustaining growth amid diverse economic conditions.
    • Need for Strategic Economic Planning: Addressing these slowdowns will require astute economic planning and possibly new strategies to boost growth in these key sectors.

  • India’s stationary course in the shipping value chain

    Jal Marg Vikas Project (JMVP) - Objectives & Components | UPSC

    Central idea 

    The article explores the contrasting trajectories of China and India in the maritime industry, emphasizing China’s dominance in shipbuilding and India’s focus on seafaring labor and ship management. It underscores the missed opportunities for India in shipbuilding, leading to a decline in its global maritime standing. The absence of a strategic focus on shipbuilding and the decline of state-owned enterprises pose challenges for India’s maritime growth.

    Key Highlights:

    • The Yangtze River, deeply embedded in China’s history, serves as a blend of tradition, culture, and modern commerce, symbolized by the Three Gorges project.
    • China’s maritime success, highlighted by its dominance in shipbuilding, stands in contrast to India’s focus on seafaring labor and ship management.
    • India, once ahead in maritime endeavors, faces challenges as its shipbuilding capabilities lag, impacting the overall growth of the shipping industry.

    Key Challenges:

    • India’s maritime industry confronts limitations in shipbuilding, ownership, and financing, contributing to a decline in its global standing.
    • The absence of a strategic focus on shipbuilding, coupled with the decline of the state-owned Shipping Corporation of India, has hindered India’s maritime progress.

    Key Terms:

    • Three Gorges project: A monumental hydropower initiative on the Yangtze River, symbolizing China’s modern engineering achievements.
    • Seafarer: An individual engaged in maritime activities, such as navigation, on vessels like ships and boats.

    Ministry of Ports, Shipping and Waterways on X: "Infrastructure development under Jal Marg vikas project will provide enhanced connectivity and provide access to global markets to Indian farmers, MSMEs and businessmen, giving

    Key Quotes:

    • “China, by 2020, was making half of all ships in the world,” a stark contrast to India’s negligible share in shipbuilding.
    • “Indian seafarers and their management companies contribute an estimated $6 billion in foreign exchange annually.“
    • “India’s Maritime India Vision 2030 lacks a clear plan for shipbuilding and owning,” hindering its growth in the maritime industry.

    Key Statements:

    • The article underscores the transformative significance of the Three Gorges project, symbolizing China’s advancement in modern engineering.
    • India’s historical lead in maritime activities has been overshadowed by its limited involvement in shipbuilding and related sectors.

    Key Examples and References:

    • The Three Gorges project exemplifies China’s commitment to modern infrastructure and technological prowess.
    • The decline of the state-owned Shipping Corporation of India serves as a reference point for India’s challenges in sustaining its maritime industry.

    Key Facts and Data:

    • China, contributing to 50% of global ship production by 2020, reflects its dominance in the shipbuilding sector.
    • Indian seafarers and their management companies collectively contribute an estimated $6 billion in foreign exchange annually.

    Critical Analysis:

    • The critical analysis emphasizes the missed opportunities for India in the shipbuilding sector and the resultant impact on its overall maritime growth.
    • The decline of the state-owned Shipping Corporation of India is presented as a significant factor influencing India’s maritime capabilities.

    Way Forward:

    • The article suggests that India should strategically prioritize shipbuilding to enhance its global maritime presence, emphasizing economic and strategic benefits.
    • An integrated approach to shipbuilding would not only contribute to economic growth but also strengthen India’s naval capabilities, enhancing its geopolitical standing.

  • Rise in Participatory Notes Investment

    Central Idea

    • Indian capital markets witnessed a significant increase in investments through participatory notes (P-notes), reaching ₹1.31 lakh crore by the end of November.

    What are Participatory Notes?

