Economy

Rani N, 48, a fruit vendor who sits opposite RT Nagar post office, is warding off flies from her precious guavas. At night she sits in a barely lit corner, shrouded further by a large red umbrella that protects her from rains. Rani had migrated from Tamil Nadu to Bengaluru over three decades ago as a 16-year-old newly-wed. She and her husband wanted to escape the droughts in Tamil Nadu and pay off their debts.  She has been selling fruits for the past five years. As a relatively new entrant to street vending, Rani has little access to certain areas…

To clear the air over speculation on the status of cryptocurrencies, Budget 2022 imposed a 30% tax on income from virtual digital assets (VDA) and announced the launch of digital rupee later this year. But, a few questions remain unanswered, especially on the definition of cryptocurrency. And what terms like blockchain and NFTs mean. The concepts of fungible and non-fungible have been around for some time now. In economic terms, fungible tokens or assets are products which are non-unique and interchangeable with something of equivalent value. They are transferable, tangible in nature and their value remains constant. For example, a…

Manoj Kumar, who was handling loans for a private sector bank before COVID struck, has seen it all. He lost his Rs 35,000 a month job and sold vegetables as livelihood and to pay the EMI for his housing loan. The NOIDA resident says that he even considered going to a village and trying for a MNREGA job during the lockdown days. Manoj is emphatic that Budget 2022 has ignored the whole segment comprised of the urban unemployed. “I have not met anyone who feels things will improve by way of jobs for the young, educated, unemployed. No one is…

Is India’s annual budget a political exercise or an attempt to frame a stable and long-term development, fiscal and monetary policy framework? If it is the former, the yearly tamasha makes sense. If the latter, it absolutely does not. No sustained development will happen in a system that can change policy from year to year. Certainly a central budget is needed. We need to know how much the government earns and how much it spends, and on what. Defence, foreign policy and managing money matters on the macro scale constitute the budget’s main objectives. Beyond that, what else does the…

Jacob D’Souza, 63, a resident of Matunga and a school bus operator for schools in Mumbai, once owned four buses and operated independent bus services in five neighbourhood schools in and around Sion Koliwada. Two years into the lockdown, he is left with just one bus and struggles to make ends meet with that. Within a year of the lockdown, financiers seized two of his buses for defaulting on loan repayment. “My buses were confiscated despite my sound credit record of paying all my dues on time,” said Jacob. “They didn't care that I had no income due to the…

Marian D’Costa of Aiyo Patrao, an online kitchen that serves Goan and Kerala delicacies in response to orders received on Instagram, faces a stiff business challenge today. “Sourcing fresh fish at good rates has become increasingly difficult.” she says. Marian echoes what a large section of the huge fish-loving community in Mumbai and its suburbs have been feeling and what holds strong connotations for the fish economy in Mumbai. Fish used to be a staple in most East Indian, Koli and some Maharashtrian households. All kinds of fish from shellfish, the bigger varieties like King fish, silver and black pomfret…

Bhendi Bazaar is situated between Mohammed Ali road and Khetwadi in South Mumbai. It is home to several micro-economies that cater to the needs of the communities living in the area.  Interestingly, one of the etymological theories of the name ‘Bhendi Bazaar’ comes from the British era. According to Murtaza Sadriwala, Media Coordinator of the Saifee Burhani Upliftment Trust (SBUT), when the British lived on the Southern side of Crawford Market, the Northern side was referred to as ‘Behind the Bazaar’, which over time was colloquially pronounced as Bhendi Bazaar. This was phonetically similar to the Hindi word for Okra…

“I really want to begin investing my savings but the thought of losing money in volatile markets really pulls me back,” says Vandana Singh, who works as a senior software engineer at a multinational corporation. “The fact that financial decisions are made by the ‘men’ of the house has intrinsically made women believe that it’s not their cup of tea,” says Veera Jain, research associate at a prestigious educational institution.  Have you ever wondered why, despite it being one of the most important aspects of living a fulfilling and secure life, there has been no inclusion of financial education in…

Reforming Indian agriculture in a way that would match the country’s food needs with ensuring farmers’ security has been debated for decades now. But a reform package, that would be welcomed by farmers and consumers from Punjab to Kanyakumari was never going to be easy or simple.  This Central government’s version of bringing about much-needed agriculture reform were three new farm laws that overrode all the other laws that came before it. Unfortunately, the new laws addressed the various issues that farmers faced in much the same way that the blind men of the fable saw the elephant. No wonder…

The orders were verbal, with no paper trail. Curiously, the Ahmedabad Municipal Corporation was the last to implement it. In one fell swoop, four BJP-controlled municipal corporations directed their executive wings to launch a drive to remove Ahmedabad's street vendors selling eggs and other non-vegetarian eatables at roadside stalls. One reason given for these verbal orders was that the sight of non-veg food displayed in the stalls hurts the religious sentiments of the Hindus. The drive to remove all such street vendors from the streets began from Rajkot on November 9th. Vadodara was next, followed immediately by Bhavnagar and Junagadh.…