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[ad_1] By Achla Savyasaachi A significantly large population in developing economies across the globe are part of the informal economy. In India, almost 90 per cent of the country’s workforce earn their livelihood as informal workers as per the Economic Survey 2019-20. An IMF policy paper (February 2021) estimated their contribution to the country’s Gross Value Added (GDP+ subsidies on products-taxes on products) at 53.9% in 2011-12. However, it pointed out that it has “improved” only marginally to 52.4% in 2017-18.   This underlines the systemic importance of the informal economy and yet hesitant to consider it more than just a less desired partner of the Indian economy.  The profile of the ’informal’ India’s informal-unorganised sector is one of the largest, if not the largest, in the post-industrial economy. This sector is constituted of self-employed informal enterprises- small and unregistered, and wage-based employment without transparent employment terms and conditions in both informal and formal enterprises. According to the “the Unorganised Sector Report on Conditions of Work and Promotion of Livelihoods 2007”, most of them are ‘own account enterprises (OAEs)’, more so in the rural areas, where they account for nearly 94 %. Nearly 37 % of the OAEs have assets worth less than Rs.5 thousand. Barely 8 % of all OAEs and about 17 % of the urban OAEs had an investment of more than rupees one lakh. Most of these enterprises are engaged in survival operations to meet household expenses rather than carrying on with a business activity in the proper sense of the term.  The NSSO January 2012 report titled “Informal Sector and Conditions of Employment in India” (NSSO 66th round) brought to the fore conditions under which informal workers toil. It pointed out that nearly 81 % in the rural areas and 74 % in urban areas work under uncertainty with no security of income and no written job contracts. Kannan, a development economist and a member in the erstwhile National Commission for Enterprises in the Unorganised Sector, has described the profile of the informal economy:  “…. [from] the millions of agricultural labourers and poor peasants producing food grains and processed foods, hewers of wood and drawers of water, workers who load and unload goods at scattered points of trade and commerce across our vast nation, [to] rickshaw pullers, barbers, and washer(wo)men, manual scavengers and garbage pickers, street vendors and domestic servants, auto-rickshaw and taxi drivers, brick kiln workers and construction workers.” This list can be expanded to include skilled, semi-skilled and unskilled hands employed in value chains of numerous industries. Several get absorbed in the informal labour market and others build their artisanship. These numbers are likely to increase rapidly in the years to come. Somini Sengupta, a New York Times journalist in her book on India’s youth ‘bulge’ pointed out that at nowhere can the pressures of the youth bulge be felt as much as in India. It said that every month for the next several years, one million Indians would turn 18. This scenario stands to reason that most of these hands will look for livelihood in the informal economy. The so-called demographic dividend can become a serious problem for society and the economy if their expectations and aspirations are negated.  For these reasons India, therefore, cannot consider that the informal economy is a temporary phenomenon anymore.   Their abundance and availability have put them in a disadvantageous position- they do not get a fair share (wage) commensurate to their contribution. They remain unprivileged, informal, and unattended.   In March 2020, when the country completely shut down its social-economic life after the breakout of the Coronavirus, “formal” India watched nationwide the life frame of their “informal” fellow citizens unfold. Millions walked back home hundreds of kilometres, penniless, full of fear and uncertainty. The impoverished conditions of a dynamic economic force of the millions of these informal citizens were starkly visible to the entire nation.  