    Details
    Nature of Instrument Offshore derivative instruments with Indian shares as underlying assets.
    Issuers Issued by registered Foreign Institutional Investors (FIIs) to overseas investors.
    Purpose To allow foreign investors to invest in Indian stock markets without direct registration.
    Anonymity Provide anonymity for foreign investors; beneficiary details are not disclosed to Indian regulators.
    Regulatory Oversight Governed by the Securities and Exchange Board of India (SEBI).
    Compliance FIIs issuing P-Notes are required to adhere to KYC norms and other regulatory standards.
    Controversies Associated with risks of money laundering and contributing to market volatility.
    Regulatory Reforms SEBI has tightened norms over time, including enhanced KYC and disclosure requirements.
    Economic Impact Significant source of foreign portfolio investment; influences market sentiment and foreign investor behavior.
    Impact of Regulatory Changes Changes in regulations have affected the flow of investments through P-Notes.

    Correlation with FPI Flows

    • P-Notes and FPI Trends: The investment through P-notes typically mirrors the trends in foreign portfolio investor (FPI) flows.
    • Global Risk Influence: In times of global risk, investment through P-notes tends to increase, and the opposite occurs when the risk subsides.

    Factors Influencing the Recent Increase

    • U.S. Treasury Bond Yields: The decline in U.S. treasury bond yields is believed to have redirected FPIs’ attention to the Indian market for potentially higher returns.
    • IPO Attraction: The listing of Initial Public Offerings (IPOs) in India has also been a factor in attracting foreign investors back to the market.

  • There is no substitute for an industrial policy

    Make In India Registration

    Central idea 

    Make in India (MII) represents a departure from India’s historical self-sufficiency approach, prioritizing global competitiveness. The article critiques potential protectionist tendencies within MII, emphasizing the need for job creation and competitiveness. The efficacy of MII in delivering on promises, particularly in labor-intensive sectors, is a key focus for evaluating its impact.

    Key Highlights:

    • Make in India (MII) diverges significantly from India’s historical self-sufficiency approach, focusing on global competitiveness rather than isolation.
    • The article critiques potential protectionist tendencies within MII, drawing attention to historical pitfalls of reckless protection in the 1970s and 1980s.
    • The piece discusses the critical need for MII to deliver on promises, particularly in creating a competitive manufacturing sector, and emphasizes the importance of job creation for India’s abundant labor force.

    Key Challenges:

    • Concerns are raised about the implementation of MII, especially in sectors where tariff duties are increased for protection, potentially leading to negative consequences.
    • The article questions the efficacy of MII in comparison to its objectives, urging a closer examination of its impact on job creation and competitiveness.

    Key Terms:

    • Make in India (MII): A policy initiative launched in 2014 to transform India into a global manufacturing and design hub.
    • License Raj: A regulatory system in India during the pre-1991 era that required businesses to obtain licenses for various activities, leading to bureaucracy and inefficiency.
    • Production-Linked Incentive (PLI): A scheme aimed at attracting investments in key sectors and cutting-edge technology to enhance efficiency in the manufacturing sector.

    Key Phrases:

    • “MII is very different from self-sufficiency, and we should move on from this baseless comparison.”
    • “Every country that has ‘taken off’ before us has been export competitive.”
    • “Devising an industrial policy for mass job creation in India is the touchstone against which success ought to be gauged.”

    Key Quotes:

    • “Job creation for our abundant factor, especially women, is key, and that is only possible with labor-intensive manufacturing.”
    • “In the absence of high frequency data on PLI, either on value added or jobs generated, a moral compass to shape a better world ought to be employed in abundant measure.”

    Critical Analysis:

    • The article critically examines the potential protectionist aspects of MII, drawing parallels with historical challenges.
    • It highlights the importance of job creation, especially in labor-intensive sectors, as a crucial metric for evaluating the success of MII.
    • The absence of high-frequency data on PLI is emphasized, calling for a balance between data interpretation and moral considerations in policymaking.

    Way Forward:

    • The article suggests that industrial policies, including the National Industrial Policy (NIP), should prioritize labor-intensive sectors to promote mass job creation.
    • It emphasizes the need for MII to continue focusing on excelling in labor-intensive manufacturing for the overall betterment of India’s economic landscape.

