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The steepest fall in consumer spending in rural areas happened in Maharashtra and Haryana.

Incidentally, the two states went to Assembly polls in October and the NSO’s survey was supposed to be officially released in public domain in June.

Read:

business-standard.com/article/econom…
Haryana saw the sharpest dip in both urban and rural areas. Bihar, Jharkhand, and Chhattisgarh saw big decline in villages, despite being the states with the lowest monthly expenditure. Experts say a fall in consumer spending is an indicator of rising poverty.
Uttar Pradesh (UP) was the only state where consumer spending went up in both cities and villages. In urban areas, it was up by 7.8 per cent and in rural areas by 1.2 per cent, in the six-year period till 2017-18.
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Somesh Jha
@someshjha7
Another day, another hidden NSO (earlier known as NSSO) survey, another scoop.

Consumer spending fell for the first time in more than four decades in 2017-18.

Consumer spending had last declined during extraordinary events in India's history.

mybs.in/2XAfeWt
It was mainly led by a sharp 8.8% fall in consumer spending in villages.

What is more worrying is a decline in food expenditure seen in villages & a flat growth in cities.

People drastically reduced spending on essential food items like salt, sugar, spices, edible oil, etc.
What does this data point to?

According to experts:

*Rising poverty

*Growing malnutrition

It also corroborates a shortage of demand in the economy, driven by the rural market.
Read 5 tweets
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Somesh Jha
@someshjha7
Ex-RBI dep. governor Rakesh Mohan, who was a part of Bimal Jalan committee, criticises RBI's move to transfer higher ‘excess’ surplus to government this year by compromising on risk provisions. Pegs next yr surplus transfer to reduce by Rs 20,000 cr. Read:
business-standard.com/article/econom…
Mohan further says that the NDA government's estimates of RBI's ‘excess’ reserves to the tune of Rs 3 trillion (Rs 3 lakh cr) was based on an “erroneous approach.” Last year, former finance secy Subhash Chandra Garg had written to RBI saying it had Rs 3 trillion excess reserves.
Mohan says if the revaluation reserves were to be utilised (which forms 70% of RBI's reserves), the central bank would also have to sell foreign exchange reserves at the same time.
Read 4 tweets
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Somesh Jha
@someshjha7
Hello PM @narendramodi, I will ask you some out-of-syllabus questions on jobs in this thread.

1. You had set up a committee under former Niti Aayog V-C Arvind Panagariya in 2017 to ascertain the right mix of statistics on jobs. Why haven't you made the final report public yet?
2. The Panagariya panel had said household surveys are the best for mapping jobs in India and the NSSO's latest survey will fill the statistical vacuum. Why haven't you published the NSSO periodic labour force survey 2017-18 report despite all approvals in place?
3. The NSSO report, which hasn't been published yet, showed unemployment rate at 6.1% - a 45-year high in the series. By hiding the report, do you take all the blame for rising unemployment?
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