The hiatus between “the informal” and “the formal” became even more conspicuous. Agency of informal players Informal economic players are the custodians of a variety of skills acquired while earning their livelihood or when taking family work forward. These are passed down for generations. They hone these skills to create a niche with agility, yearning to remain relevant to the market. Over the decades, they have acquired an invaluable capacity to undertake the foundational work in manufacturing units and keep the service industry’s pulse alive.  All this happens without any formal education, and under conditions of poverty.  Studies show the resilience of India’s informal economy in the face of inequalities in incomes and asset distribution. The agency of these informal economic actors contributes significantly to making the formal economy competitive in the national and international markets. Informal economic outfits function with their intangible capital (skills, diversity regarding products, agility to adapt to timelines and working conditions, orientation to work on trust, and ability to move their base). This distinct feature of the informal workers serves the formal economy’s best interest.   However, they fail to get a fair return on their work.  In relation to the formal economy the informal economic players are poor and resource-less. If they are skilled, the loss is much more significant as they lose their entrepreneurial status and become low paid labourers on account of of limited or no access to ‘tangible capital’. Capital the most crucial element for formal economy does not recognise intangibles. The intangible asset base cannot fit into the existing definitions of capital. They thus get excluded.  At the same time, by their sheer numbers, they are perhaps the most significant consumer segment of services and goods produced by the formal economy. Formal incredulity Neoliberal economists have laboured to deploy one size fit all solutions to all developing economies in aid of transnational capital and put the informal economy as a fuzzy concept with multiple interpretations and meanings (e. g. small/primitive activity; unlicensed/unregistered; untaxed; work without rights).  The neo-liberal theory considers the informal economy a marginal and deviant force. It is viewed with suspicion and

[ad_1] My older sister, Brigette, shares her shopping trips and menu plans every week! You can go HERE to see all of her weekly menu plans and you can go HERE to read all about her family! Aldi 1 family-size box Honey Nut Crisp Oats – $2.45 1 box Crispy Rice – $1.39 1 box Frosty Flakes – $2.19 1 large canister Quick Oats – $2.19 1 32-oz box Spaghetti – $1.09 2 loaves Sandwich Bread – $1.00 1 bag Corn Chips – $1.17 2 boxes Macaroni and Cheese – $0.68 1 bag Plain Rice Cakes – $1.99 1 family-size pkg Corn Tortillas – $1.25 1 jar Garlic Powder – $0.75 1 Butternut Squash ($0.50/lb) – $1.54 1 pkg Zucchini – $1.24 2 bag Spinach – $1.58 2 bags Mini Sweet Peppers (reduced price – I’m not sure why as they looked perfect!) – $2.00 1 3-lb bag Sweet Potatoes – $1.99 1 10-lb bag Russet Potatoes – $3.99 1 bunch Bananas – $1.02 1 Cauliflower – $1.99 1 3-lb bag Gala Apples – $1.99 1 3-lb bag Carrots – $0.99 1 bag Romaine Hearts – $1.99 1 large tub Organic Spring Mix – $3.49 1 bag Celery – $0.99 4 Cucumbers – $1.00 2 cartons Cherub Tomatoes (reduced price – I’m not sure why as they looked perfect!) – $1.00 1 canister Raisins – $1.99 2 bags frozen Organic Broccoli Florets – $3.38 2 bags frozen Green Beans – $1.50 1 can Tomato Sauce – $0.28 4 cans Green Beans – $1.56 4 cans Diced Tomatoes – $2.36 2 large cans Pinto Beans – $1.92 3 cans Black Beans – $1.54 1 3-lb bag Rice – $1.65 1 jar Salsa – $0.97 1 can Baking Powder – $0.99 1 gallon Whole Milk- $2.22 1 gallon 2% Milk – $2.22 1/2 gallon Orange Juice – $1.99 1 32-oz carton Half and Half – $1.39 1/2 gallon Unsweetened Almond Milk – $1.49 1 32-oz carton Organic Greek Yogurt – $3.15 3 dozen Eggs – $2.69 1 large pkg fresh boneless Chicken Breasts ($1.99/lb) – $8.36 1 pkg Pepperoni – $1.99 1 3-lb roll Ground Beef, reduced – $6.29 1 pkg Turkey Bacon – $1.89 1 pkg Deli Meat – $2.49 2 16-oz bags Shredded Mozzarella Cheese – $5.18 Grocery Total for the Week – $102.74 Weekly Menu Plan Breakfasts Cereal, Oatmeal, Fried/Scrambled/Boiled Eggs, Veggie Omelets, Smoothies, Toast, Yogurt, Fruit Lunches Peanut Butter and