Explore Business Standard
West Bengal has experienced a continuous decline in its relative economic performance over several decades, according to a working paper by Economic Advisory Council to the Prime Minister(EAC-PM). Authored by EAC-PM member Sanjeev Sanyal, the paper 'Relative Economic Performance of Indian States: 1960-61 to 2023-24' said the development of eastern part of the country remains a concern. It said maritime states have clearly outperformed other states, with the exception of West Bengal. Although Bihar's relative position has stabilized in the last two decades, it remains significantly behind other states and requires much faster growth to catch up, the paper noted. Conversely, Odisha, traditionally a laggard, has shown a marked improvement in recent years. "West Bengal, which held the third-largest share of national GDP at 10.5 per cent in 1960-61, now accounts for only 5.6 per cent in 2023-24. It has seen a consistent decline throughout this period. "West Bengal's per capita income
Two members of the Economic Advisory Council to the Prime Minister (EAC-PM) have arrived in Nagaland on a five-day visit during which they will hold discussions with key stakeholders, and look at ways to bolster development of the region, officials said. The members Sanjeev Sanyal and Devi Prasad Mishra arrived in the northeastern state on Friday, a release issued by the Nagaland Planning & Transformation Department said. The visit focuses on catalysing economic growth and development in the region, and holds promise for strengthening vital sectors as well as forging collaborations, it said. The EAC-PM members will engage in extensive discussions with local entrepreneurs, government officials, business leaders and community representatives during their stay, the release said.
Farm reforms in India are pending even today since 1991, while neighbouring China implemented them way back in 1978, Economic Advisory Council to the Prime Minister (EAC-PM) Chairman Bibek Debroy said on Friday. The reforms undertaken in India in 1991 were pertaining to external factors and industrial liberalisation, and were not related to agriculture, he said. Currently, agriculture has become unviable and even its share of the country's GDP is declining by 1 per cent per year even as a large percentage of the population is still dependent on this sector for their livelihood, he added. "Quite often in India, we compare with China. In 1978-79, China reformed agriculture. We are told that reforms in India were implemented in 1991 and pertain to the external sector and industrial liberalisation. Have the reforms in agriculture been introduced? Has agriculture been subjected to "de-licensing"? The answer is no," Debroy said in an agri-summit event organised by Businessline here. By a
Amid fears of the world slipping into recession, India will perhaps emerge as the strongest major economy with 7 per cent growth rate in FY23, Economic Advisory Council to the Prime Minister (EAC-PM) member Sanjeev Sanyal said on Sunday. Sanyal observed that India can grow at 9 per cent in an external conducive environment like in early 2000s when the global economy was growing. "We are clearly entering an environment where many countries around the world will be facing much slower growth or even slipping into recession. "This is due to a combination of factors ranging from tighter monetary policy to higher energy costs, as well as disruptions caused by the Ukraine war," he told PTI in an interview. The World Bank on October 6 projected 6.5 per cent growth rate for the Indian economy for 2022-23, a drop of one percentage point from its June 2022 projections, citing deteriorating international environment. "Under those circumstances, India's performance will stand out as being .