  • Youth Unemployment in India: A Persistent Challenge

    Central Idea

    • In 1932, M Visvesvaraya highlighted the issue of unemployment among educated individuals in India.
    • Ninety years later, the issue of youth unemployment remains a significant concern, despite official data indicating a decrease in the overall unemployment rate.

    Unemployment Trends: Data Analysis

    • Official Statistics: According to the Periodic Labour Force Survey (PLFS), the unemployment rate decreased from 6.1% in 2017-18 to 3.2% in 2022-23.
    • Disparities in Experience: Despite the overall reduction, young, highly educated workers face the highest unemployment rates, indicating a structural problem in the Indian economy.

    Educational Attainment and Unemployment

    • Higher Education and Unemployment: Individuals with higher education have consistently faced higher unemployment rates since the 1990s.
    • Trends Over Time: Unemployment rates for graduates have fluctuated, reaching 17% in 2017-18 and then dropping to 13% in 2022-23.

    Youth Unemployment

    • Young Graduates: The unemployment rate for young workers (aged 18 to 29) with graduate degrees has been notably high, with significant long-term unemployment spells.
    • Increasing Share of Graduates: The proportion of graduates in the labor force has risen from 5% in 1993-94 to around 15% in 2022-23, impacting overall unemployment rates.

    Challenges and Implications

    • Growing Concern: The increasing share of educated workers in the labor force, coupled with high unemployment rates among them, points to a deepening problem.
    • Need for Analysis: Understanding the causes of unemployment among the highly educated is crucial, whether it’s the education system’s failure to impart relevant skills or the economy’s inability to create sufficient jobs.

    Conclusion

    • Serious Issue: Youth unemployment in India is a critical issue that needs comprehensive analysis and action.
    • Harnessing Demographic Dividend: Effective measures are required to ensure that the aspirations of the youth are met and the potential of India’s demographic dividend is fully realized.
    • Policy Focus: Addressing youth unemployment requires targeted policies that focus on skill development, job creation, and aligning education with market needs.

  • RBI enhances Digital Payment Security with CoFT through Banks

    Central Idea

    • The Reserve Bank of India (RBI) has expanded the scope of card-on-file tokenisation (CoFT) services to include card-issuing banks and institutions, enhancing the security of digital payments.
    • Previously, tokenisation services were primarily provided through merchants. The RBI’s recent notification marks a significant shift in this approach.

    Understanding CoFT and Its Importance

    • Card-on-File (CoF) Concept: Traditionally, merchants stored customer card details (CoF) on their platforms, posing risks to financial data security.
    • Tokenisation Solution: To mitigate data breach risks, the RBI introduced tokenisation, where a unique token replaces actual card details at the merchant’s end.
    • Regulatory Measures: In March 2020, RBI mandated that payment aggregators and merchants should not store actual card data, aiming to minimize system vulnerabilities. The deadline for compliance was extended to December 2021 following industry requests.

    Implementation of CoFT by Card Issuers

    • Channels for Token Generation: Customers can generate CoFT tokens through mobile and internet banking, offering a convenient and secure method for digital transactions.
    • Consent and Authentication: Token generation requires explicit customer consent and Additional Factor of Authentication (AFA) validation, ensuring user control and security.
    • Flexibility for Cardholders: Cardholders have the flexibility to tokenise their cards at any time and select specific merchants for maintaining tokens.
    • Token Issuance: The tokens can be issued either by the card network, the issuer, or both, providing multiple layers of security.

    Impact and Adotion of CoFT

    • Enhancing Safety and Convenience: CoFT aims to secure card data without compromising the convenience of card transactions.
    • Implementation Timeline: The RBI introduced CoFT in 2021, with full rollout from October 1, 2022.
    • Usage Statistics: Since its implementation, over 56 crore tokens have been created, facilitating transactions worth over ₹5 lakh crore.

  • SEBI’s Proposal for T+0 Instant Settlement Cycles

    Central Idea

    • The Securities and Exchange Board of India (SEBI) has proposed introducing T+0 (same day) and instant settlement cycles in the equity cash segment, alongside the existing T+1 cycle.

