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<ul><li>According to the International Labour Organisation’s India Wage Report, the average annual wage growth from 1993-94 to 2011-12 was 3.7%, while <keyword id="35050" type="CITY" weightage="20" keywordseo="gdp">GDP</keyword> grew at a yearly rate of 7%. </li><li>By 2011-12, the overall daily wage in India was around ₹247, while casual workers, estimated to total 62% of the total workforce, only earned ₹143 a day. </li><li>It does bear mentioning, however, that the gender wage gap has decreased from 48% in 1993-94 to 34% in 2011-12. </li></ul>When India opened up its economy in 1991, the goal of the policy was clear: to accelerate <keyword id="47276" type="PERSON" weightage="20" keywordseo="Economic-growth">economic growth</keyword>. Two decades, later, it seems that India’s financial liberalisation - which comprised a surge in foreign investment, a reduction in tariffs and deregulation- has had its intended effect on India’s GDP and then some. However, a recent <a href="https://www.ilo.org/wcmsp5/groups/public/---asia/---ro-bangkok/---sro-new_delhi/documents/publication/wcms_638305.pdf">report</a> by the International Labour Organisation shows that this growth hasn’t been inclusive, indicated by the fact that wage growth in India has significantly trailed economic growth from 1993-94 to 2011-12. Over the period in question, the average annual growth in <keyword id="6356975" type="UNKNOWN" weightage="20" keywordseo="wages">wages</keyword> was a mere 3.7% compared to the 7% average yearly growth in India’s GDP. On a cumulative basis, India’s GDP grew by four times in the last two decades, while real wages only doubled. Interestingly, most of the increase in wages came in the last 8 years. This sluggish wage growth has contributed to a rise in inequality and exacerbated the economic divide between rural and urban areas. The daily wage in urban centres in India is still double that of rural areas, indicating a lack of good-quality jobs in rural regions of the country. By 2011-12, the overall daily wage in India was around ₹247, while casual workers, estimated to total 62% of the total workforce, only earned ₹143 a day. Additionally, nearly half of India’s workforce is estimated to be employed in the agricultural sector, a sector that has consistently trailed others in terms of output growth and productivity. The report did show a few positive changes. Rural wages increased at a faster pace than urban wages. Additionally, wages for female workers also increased at a faster pace than wages for male workers. However, this is largely due to the fact that both rural wages and female wages had a low base from which to grow from. It does bear mentioning, however, that the gender wage gap has decreased from 48% in 1993-94 to 34% in 2011-12. The <keyword id="6456249" type="UNKNOWN" weightage="20" keywordseo="ilo">ILO</keyword> suggested a number of ways to reduce the level of wage inequality such as the continued revision of minimum wage laws, the improved collection of worker data by government agencies, the formalisation of the informal sector and the implementation of skilling programmes to improve labour flexibility and productivity.

