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Time of India
16 hours ago
- Business
- 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
a day ago
- Business
- 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
- Business
- 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
The Hindu
09-06-2025
- Politics
- The Hindu
Congress challenges Centre to present development record on global indices
Maharashtra Pradesh Congress Committee president Harshvardhan Sapkal on Monday (June 9, 2025) called upon the Narendra Modi-led Central government to present a detailed and globally benchmarked account of its development record over the past 11 years. Speaking at a press conference in Nagpur, Mr. Sapkal criticised the recent publicity campaign launched by the Union government highlighting its achievements and urged that any such account be evaluated through international metrics such as the Human Development Index, the Happiness Index, and the Global Hunger Index, as compiled by institutions like UNICEF, the World Bank, and the World Health Organization. 'The Modi government must answer why it failed to deliver on key promises - including two crore jobs annually, doubling farmers' income, implementing the Swaminathan Commission report, and developing smart cities,' Mr. Sapkal said. Alleging that India's developmental momentum had slowed under the Bharatiya Janata Party-led regime, the Congress leader said, 'Under former Prime Minister Manmohan Singh, the country was on a growth trajectory. But in the last 11 years, we have regressed on multiple fronts.' Responding to questions on the possibility of reunification among factions of the Nationalist Congress Party, Maharashtra Navnirman Sena, and the Shiv Sena (Uddhav Balasaheb Thackeray), Mr. Sapkal said such decisions rested with the respective parties. 'As the Maha Vikas Aghadi, we contested the last two elections together. Similarly, the INDIA bloc stands united against forces undermining democracy and the Constitution. Our alliances will strengthen with those committed to safeguarding these values,' he said. Mr. Sapkal added that alliance-related decisions for the upcoming municipal elections would be taken at the local level in consultation with other coalition partners.
NDTV
30-05-2025
- Business
- NDTV
India May Be Barking Up The Wrong Tree As It Takes On Pakistan In IMF
On May 9, the International Monetary Fund (IMF) approved the disbursement of another $1 billion to Pakistan under its latest Extended Fund Facility (EFF), reinstating Pakistan's dependence on international bailouts. As a country with a high dependence on imported oil, whenever oil prices hike or international borrowing declines, Islamabad's reserves take a further hit. Since 1958, whenever this occurs, Pakistan has approached the International Monetary Fund (IMF) for a bailout approximately every three years, seeking to save its economy under the condition of improving macroeconomic indicators. While the role of the IMF has been minimal in reforming Pakistan's governance, its fund facilities have stabilised the economy from falling into the pit grave. However, the key question remains: have IMF bailouts inadvertently enabled an environment to facilitate terror financing? If so, should India try to block IMF funds to Pakistan? India Needs An Accountable Pakistan Contrary to popular imagination, the IMF's role is distinct, and its programmes impose strict conditions that compel Islamabad to demonstrate some accountability in governance and economic management. And India needs an accountable Pakistan. While the IMF can serve as a platform for India to signal its displeasure and apply international diplomatic pressure following the Pahalgam attack on April 22 by alleged Pakistan-backed terrorists, a more effective route to achieving strategic objectives would be to target terror financing networks and financial opacity through the Financial Action Task Force (FATF), the global watchdog on money laundering and terror financing, where reports suggest India is already preparing to build a robust case against Pakistan. A History Of Bailouts Persistent macroeconomic imbalances have led to a state of massive public debt, with the country facing massive external debt repayment dues. The Pakistani economy has structural weaknesses, from a narrow tax base to low productivity. Islamabad is also extremely dependent on imported energy, with energy imports accounting for 20 to 40 % of total imports. Of the previous 25 IMF programmes, 15 were sought during times of oil crisis, caused due to energy import dependence. A worsening balance of payment crisis and periodic foreign exchange shortages have also emerged over time. For instance, in 2021-2023, foreign exchange reserves plummeted as low as about two weeks' worth of imports, and inflation jumped to 38%. Pakistan's performance in development indicators is also severely lacking. It ranks 109th out of 127 countries in the 2024 Global Hunger Index, with 40% of the population in poverty and public expenditure on health and education below 3% of the GDP in 2023. All these factors have led to Pakistan approaching the IMF 25 times since 1958, with the latest fund arrangement approved on September 25, 2024. Recovery, But Modest Corrective policies adopted under the IMF programmes have stabilised some economic conditions to a limited extent. Pakistan, with seven decades of cyclical debt accumulation with the IMF, was able to bring a modest recovery under these programmes. The economic growth rebounded to 2.4% from 0.6% in 2023, and inflation was brought to single digits from double-digit levels in 2025. In the latest 37-month Extended Fund Facility (EFF) arrangement, which commenced in 2024, the key conditionalities of the IMF programme include implementing sound macroeconomic policies, such as rebuilding international reserve buffers, broadening the tax base, enhancing productivity and competitiveness, and reforming State-Owned Enterprises (SOEs). While Pakistan may continue to rely on the IMF to develop reform plans to enhance its economy, the IMF's role remains minimal until the authorities undertake domestic reforms to improve their governance. However, it forces Pakistan to be accountable to the IMF and the world regarding the money it receives. Why FATF Is Important In that context, fiscal accountability under IMF programmes falls short of addressing the deeper security risks that shape Pakistan's economic trajectory. This is where the role of the FATF becomes critical. It is within the FATF's mandate to identify jurisdictions with strategic deficiencies in countering illicit financing and to take consequential action, including greylisting and blacklisting. These designations significantly restrict a country's access to global capital, raise borrowing costs, and create barriers to securing funding from international financial forums such as the World Bank and the IMF. To put things in perspective, it is the FATF's actions that restrict the IMF's support. When Pakistan was placed on the FATF grey list between 2018 and 2022, it faced significant economic and diplomatic fallout, including increased scrutiny from investors, diminished confidence in its markets, delays in financial assistance, and, more critically, a reputational setback to its reform narrative. The designation also brought targeted pressure on hawala networks, non-profit fronts, real estate transactions, and the misuse of precious metals by Pakistan-based groups such as Lashkar-e-Taiba (LeT) and Jaish-e-Mohammed (JeM). To remove itself from the grey list, Pakistan was compelled to enact over 30 legislative reforms aimed at strengthening its anti-terror financing architecture. However, the recent attack in Pahalgam is likely to evoke renewed concerns regarding the legitimacy and political will behind these measures by Pakistan. Why Building Western Consensus Is Tricky India's pressure campaign at the FATF thus presents a more targeted and relevant avenue to raise the costs of Pakistan's persistent reliance on sub-conventional warfare. That said, the lack of publicly presented evidence linking the Pahalgam attack to Pakistan-based handlers and support from the deep state may undermine the credibility of India's case, thereby delaying FATF-led actions. Geopolitically, the end of the US-led 'War on Terror' in Afghanistan weakened the global political momentum behind counter-terror financing efforts. In that light, despite strategic ties with the US, India's attempts to build Western consensus for punitive action against Pakistan at FATF will remain complicated. India's window for targeted diplomatic action remains narrow. With Washington distracted and China shielding Pakistan at key fora, New Delhi must also enhance engagement with middle-power allies in the Gulf and Europe as a long-term strategy. (Aishwaria Sonavane and Anisree Suresh are Research Analysts at the Takshashila Institution, which is an independent think tank and school of public policy.)