    Current Settlement Cycle  

    • Evolution: SEBI shortened the settlement cycle from T+5 to T+3 in 2002, and then to T+2 in 2003. The T+1 cycle was introduced in 2021 and fully implemented by January 2023.
    • T+1 Cycle: Currently, the settlement of funds and securities occurs on the next day after the trade.

    About T+0 Settlement Cycle

    • Phased Implementation: SEBI plans to introduce the shorter cycle in two phases: Phase 1 with T+0 Settlement and Phase 2 with Instant Settlement.
    • T+0 Settlement Details: In Phase 1, trades executed until 1:30 PM will be settled by 4:30 PM on the same day.
    • Instant Settlement Mechanics: Phase 2 envisages immediate trade-by-trade settlement, with trading continuing until 3:30 PM.

    Scope and Implementation

    • Initial Focus: Initially, the T+0 settlement will be available for the top 500 listed equity shares based on market capitalization, implemented in three tranches.
    • Surveillance Measures: The same surveillance measures applicable in the T+1 cycle will apply to the T+0 cycle. Trade-for-trade settlement securities will not be eligible for T+0.

    Rationale behind Introducing a Shorter Settlement Cycle

    • Market Growth and Efficiency: With the significant growth in market volumes and participants, SEBI aims to enhance market efficiency and safety, especially for retail investors.
    • Technological Advancements: The evolution of payment systems like UPI and the sophistication of market infrastructure support the feasibility of shorter settlement cycles.
    • Investor Attraction: Faster transactions, reliability, and low costs are key factors that attract investors, making Indian securities a more appealing asset class.

    Features of the Proposed T+0 Settlement Mechanism

    • Early Pay-In Trend: A large percentage of retail investors already make early pay-ins of funds and securities, indicating readiness for instant settlement.
    • Instant Receipt Benefits: The mechanism enables instant receipt of funds and securities, reducing settlement shortages and enhancing investor control.
    • Investor Protection: Direct crediting of funds and securities into investors’ accounts, especially for UPI clients, strengthens investor protection.

    Benefits of the New Mechanism

    • Flexibility for Clients: The new mechanism offers faster payouts of funds to sellers and securities to buyers, providing greater flexibility and control.
    • Market Ecosystem Advantages: The faster settlement cycle is expected to enhance the operational efficiency of the securities market, benefiting the entire ecosystem.

  • India’s Steel Sector: Advancements, Challenges, and Global Position in 2024

    steel

    Central Idea

    • The Indian government is focusing on the steel sector with the Production Linked Incentive (PLI) scheme 2.0 and ensuring raw material supply in 2024.
    • Minister of State for Steel highlighted these initiatives, emphasizing the promotion of scrap usage in steel production.

    Growth and Recovery Post-Pandemic

    • Resilience: The steel sector has shown a strong recovery following the impact of the COVID-19 pandemic in 2020-21.
    • Production and Consumption: From April to November 2023, crude steel production increased by 14.5% y-o-y to 94.01 Million Tonnes (MT), and finished steel consumption rose by 14% to 86.97 MT.

    Targets and Technological Advancements

    • Capacity Goal: India aims to reach an installed steel manufacturing capacity of 300 MT by 2030, currently at around 161 MT.
    • Innovation: Efforts are underway to integrate artificial intelligence and new technologies to enhance steel output and reduce carbon emissions.

    PLI Scheme and Industry Expansion

    • PLI Scheme 1.0: The first phase aimed to boost speciality steel production, creating an additional capacity of around 25 MT.
    • Capacity Increase: Steel players are expanding their capacities, with the government facilitating project clearances and easing business operations.

    Challenges and Concerns

    • Rising Imports and Costs: The industry faces challenges with increasing imports, high raw material prices, and geopolitical uncertainties.
    • Dependency: India relies heavily on imports for coking coal, a critical raw material for steel production.

