Archive for May 24th, 2017

The dangers that lurk beneath India’s IT layoffs

May 24, 2017

Prof Maitreesh Ghatak just nails it:

You can spin a web of statistics and say all izz well when people are hurting. You can use catchy phrases like ‘the digital economy’ and ‘Make in India’ to raise aspirations of global domination, or blame it all on past government policy. The problem, though, is that you can only do it for so long without actually delivering on job creation.
The Sensex can hit the skies, our growth figures can beat China’s, and it may keep those whose fortunes are tied to either our protected corporate sector or the bloated public sector happy and willing to wait for achche din.
However, these are not meaningful indicators of economic development unless accompanied by the creation of jobs, and rising wages and salaries enabling ordinary citizens to enjoy a better quality of life. Being laid off or struggling to find jobs while being told of wonderful times to come or that unemployment is a choice tends to make people very upset.
And even though they command a small fraction of wealth or income in our highly unequal economy, they have strength in numbers. They can vote. And at some point, may be a few years down the line, they may well choose to make some politicians and their economic advisers voluntarily unemployed.

102 years of Statistical Tables Related to Banks in India..oldest running annual database/publication in India?

May 24, 2017

I have mentioned this publication/database few times in previous posts and even said will write a post on this in future.

It is fascinating to note that Statistical Tables Related to Banks in India, an annual publication released by RBI is running into 102nd year! I would guess this would make it the oldest running publication/database of India.

The first volume was released in 1915 and was published by Department of Statistics by order of Governor General in Council. The publication was printed by Superintendent Government Printing in Calcutta.

The need to have a publication assessing banking conditions was needed due to multiple banking failures in early 20th century. The British Government finally decided to collect and publish data following large banking failures in Punjab in 2015. Between Nov-13 and Dec-14, around 57 banks had failed with 22 of them from Punjab.

Thus, we see the Government collecting data on failed banks right at the beginning. Infact that is the focus as introductory memorandum suggests:

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