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Topic: Rural economy
Rising incomes of Indian farmers don’t appear widespread and non-farm workers worried about job losses aren’t spending.
UP has already sent list of over 3.5 lakh workers to industry associations while Jharkhand is planning an urban wage employment scheme.
Moves to boost rural employment will eventually lead to lesser labour availability, driving higher farm mechanisation and tractor sales, Nomura says.
Rajnish Kumar says with economy slowing down, credit growth will decelerate, and adds that only 15-20% of SBI’s borrowers have availed of RBI’s loan moratorium.
Rural unemployment has shot up above 20% in past 30 days & about 400 million workers in the informal economy are at risk of falling deeper into poverty.
Under the Modi government, the MGNREGS has suddenly become both an indicator of rural stagnation as well as the proposed solution to it.
The Nielsen report found that the economic slowdown is worse in northern India, which has a higher dependency on the rural segment and has seen a surge in unemployment.
With large parts of the country, including poll-bound states, gripped by a farm crisis, Modi govt’s last budget gives top priority to the rural sector.