Food processing sector poised for growth: Report
The report dwelled on the food processing industry improving food security, notwithstanding that India stood at 105th position out of 127 countries in the Global Hunger Index (GHI) 2024, placing it in the "serious" category for hunger levels.
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Time of India
2 days ago
- Time of India
Policies of Centre not beneficial to people: AIBEA chief
Mangaluru: All India Bank Employees Association (AIBEA) general secretary CH Venkatachalam said the policies being pursued by the central govt are not beneficial to the country and its people. Speaking at the 26th All India Conference of the All India Karnataka Bank Employees' Association (AIKBEA) at the Sanghaniketan here on Saturday, he said: "Whether certain policies being pursued by, not only this govt, but successive govts, are beneficial to the majority of people? In many indexes like the Global Hunger Index, India is at the bottom. We claim that we are progressing and are the fastest developing economy, and speak of Amrit Kaal, but while many enjoy Amrit, others are deprived of it. " Stating that the Constitution's core values are equality, fraternity, and justice, Venkatachalam said various reports indicate India is home to a large number of poor people. He questioned the logic of a section of society enjoying everything while others are deprived of the same. On work-life balance, he criticised leaders who are in favour of 70 to 90 hours of work a week. Lauding Karnataka Bank as a people's bank, Venkatachalam said customer service is important. He noted that banking is crucial for development in any developing country. Recalling AIBEA's contributions to the banking sector, he mentioned the amendment to Section 45 of the Banking Regulation Act. Reserve Bank of India (RBI) may consider a moratorium on a bank if it is not doing well and merge that bank with another bank. Earlier, banking services were available only for privileged people, he said. "The exploitation of bank employees should be prevented. AIBEA, founded 80 years ago, will ensure that your job is secure. We have to have a strong union, and AIBEA is committed to that purpose. Your problems will be taken care of by the union, and you take care of the union," he added. Karnataka Bank managing director and CEO Srikrishnan H and others were present. AIKBEA president Poornima P Rao presided.
The Hindu
2 days ago
- The Hindu
‘Bank employees need to brace with changing banking landscape'
Calling upon his bank employees to brace with the changing banking landscape, Karnataka Bank Managing Director and Chief Executive Officer Srikrishnan Hari Hara Sarma on Saturday said employees should adapt to the change and outperform in the banking sector. Speaking on the inaugural day of the two-day conference of the All India Karnataka Bank Employees Association, Mr. Sarma said many fintech companies were now entering banking sector. 'Banking is all about risk management. We need to adapt to technology, compete and outperform them (fintech operated banks).' The Karnataka Bank, Mr. Sarma said, has adopted digitalisation, which has changed banking to a large extent. Bank accounts were now opened digitally. Banking services were reaching customers directly through mobile phone, tabs, and laptop. Many banking processes have now gone background. It is necessary for employees, the human asset of the bank, to rally behind the institution to reach greater heights, he said. Last couple of years, Mr. Sarma said, the bank has gone to accommodate requests of transfer of employees within branches in a city. The bank has made recruitment more transparent. Measures were being taken to upskill employees. Like his predecessors, he has continued the legacy of having good harmony with representatives of the two unions of Karnataka Bank employees, he said. Not beneficial All India Bank Employees Association General Secretary C.H. Venkatachalam said that policies pursued by the Central government were not beneficial to the country and people. Mr. Venkatachalam said policies pursued by the present government and earlier governments were not beneficial to majority of people. Indexes namely Global Hunger Index shows Indian at the bottom. Policies were benefiting a section of the society, while a large section of people were suffering, he said.
