In this period of supposedly high GDP growth, real wages barely increased at all. Between 2014-15 and 2021-22, the growth rate of real wages was below 1% per year for all workers and only 0.3% per year for non-agricultural workers. For construction workers, wages deflated by the general consumer price index actually declined over this period. If the domestic mass market remains subdued because of low employment-generation and stagnant real wages, private businessmen are not inspired to invest. The tall claim of doubling farmers’ incomes was repeatedly delayed: it has now disappeared from the official discourse.

Source: The Telegraph February 02, 2024 01:41 UTC