India's wage growth significantly trails economic growth, says the ILO

<ul><li>The Prime Minister Economic Advisory Council seems like a divided house on the debate over India’s economic slowdown.</li><li>While Shamika Ravi and Rathin Roy have been critical of the government’s pace of response, Chairman Bibek Debroy has been more sanguine.</li><li>India’s GDP grew at a mere 5% between April and June 2019-- the slowest quarterly rate in over six years.</li></ul> India’s Prime Minister Narendra Modi is aiming to make India a $5 trillion economy by 2024 .But with every day closer to the deadline, everyone in India-- at chai thelas, smoking breaks at offices, soccer mom meetings and also social media-- is discussing an economic slowdown or <a href="https://www.businessinsider.in/markets/economy/recession-in-india-searches-spike-as-gdp-growth-hits-a-six-year-low/articleshow/70922461.cms">fearing a recession</a>. However, the PM’s Economic Advisory Council (PMEAC), some Modi’s closest advisors, are a divided lot on the question-- how deep is the problem? The vicious cycle After months of denial, the Indian government woke up to announce a slew of <a href="https://www.businessinsider.in/foreign-investors-in-india-may-get-some-relief-from-tax-surcharge-after-prime-ministers-intervention/articleshow/70561763.cms">stimulus measures </a>as well as a mega merger of <a href="https://www.businessinsider.in/indian-government-merges-ten-public-sector-banks-to-form-four-large-entities/articleshow/70910392.cms">weak state-owned banks </a>to revive the economy in the last couple of weeks. Before these steps can take effect, the country’s quarterly growth in Gross Domestic Product (GDP) hit a <a href="https://economictimes.indiatimes.com/markets/stocks/news/indias-gdp-growth-hits-over-6-year-low-heres-how-analysts-reacted/articleshow/70912164.cms">six-year low </a>of 5%. A ripple that started with a fall in consumption led to a wave of slowdown in manufacturing -- which grew an appalling 0.6% between April and June 2019-- which was already hamstrung by lack of private investment. The double shock <a href="https://www.businessinsider.in/indias-government-wants-you-to-believe-that-demonetisation-didnt-slow-down-the-economy/articleshow/67785050.cms">of demonetisation</a> and the disruptive launch of <a href="https://economictimes.indiatimes.com/news/economy/policy/gst-compliance-regime-not-yet-simple-says-cag/articleshow/70454175.cms">a new tax regime</a>, Goods and Services Tax (GST), soon after are still echoing in the Indian industry. The job losses that followed have, in turn, have curbed consumption further and the economy is caught in a vicious cycle. Here’s what some of the members of the PMEAC have to say about the economy: ‘India can’t be fixed by accountants’ Shamika Ravi, who works at research firm Brookings India, is a part-time member of PMEAC. She was very provocative in calling the government to action. This tweet, a day before the Finance Ministry announced the stimulus measures, stands testimony for the kind of urgency she called for. <div type="twitter" handle="ShamikaRavi" handlename="Shamika Ravi" image="http://pbs.twimg.com/profile_images/466900364520747008/SgCWyFu9_normal.jpeg" favoritecount="2529" retweetcount="997" status="We are faced with a structural slowdown. Urgently need to follow a #NationalGrowthStrategy with time bound goals fo… https://t.co/654ZZvkhKW" createdat="1566489495000" id="1164567466795626496"></div>

 However, she has been quick to acknowledge some of the steps taken by the government like the one on August 27 to merge 10 state-owned banks into four. <div type="twitter" handle="ShamikaRavi" handlename="Shamika Ravi" image="http://pbs.twimg.com/profile_images/466900364520747008/SgCWyFu9_normal.jpeg" favoritecount="316" retweetcount="65" status="Good move.These 12 PSBs must now actively differentiate. Currently they are all clones of each other.… https://t.co/lrsShqkiay" createdat="1567166002000" id="1167404943952625665"></div>

 ‘India is facing a silent financial crisis’ Another PMEAC member, Rathin Roy pressed the panic button earlier than Shamika Ravi but his narrative put the focus on monetary policy, and therefore the Reserve Bank of India (RBI), more than the government. “Monetary and credit policy transmission needs fixing, not further rate cuts. Using speculative foreign money for sovereign spending would raise risk without ameliorating the credit and liquidity situation,” he said in a<a href="https://www.business-standard.com/article/opinion/coherent-set-of-immediate-actions-119082500710_1.html"> column written in</a> Business Standard. Roy was advising against the government’s plan to borrow money in <a href="https://www.cnbctv18.com/finance/pmeac-member-rathin-roy-says-government-should-rethink-sovereign-bond-plan-4034401.htm">dollars abroad</a> to meet the investment needed to revive the economy. He also warned against any temporary measures to boost growth and recommended long-term changes that will reshape the Indian economy in a tweet on August 21. <div type="twitter" handle="EmergingRoy" handlename="rathin roy" image="http://pbs.twimg.com/profile_images/1092282710817673217/Oq50ePfp_normal.jpg" favoritecount="53" retweetcount="25" status="Muddled macro: asserting slowdown cyclical then arguing for sector, admin reforms, relative price distortion fixes… https://t.co/IsAHnqvOZg" createdat="1566356687000" id="1164010430257176576"></div>

