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The waves

As the Wind Blows

Location: Chennai, Tamilnadu, India

03 June 2004

It is interesting. While everyone – particularly the pink papers - was crying hoarse about “jobless growth” in the post liberalization period, ET carries a survey which actually shows a growth in jobs in the organized sector. It says that employment in the organized sector has shown a rise in 2002-03 after continuously declining for five years, according to quick estimates from the Annual Survey of Industries (ASI) that covers over one lakh establishments. The increase is about 3% to 7.89 million.

Similarly after shouting from the roof tops about increasing fiscal deficit, here is a ET leader which talks about shrinking fiscal deficit, which says that the fiscal deficit for 2003-04 has actually come down to 4.57% of GDP, from 5.36 last year !! The narrowing of gap is attributed partly to the Rs. 16,048 crore mopped up from the disinvestments and partly due to a jump in tax revenues.

Whatever the reasons are, what puzzles me is that why are the pink papers taking note of these positive signals of the economy now? Pre budget hints to PC?!

Btw, Indian electorate and the world’s perspectives are obviously very different. How else do you explain this ?!


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