Indian Express
11-06-2025
- Indian Express
India's economic growth is not inclusive. It is a concentrated accumulation of wealth
India is being paraded on global and national platforms as the world's fourth-largest economy. With a nominal GDP of nearly $3.9 trillion, the government claims it has scripted an economic miracle. The Prime Minister thunders from every stage about India's rise under his watch, and media outlets amplify this narrative. But behind this celebratory façade lies an undeniable reality: This is a growth story scripted by and for the elite, while the majority of Indians continue to suffer from hunger, unemployment, and deepening poverty. The official GDP numbers obscure more than they reveal. India's per capita income today stands at around $2,800 — or Rs 2.33 lakh per person annually. Compare this with Vietnam's $4,300 and China's $12,500. In rupee terms, that's Rs 3.57 lakh and Rs 10.38 lakh per person, respectively. Far from being a global economic leader, India lags behind countries that were once considered its peers or even behind it. Worse still, this Rs 2.33 lakh figure is itself an illusion. The top 1 per cent of Indians control over 40 per cent of the country's wealth. They are the corporate houses and big business houses owned by people like Adani and Ambani. If we exclude the wealth of this 1 per cent, the remaining GDP available to the rest of India's 1.4 billion people drops drastically. What remains is about Rs 130 lakh crore, leading to an actual per capita income of a little more than Rs 85,000 per year, or roughly Rs 7,000 per month. If we go further and remove the 62 per cent controlled by the top 5 per cent, the rest of the country is left with Rs 89 lakh crore, resulting in a per capita income of just Rs 67,000 a year, less than Rs 5,600 a month. This is what most Indians survive on. This is not an economy for the people — it is an economy for profit and propaganda. In a country where 80 crore people depend on free ration schemes for their daily survival, celebrating global GDP rankings seems to be a grotesque joke. How can the same government that boasts of economic might also take credit for distributing free rations? If GDP growth is real, who is lining up for free ration? Either the country is shining, or it is starving. It cannot be both. When these contradictions are pointed out, those asking the questions are labelled anti-national. Beyond income, India's social and human development indicators reveal a crisis. The country ranks 134th on the Human Development Index, way behind developing economies like Sri Lanka and Vietnam. It ranks 111th out of 125 on the Global Hunger Index. 35 per cent of Indian children are stunted. Over 230 million people still live in multidimensional poverty. Female labour participation is among the lowest in the world. India ranks 127 out of 146 in the Global Gender Gap Index. On almost every index that actually touches the lives of real people—education, nutrition, health, food, housing equality — India performs dismally. To make matters worse, the very basis on which these rankings are celebrated is questionable. The $3.9 trillion figure is calculated based on nominal GDP in current US dollar terms, heavily dependent on exchange rates. The Indian rupee is now hovering around Rs 83 to the dollar—an unprecedented low. What happens when the rupee weakens further? If the value of the dollar rises to Rs 90, the size of India's economy in dollar terms shrinks. The same Prime Minister who once called the rupee's value a matter of national honour is today silent as it slips year after year. India's economy hasn't become richer — its currency has become cheaper. But this deceit serves a purpose. It masks the government's failures. It offers the illusion of victory in the absence of substance. It is no coincidence that the GDP celebration comes at a time when the rural economy is in shambles, joblessness is rampant, and inflation continues to hit the poor hardest. The truth is that this is not inclusive growth. It is a concentrated accumulation. The majority of Indians remain on the margins of this story. Farmers die by suicide. Workers walk home barefoot during pandemics. Children drop out of school. Women vanish from the workforce. And yet, a select few watch their wealth double every few years. This is not a developmental model. It is a system of organised neglect and deliberate exclusion. If India truly wants to be a great nation, not just a large one, it must change course. The goal should not be to impress credit agencies or compete in global rankings, but to ensure that no child sleeps hungry, that every young person has a job, and that no Indian has to choose between medicine and food. True patriotism lies in demanding answers, not in blind applause. True growth lies not in GDP charts but in lives lived with dignity. Until then, this economy remains what it truly is: Hollow at the core, glittering only at the top, and dangerously disconnected from the millions it claims to represent. To conclude, PM Modi's much-trumpeted Viksit Bharat @ 2047 should be examined in light of what it means for the poorest sections of our society. Growth that widens inequality, deepens ecological destruction, and disregards the majority cannot be celebrated. India urgently needs to abandon this lopsided model and chart a new path — one that is equitable, ecologically sustainable, employment-generating, and rooted in justice, dignity, and democratic planning. The writer is general secretary, CPI