 Yet, two days later, the Modi government’s stimulus measures were accompanied by a narrative from the Finance Minister that largely blamed global factors and a temporary cash crunch in the country’s shadow banks for the current crisis. The reality is Indians have cut back on everything from air tickets to cars to even essential items of daily use like <a href="https://www.businessinsider.in/indian-villagers-are-not-buying-clothes-and-cutting-back-on-hair-oil/articleshow/70856804.cms">biscuits and clothes</a>. But Roy and Ravi’s senior colleague Bibek Debroy chose to measure his words. ‘Spreading gloom and doom message is disservice’ Debory, the chairman of the PMEAC, however released a statement last week right after growth numbers were released, allaying the fears and ‘negativity’ spreading fast. He said that several reform measures introduced by the government are meant to address precisely this question, both cyclical and structural aspects. “When economists list out structural constraints, they often mention factor markets, which are in the State List or the Concurrent List. Alternatively, they concern the legislature or the judiciary. Therefore, because these reforms are complicated areas, reforms will happen incrementally, not overnight,” said a press release by the government. Debroy said that that those who seek to spread a message of gloom and doom are doing a great disservice. “The council does not endorse such views,” he said in the release. SEE ALSO <a href="https://www.businessinsider.in/indian-villagers-are-not-buying-clothes-and-cutting-back-on-hair-oil/articleshow/70856804.cms">After biscuits, Indian villagers are cutting down on clothes and hair oil too</a> <a href="https://www.businessinsider.in/markets/economy/recession-in-india-searches-spike-as-gdp-growth-hits-a-six-year-low/articleshow/70922461.cms">Indians were fearing recession even before data showed that GDP growth hit a six-year low</a>

Here’s what Narendra Modi’s closest advisors have been saying about economic slowdown