Jelly, Peppers, Apples x 2 Ham Sandwiches, Cucumbers, Bananas Baked Sweet Potatoes, Roasted Cauliflower, Peanut Butter with Crackers Leftovers x 3 Dinners Stir-Fried Chicken and Veggies over Rice, Tossed Salad, Biscuits Tacos (Corn Tortillas, Lettuce, Seasoned Ground Venison, Shredded Cheese, Salsa, Avocados, Plain Greek Yogurt), Green Beans, Corn Chips Chili, Cornbread, Raw Veggies with Dip Date Night Out (kids eat macaroni and cheese) Baked Chicken, Baked Potatoes, Roasted Butternut Squash, Broccoli, Homemade Freezer Biscuits Pepperoni Pizza, Breadsticks, Tossed Salad Bacon Cheese Quiche, Buttered Steamed Carrots, Green Beans, Homemade Freezer Biscuits [ad_2] Source link

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[ad_1] A constable and an Indian Reserve Battalion (IRB) jawan died after being hit by a car at a police checkpost in Seraulim village of South Goa, an official said on Sunday. The accident took place shortly after Saturday midnight, following which the driver of the car was detained, he said. “Around 12.15 am, when the constable, the IRB jawan and a home guard were on ‘nakabandi’ duty at Seraulim village in Colva police station jurisdiction, the speeding car hit them,” the official said. The deceased were identified as constable Shailesh Gaonkar of Goa police and Vishwas Deykar of the IRB, police said, adding that the latter died while being shifted to a hospital. The home guard escaped unhurt in the incident, they said. According to police, the driver of the car has been taken into custody and is being interrogated. [ad_2] Source link

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[ad_1] HDFC Bank on Saturday reported an 18% year-on-year (y-o-y) growth in net profit for the quarter ended December to Rs 10,342 crore on the back of a 13% y-o-y rise in net interest income (NII) to Rs 18,443.5 crore, with non-interest income growing 10% y-o-y.  The core net interest margin (NIM) in Q3 remained unchanged from the previous quarter at 4.1%. Total advances as on December 31, 2021, stood at Rs 12.61 lakh crore, up 16.5% over December 31, 2020. Retail loans grew by 13.3%, commercial and rural banking loans grew by 29.4% and corporate and other wholesale loans grew by 7.5%. Overseas advances constituted 3.4% of total advances.  Total deposits as on December 31 were Rs 14.46 lakh crore, an increase of 13.8% over December 31, 2020. Current account savings account (CASA) deposits grew 24.6% y-o-y, with SA deposits at Rs 4.71 lakh crore and CA deposits at Rs 2.1 lakh crore. Time deposits stood at Rs 7.65 lakh crore, an increase of 5.6% over the previous year. The CASA ratio stood at 47.1%, up from 43% for the corresponding quarter a year ago.  HDFC Bank’s provisions fell 12.3% y-o-y to Rs 2,994 crore. In a statement, the bank said total provisions for the current quarter includes specific loan loss provisions of Rs 1,820.6 crore and general and other provisions of Rs 1,173.4 crore. They also include contingent provisions of approximately Rs 900 crore. The gross non-performing asset (NPA) ratio fell nine basis points (bps) sequentially to 1.26% as on December 31, 2021, while the net NPA ratio fell three bps to 0.37%. The bank’s total capital adequacy ratio (CAR) as per Basel III guidelines was at 19.5% as on December 31, 2021 (18.9% as on December 31, 2020) as against a regulatory requirement of 11.7% which includes capital conservation buffer of 2.5%, and an additional requirement of 0.20% on account of the bank being identified as a domestic systemically important bank (D-SIB).  Tier 1 CAR was at 18.4% as of December 31, 2021 compared to 17.6% as of December 31, 2020. Common equity tier 1 capital ratio was at 17.1% as of December 31, 2021. Risk weighted assets were at Rs 12.67 lakh crore, as against Rs 10.92 lakh crore as at December 31, 2020. The bank’s NBFC subsidiary HDB Financial Services posted a net profit of Rs 304 crore in Q3FY22, as against a net loss of Rs 146 crore in Q3FY21.  The total loan book grew by 0.68% y-o-y to Rs 60,478 crore as on December 31, 2021 as against Rs 60,068 crore as of December 31, 2020. Stage 3 loans, denoting the ratio of bad assets, were at 6.05% of gross loans, down from 6.1% in the September quarter. [ad_2] Source link

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