Articles by Subhanil Chowdhury

One of the striking features of the Indian economy in recent years has been a sharp rise in the share of the trade deficit in the gross domestic product. While the period of high GDP growth was characterised by an even faster widening of the trade deficit, the subsequent slowdown has not reduced the deficit proportionately. The widening of the trade deficit in GDP has been primarily due to a similar rise in the import-GDP ratio. One of the main reasons for the rise in the import-GDP ratio, and the persistence of a high trade deficit is rising inequality in the economy.

The fiscal picture in West Bengal is characterised by a high debt-gross state domestic product ratio (the second highest in the country among the non-special category states) and a low own tax revenue-GSDP ratio (the lowest in the country). This paper attempts to understand the reasons for these twin features which underlie the fiscal stress in the state.

The 66th round National Sample Survey Organisation data (2009-10) on the employment situation paints a grim picture of a limited creation of jobs between 2004-05 and 2009-10, widespread withdrawal from the labour force (especially by women) and slow growth of employment in the non-agricultural sector. The shift to education among the youth is a positive development but does not by itself explain the decline of the labour force participation rate.