Globally renowned economist <keyword id="6358908" type="PERSON" weightage="20" keywordseo="raghuram-rajan">Raghuram Rajan</keyword>’s latest lecture at the Brown University is being used by the opposition in India to slam the government for its majoritarian approach while the supporters of the Narendra Modi administration are trolling the former governor of the <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI) for an alleged political attack on the government. The fact of the matter is Rajan pointed out both the flaws and positives of the Modi regime in India and shared some ideas on how the currently sagging economy can be revived and put back on a high-growth path. “Let us not dismiss some of the good things that the Modi government did…. Consumption growth supported by borrowings and transfers as well as the household measures like the free cooking gas, really gave the people a sense that they were better off; despite the fact, unlike NDA-I, there were few deep reforms that liberalised growth and markets,” Rajan said in his lecture on October 12. “But what the Modi administration did in economic performance, it is not sustainable. And therefore, unless it changes we’re going to have problems down the line,” he added. So what is it that the government can do to improve India’s economic growth. Here’s Rajan’s “wishlist”, as he called them, in his own words. <ol><li>We need to further move to de-politicise appointments of leadership at democractic institutions and reduce interference/intervention in their functioning. There is no more important institution than the Supreme Court but also investigative agencies like the CBI, CAG, CVC, CIC including the vice chancellors of different universities.Universities are an important source of independent ideas and to politicise appointments there is to reduce the flow of ideas to what is more politically convenient. </li><li>There is a need to go back to the path devolving funding from the Centre to the states but also from the states to the local bodies. The states have also been remiss in pushing funding to the local bodies. It is important that we not only devolve funding but also devolve powers. It will allow the people to hold the government accountable. The more localised it is, the more we can see what the government is doing and can object. Local police paid by local funds will be much more sensitive to local needs than for example the local police that is employed by the state and responds to commands from the state capital rather than the locals. </li><li>There is no point in offering more stimulus in the economy if the stressed sectors-- real estate, construction, banking, non-banking financial firms-- hold back any possible economic growth. There is a need, in such stress situations, for the government to come in through the regulator, look through the balance sheets of these companies, figure out which ones can be saved and which one cannot be, and figure out a way for the ones that cannot be saved to be put them in some form of receivership so that they don’t serve as an overhang in the market. This is the classic game plan for distressed situations even if it involves private sector firms so long as these can be systemic. Given that non-banking financial firms are 17% of the economy, you can’t avoid doing this. If you keep avoiding it, eventually the problems will spread more widely. Unless the government is completely sure that each one of these stressed companies is isolated from the rest of the system, it is extremely important that you do that ‘search and rescue’. Providing <keyword id="6355375" type="DEFINITION" weightage="20" keywordseo="Liquidity">liquidity</keyword> is not enough. Release the stressed assets, like unsold apartments for example, into the market at a reasonable pace. Some of the decisions are going to be arbitrary, some of them are going to be the source for future governments to accuse you of shenanigans and investigate the process and send the CBI etc after you. But this is governance, and it is about taking hard decisions. You can make it as transparent as you can. </li><li>Improve the functioning of the factor markets -- land, labour, finance, regulations. India has workers who you can hire and fire at any time -- they have no rights whatsoever -- and those permanent labour who have all the rights and you can’t fire them. We have both those and nothing in the middle. India would be better off if it would ‘grandfather’ those guys who have permanent jobs, but find a way to move the guys with temporary jobs, contractual jobs to more security by giving them multi-year contracts and building up their stake in the firm by, for example, increasing severance pay over time. There are things you can do to improve labour markets even while adding more flexibility-- things that would improve job security. Not everyone will have a permanent job but it would give people much better than what they have today, which is really contractual uncertainty. One of the biggest stumbling blocks in India is acquiring land. We are a democracy and we need to acquire it in a fair way, which gives the person who sells the land substantial revenues in the future e.g. land sharing agreements. Take 5 acres, develop all 5 and give back 2 acres to the farmer or whoever you have taken it from. Many of these work but we need to find the best practices here and not get stuck in an equilibrium where we can’t buy the land-- the land that the farmer actually wants to sell. But we can’t buy it because we can’t agree on a price that is reasonable and not subject to political intervention later. </li><li>Prune some regulations while improving others. There are some areas where we are under regulated. If you see the way houses are built in hill stations, we will know that whatever zoning laws we have don’t seem to function there. </li><li>Reduce the public sector presence. Part of the reason why governments in India have so much power is because they control financing. 70% of the banking system is in the hands of the government, there are also a number of state-owned companies, the Life Insurance Corporation is under the thumb of the government. When you have so many ways to favour some and dis-favouring others, it is a temptation for any government. It is a source which can affect people’s actions.We need to reduce this as it will make India far more democratic and also far more amenable to growth. </li><li>Keep tariffs relatively low, keep them relatively predictable, that will bring more foreign direct investment. We need to focus on making India more export competitive but we can focus not just on manufacturing but non-traditional exports like education. Improving our educational institutions and getting students from the rest of the world would be a way of exporting. Similarly, healthcare. We can provide doctors to the rest of the world. Why not export Indian services by getting patients to come to India. That means make their experience much easier. Tourism is, of course, a big service factor. Even for manufacturing exports, we need a more transparent, institutionalised process for changing regulations and tariffs on investors. Today, it’s on a whim and can be changed overnight. This was a complaint that Amazon and Walmart had. They thought they were buying into a particular regime and started investing on that basis and the rules changed on them overnight. We need a more transparent process for this. If we move towards a government with more checks and balances and a more market-driven economy, not only will the private sector become more efficient and independent, it will become a more of a check on the government, like in this country (US). I am not saying that the private sector in this country (US) is perfect. I am just saying, in industrial countries there is a power that is independent of the government, that is the private sector and that is a good thing. Without stronger growth, distributive policies, which have been quite effective, will overwhelm revenues, driving the economy into a hard corner. </li><li>Ignore fiscal deficit at your own peril. There is sometimes a sense in India that fiscal deficit doesn’t matter-- let’s spend more. That would be disastrous. One of the things that India has done well over the last few decades has been to run a reasonably tight ship. There have been populist pressures but we have reversed them in times of trouble. For example, the efforts taken in 2012 to reduce spending and deficits protected the Indian economy during the ‘taper tantrum’ by the US in 2013.</li></ol>SEE ALSO: <a href="https://www.businessinsider.in/narendra-modi-pmeac-comments-on-indias-economic-slowdown/articleshow/70954078.cms" data-type="tilCustomLink" target="_blank">Here’s what Narendra Modi’s closest advisors have been saying about economic slowdown</a>