    Global Steel Industry and India’s Role

    • India’s Growth: India, the world’s second-largest steel producer, has shown robust growth, significantly contributing to the global steel industry.
    • Comparison with China: While China remains the largest producer, India has outpaced China in terms of growth rate in recent years.

    Demand and Import Dynamics

    • Sectoral Demand: The construction sector, driven by government infrastructure spending and private investment, leads the demand for steel in India.
    • Import Measures: The government has implemented anti-dumping duties and other barriers to address steel dumping, particularly from China and Vietnam.

    Price Trends and Future Outlook

    • Domestic Prices: Indian steel prices have increased due to strong demand, but global uncertainties may impact future price hikes.
    • Global Market Influence: Domestic pricing trends may be influenced by global economic recovery and price movements in the US and Europe.

    Conclusion

    • Strategic Focus: The Indian government’s initiatives, like the PLI scheme, aim to strengthen the steel sector’s global competitiveness and self-reliance.
    • Balancing Growth and Challenges: While the sector shows promising growth, addressing challenges like raw material dependency and import pressures remains crucial.
    • Global Positioning: India’s significant role in the global steel market underscores its potential to influence industry trends and drive economic growth.

  • Development led by corporates, not women

    G-20 Summit | New Delhi declaration accepts disproportionate impact of climate change on women - The Hindu

    Central idea 

    The article critiques the G20 Summit’s Declaration on women’s empowerment, highlighting past implementation challenges and questioning the clarity of “women-led development.” It emphasizes the discrepancy between rhetoric and actions, especially regarding declining budget allocations for women’s development. The central theme revolves around the need for a reevaluation of women-led development strategies to address persistent inequalities effectively.

    Key Highlights:

    • The G20 Summit’s Declaration on the empowerment of women is acknowledged, but past working groups and sustainable development goals have seen limited implementation.
    • The term “women-led development” in the Declaration lacks clarity, and the article questions its parameters and implications for the existing development models.
    • The G20 Declaration reaffirms the role of private enterprise in driving economic growth, raising concerns about the compatibility of women-led development with the prevailing macroeconomic model.

    Key Challenges:

    • The article highlights the persistent discrimination against women and girls globally, emphasizing the need for more effective measures to achieve Sustainable Development Goals.
    • Women-led development schemes, as mentioned in government bulletins, are criticized for masking the reduction in government investment in projects benefiting women’s development.
    • The Gender Budget, intended to prioritize women’s development, has shown a decline in total expenditure, raising concerns about the commitment to women-led development.

    Key Terms/Phrases:

    • Women-led development
    • Sustainable Development Goals (SDGs)
    • Trickle-down theory
    • G20 Summit Declaration
    • Gender Budget
    • Private enterprise
    • Corporate-led development

    Key Quotes for value addition:

    • “At the midway point to 2030, the global progress on SDGs is off-track with only 12% of the targets on track.”
    • “We encourage women-led development and remain committed to enhancing women’s full, equal, effective, and meaningful participation…”

    Key Statements:

    • The article questions the lack of clarity in the term “women-led development” and its compatibility with existing development models.
    • Concerns are raised about the reduction in the Gender Budget and the inadequate allocation for wholly women-specific schemes.

    Key Examples and References:

    • The article cites the decline in women’s share in regular waged work in India according to the Periodic Labour Force Survey (PLFS).
    • Specific government schemes and budgetary allocations are referenced to illustrate the disparities in women-led development.

    Key Facts/Data:

    • The total Gender Budget for 2023-2024 was reduced from 5.2% of the total expenditure the previous year to 5%.
    • The share of women in regular waged work in India fell from 21.9% in 2018-2019 to 15.9% in 2022-2023.

    Critical Analysis:

    • The article critically examines the discrepancies between rhetoric and action in women-led development, highlighting concerns about declining budget allocations and the lack of clarity in the proposed development model.

    Way Forward:

    • The need for a reevaluation of women-led development strategies is emphasized, urging policymakers to prioritize economic independence for women and address the disparities in budgetary allocations.