Raghuram Rajan’s recipe to revive India's economic growth

After an underwhelming 2017-18, where <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>’s <keyword id="47276" type="PERSON" weightage="20" keywordseo="Economic-growth">economic growth</keyword> was pegged at 6.6%, the current fiscal year was supposed to mark a recovery of sorts. The negative effects of demonetisation and the implementation GST were supposed to wear off, rural demand and private investment were set to increase and structural reforms to improve India’s financial sector and formalise the economy were supposed to kick in. Keeping this in mind, in November 2017, Moody’s, a credit ratings agency, forecast a growth rate <a href="https://www.moodys.com/research/Moodys-upgrades-Indias-government-bond-rating-to-Baa2-from-Baa3--PR_374998">of 7.5% </a>for India in 2018-19. At the time, it said it would downgrade its rating if “external vulnerabilities increased sharply”, or if the government’s fiscal strength or the health of the banking system declined further. And this is exactly what happened. As a part of it’s Global Macro Outlook report for 2018-19, Moody’s downgraded its estimate for India’s <keyword id="35050" type="CITY" weightage="20" keywordseo="gdp">GDP</keyword> growth <a href="https://www.moodys.com/research/Moodys-Global-growth-acceleration-limited-by-tighter-credit-conditions-downside--PR_384451">to 7.3%</a>. In fact, it lowered the growth estimates for a number of emerging markets such as Turkey and Argentina citing “rising borrowing costs” and “tighter conditions”. It all starts with <keyword id="6359072" type="UNKNOWN" weightage="20" keywordseo="oil">oil</keyword> Moody’s downgrade for India comes largely on the back of the rise in global oil prices, an “external vulnerability” which has significantly increased the government’s import bills, hurt the rupee and by effect, widened the government’s current account deficit. It has also increased inflation, which will affect consumption. The government’s heavier financial burden will lead to lower spending on priority areas like infrastructure and the continued recapitalisation of India’s state-owned banks. The bad loan problem at India’s banks only seems to be getting worse, as total non-performing assets across the sector rose by a fifth to <a href="https://www.businesstoday.in/sectors/banks/bank-npas-bad-loans-public-sector-banks-psb-losses/story/278127.html">nearly ₹10.2 trillion </a>at the end of March. As a result, the slowdown in corporate lending is bound to continue. And the government doesn’t really have the financial leeway to counter this with a stimulus programme. What this ratings downgrade means Macroeconomic forecasts and ratings from accredited ratings agencies like Moody’s and S&amp;P function as important signposts for investors, institutional and private, and companies looking to enter a country. They help investors assess risk effectively and provide an objective assessment of a country’s prospects. This is especially important for emerging markets where statistics and forecasts by domestic agencies and government ministries can be biased or even, inaccurate. A positive outlook can lead to greater investment and business confidence, while a negative rating or downgrade can cause panic among foreign investors, leading to an exodus of funds, and dissuade companies from expanding their operations and hiring more people. This is actually what we’re already seeing in India. The net outflow of foreign funds from India is expected to have crossed <a href="https://www.businessinsider.in/foreign-investors-are-losing-confidence-in-indias-short-term-growth-prospects/articleshow/64353048.cms">₹271.1 billion this month</a>, the highest in 18 months. The ratings downgrade will dampen investor confidence in India further. Moody’s did, however, leave India’s growth forecast for fiscal 2019 unchanged for the time being at 7.5%, indicating that India’s troubles could primarily be short-term in nature provided the government works to mitigate their impact and continue with its reforms.

India’s GDP growth forecast just got downgraded by Moody’s. Here’s why that matters

New Delhi, Mar 26 () Coronavirus will impact India's economic growth "severely", as the COVID-19 lockdown is causing significant disruption across multiple sectors, including manufacturing, oil, financial, among others, says a report. According to Dun &amp; Bradstreet's latest Economy Forecast, the probability of countries entering into recession and companies going bankrupt has increased and India is not likely to "remain decoupled" from the global meltdown. "As lockdowns are imposed in other global manufacturing hubs, besides China, the extent of impairment to global supply chain and global growth is likely to increase," said Arun Singh, Chief Economist Dun &amp; Bradstreet India. On India's economic growth, Singh said, "given the 21-day lockdown in India, India's GDP growth is expected to moderate further from our earlier estimate of 5 per cent for FY20. And growth for FY21 remained highly uncertain." As per the report, lockdowns and restrictions on commercial activities and people gatherings are likely to strongly impact global and domestic growth from March 2020 onwards. Dun &amp; Bradstreet expects the Index of Industrial Production (IIP) to remain subdued by 4-4.5 per cent during February 2020. Singh further said accurate quantitative estimation of economic growth will vary and has a high probability of being revised as the severity and prevalence of the outbreak remains uncertain. On the price scenario, slowdown in demand and production activities, a sharp fall in the global price of crude oil, and price decreases in other major commodities such as energy, base metals and fertilizers among others are expected to exert downward pressure on inflation. D&amp;B expects the CPI inflation to remain in the range of 6.5-6.7 per cent and WPI inflation in the range of 2.35-2.5 per cent during March 2020. In order to deal with the unprecedented situation, many countries have rushed to announce fiscal and monetary stimulus measures to recover some ground and "India is likely to follow soon", Singh said. Experts believe, the Reserve Bank of India may go for a rate cut before the next scheduled policy review on April 3. DRR ANUANU

Coronavirus to impact India's economic growth "severely": D&B

<ul><li>Among the group of top 10 economies, the most positive prospects in terms of international trade are related to India, said an S&amp;P report. </li><li>It also said that the country does not seem to be impacted by the global economic slowdown to a large extent.</li></ul>New Delhi [India], November 18 (ANI): Among the group of top 10 economies, the most positive prospects in terms of international trade are related to India and the country does not seem to be impacted by the global economic slowdown to a large extent, S&amp;P Global Market Intelligence said in its latest Global Trade Monitor report. The top 10 economies by GDP in 202, according to the report, include the US, EU27, mainland China, Japan, the UK, India, Brazil, South Korea, Canada, and Russia. These countries are responsible for approximately four-fifths of the world GDP and three-quarters of global exports, with most trade carried out within the group. The section in the report on expectations for international trade in the next months said the global economic slowdown now is more and more visible. Monthly historical data clearly shows that in the top 10 economies exports are primarily impacted slowing down in the majority of economies within the group. "The picture is slightly more optimistic for imports, yet the situation is expected to deteriorate in the forthcoming months for both exports and imports, which is reflected in the most recent PMI NExO readouts," the report said. The consequences of the global economic slowdown are not that apparent in the monthly data for 2022 as in the first three quarters of the year, the dynamics of exports and imports were relatively strong in the top 10 economies. "This should translate in still positive growth in 2022 from the yearly perspective, yet in 2023 global trade contraction may be expected. GTAS Forecasting expects trade recovery to start in 2024, returning to the long-term stable growth path," it added. On economic growth, the report said the months ahead will likely bring recessions in Europe, the US, Canada, and parts of Latin America. With moderate growth in Asia Pacific, the Middle East, and Africa, the world economy can avoid a downturn, but growth will be minimal. Global real GDP growth is projected to slow from 5.9 per cent in 2021 to 2.8 per cent current year and 1.4 per cent in 2023. Notably, S&amp;P Global Market Intelligence revised down the 2023 growth rate 0.6 percentage point from the last month's forecast. (ANI)

India has the best international trade prospects among top 10 economies: S&P

Getting 1.3 billion people to live in harmony, not only with each other, but with the rest of the world is no mean feat. <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> is no stranger to conflict - internal or external. Last summer, the country experienced a significant military standoff with its neighbour China for three months, over the latter’s construction of a road in Doklam, an area that is a disputed territory of Bhutan. Domestically, the tenuous political situation in the state of Kashmir showed no signs of letting up last year, while protests, riots and communal <keyword id="6355987" type="UNKNOWN" weightage="20" keywordseo="Violence">violence</keyword> in other parts of the country also continued. In fact, <a href="https://www.firstpost.com/india/india-witnessed-822-communal-incidents-in-2017-says-centre-111-killed-2384-injured-in-violence-4338217.html">around 822 incidents</a> of communal violence reportedly took place in India last year, according to Hansraj Ahir, the Union Minister of State for Home. Huge economic cost This violence represents a significant cost to India’s <keyword id="47276" type="PERSON" weightage="20" keywordseo="Economic-growth">economic growth</keyword>. According to the Institute for Economics and Peace, an international think tank, violence cost the country <a href="http://visionofhumanity.org/app/uploads/2018/06/Global-Peace-Index-2018-2.pdf">nearly $1.2 trillion</a> (₹80.1 trillion) in constant exchange rates, or 9% of its GDP in 2017. This equates to roughly ₹40,000 for every person in India. The report measures the cost of violence not only in terms of the direct expenditure on military conflict and security, but also the costs of mitigating and dealing with the consequences of violence. It also takes into account the economic multiplier effect, or the incremental economic activity, that was lost as a result of the violence. India did, however, move up one place to 136 on the <keyword id="167042" type="PERSON" weightage="20" keywordseo="global-peace-index">Global Peace Index</keyword>, a ranking of 163 countries owing to lower military purchases and a slight improvement in violent crime statistics. At the bottom of the list was war-torn <keyword id="6354913" type="UNKNOWN" weightage="20" keywordseo="syria">Syria</keyword>, which lost a staggering of 68% of its GDP, or $42 billion, last year due to violence. Iceland took the top spot in the index, losing only $830 million due to violence. The Middle East and North Africa (MENA) region continued to be the world’s least peaceful geographic region, hosting 4 of the world’s 10 most violent countries. South Asia proved to be the world’s second least peaceful region, amid ongoing conflicts in Pakistan and Afghanistan - which lost 13% and 63% of their GDP, respectively, in 2017. The overall cost of violence in the world has risen 16% since 2012, when Syria’s civil war started, reaching $14.76 trillion last year. This is equivalent to 12.4% of the world’s GDP. Finally, the report showed how much it pays to be at peace. Since 1948, countries that rank high on the Global Peace Index have seen per capita GDP grow thrice as fast when compared to less peaceful ones.

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India's wage growth significantly trails economic growth, says the ILO

Dilsher Dhillon

Here’s what Narendra Modi’s closest advisors have been saying about economic slowdown

Katya Naidu

Raghuram Rajan’s recipe to revive India's economic growth

Sriram Iyer

India’s GDP growth forecast just got downgraded by Moody’s. Here’s why that matters

Dilsher Dhillon

Coronavirus to impact India's economic growth "severely": D&B

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India has the best international trade prospects among top 10 economies: S&P

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India lost around 9% of its GDP last year due to violence: Report

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