The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
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Kumar: India's Real GDP Growth Is 1.5% to 2%, Not 7%
“So, 55% of the production from the organized sector may be rising at seven percent. That gives you 3.75% rate of growth. But the 45%, which is from the unorganized sector that is declining at five percent, that gives you -2.25. So your real rate of growth is n…”
Kumar: India's actual post-demonetization GDP growth is only 1.5% to 2%
“So our rate of growth is not six, seven percent as the government would like us to believe, but since demonetization, the average may be two percent or one and a half percent or something thereabouts, huh?”
Kumar: India is actually the world's ninth largest economy, not the fifth
“Second is that because we are growing only at about two percent, not at six and a half, seven percent, we're about 42% less than the So instead of being about a 3.8 trillion dollar, we are probably only about 2.5 trillion. So in other words, we are still the n…”
Kumar: India's True GDP Is Around $2.5 Trillion, Not $3.6 Trillion
“So I think we are probably at still 2.5 trillion dollars because in the last eight years since demonetization from 2016, we have not been growing at an average of six and a half, seven percent, but more like one or two.”
Kumar: Indian Conglomerates Grow via Acquisitions, Not Innovation
“Indian chai balls have grown by acquisition, not by developing technology. Neither Tata's have developed technology, nor Adani's, nor Ambani's. Et cetera. They've imported technology and on the basis of imported technology, they've done it.”
Kumar: India Accidentally Produces Elite Graduates While Failing 95%
“We accidentally produce 20, 30,000 world class people because they are excellent. They'll do well no matter what. Even poor decrepit education system will still produce these people. But what about the 95%? They're not at that level.”
Kumar: 90% of e-Shram registered workers earn under 10,000 rupees monthly
“So, 90% of those who are registered, they are saying that we are earning less than 10,000 rupees per month, right?”
Kumar: Purchasing power parity misrepresents poverty rates for developing economies
“For the middle class and the upper middle class who have made servants and so on, their rupee is more valuable than the dollar in terms of purchasing power parity as compared to nominal, right? But for the poor people, it's a double geo parity because they are…”
Prof. Arun Kumar: India's black economy undermines 97% of the population
“So this black economy, you know, is causing stress to them because whatever work they have to do, they have to pay a bribe. So their formal income that they're getting is not reflective of their standard of living. So this black economy undermines the 97%. Thr…”
Kumar: India's record forex reserves are dangerously built on debt, not trade
“Next, you said that the debt, the India's foreign exchange reserves are at a high, but that is built on capital flows. That is not built on our trade and current account surpluses. So that means it's built on debt.”
Kumar: India's free trade agreements widen its trade deficit
“Now, whenever we have gone in for free trade agreements, you know, say like with South Korea, with the Southeast Asian countries, Australia, we've lost out. Because they have been able to increase, use that free trade agreement to send their exports. We are no…”
Kumar: India's public sector never exceeded 27% of GDP at peak
“So in India, even at its peak, the public sector is not contributing more than 27% of the GDP. 73% was all private sector. So India has been a capitalist country all through, but with a welfare component, you know.”
Prof. Arun Kumar: India's tax-to-GDP ratio is among the world's lowest at 17%
“So our tax GDP ratio is one of the lowest in the world at 17%. Our direct tax GDP ratio is also one of the lowest in the world at about six and a half percent.”
Prof. Arun Kumar: Indian states receive only 30-35% of central taxes despite 41% mandate
“And of that, 41% is supposed to go to the states as per the finance commission and so on, right? But the way the center collects the CES and the other things, only 30% is going to the, or 35% is going to the states, right?”
Kumar: India's Organized Sector Employment Share Has Stagnated at 6% Since 1990
“So, we had six percent in the organized sector in 1996% today. That means in spite of massive investment in the organized sector, no additional percentage has gone into that area.”
Kumar: 40% of Indian Teens Cannot Do Second-Grade Math or Reading
“Recently, the ACER report, which came out five months back, showed that the age group of 14 to 18. This is different from that earlier part. But age group of 14 to 18, 40% cannot do second class reading, writing, and maths.”
Kumar: India Unlikely to Achieve Growth Needed for $5T Target
“Assuming that the data is correct, that the Indian government is putting out, we will need at least a nine percent rate of growth if in the next three years we are to reach the third largest economy, that five trillion dollar goal. And we've had only six and a…”
Kumar: India Will Miss $14,000 Per Capita Developed Goal by 2047
“Similarly, if by 2047, we have to become a developed economy, we have reached 14,000 dollars per capita. From where we are, that would require 11 and a half percent rate of growth for the next 25 years. Now, hardly any economy has achieved over 25 years, 11 an…”
Kumar: 280 Million Indians Lack Proper Employment
“So in our report, we estimated that these four kinds of unemployment mean two eighty million Indian don't have a proper job. Only three twenty million Indians have a proper job out of six hundred million.”
Kumar: Indian Real Wages Stagnated While Corporate Profits Rose
“So even though wages have risen, but in the last 10 years, the real wages have not risen because there's been inflation also. So you have on the one hand, wages not rising. On the other hand, the corporate sector profits and the organized sector profits, they …”
Kumar: Without the Black Economy, India's GDP Would Be $26 Trillion
“So I've shown in a paper in 2005, That because of the low investment productivity, because you are doing this digging holes and filling holes, the low investment productivity means India has been losing five percent rate of growth since the mid seventies when …”
Kumar: 95% of India's GST Revenue Comes From Organized Sector
“That will not reduce your tax collection because 95% of the tax is collected from the organized sector. Only five percent is collected from others. And Jaitley famously said five percent units pay 95% of the tax. 95% pay only five percent of the tax.”
Kumar: 10% to 12% of India's High-Net-Worth Individuals Left
“Between 2014 and 2019 23,000 left the country. In 2019 another seven and a half thousand left. We don't have the data in between, but in 2022 it was reported another 7000 left the country. So out of the two lakh 50,000 high net worth individuals, 10 12% are le…”
Kumar: Most Indian Academic Research and PhDs Lack Original Work
“Most of the publications in India are, you know, of that nature. They take something from here, something from there, add it up and publish a paper, but that's not original work. So large number of PhDs, large number of MPHs, large number of papers that are pu…”
Kumar: India's New Education Policy Is a Confused Disaster
“And the new education policy is another disaster along these lines, because it's a very confused, I mean, it has very nice words. It has very nice thing, but if you look at the totality of it, the thought that should be there to develop education system is in …”
Kumar: India's black economy is concentrated in the top 3%
“Now, the black economy is concentrated in the hands of the well-off segments, the top three percent, right?”
Kumar: China spends 22 times more on R&D than India
“They spend today three percent of GDP on R and D. We spend .6%.65%. They are five times bigger. So they're spending 22 time more on R and D than India's doing.”
Kumar: 40% of Indian teenagers lack second-grade reading and math skills
“The Acer reports, they show that 40% in the age group of 14 to 18 are not able to do second class reading, writing, and maths.”
Kumar: Micro Enterprises Account for 97.5% of Indian MSME Employment
“So these sixty million micro units employ 97.5% of the MSME employment. And we are killing the micro sector only.”
Kumar: Indian Micro Units Averaging 1.7 Workers Cannot Be Formalized
“So instead of trying to convert unorganized into organized, which is not going to happen, a per, a unit, micro unit employing, 1.7 will not become organized. It's just not possible that they can do banking and EPFO and various other things.”
Kumar: China Spends 20 Times More on R&D Than India
“Their per capita income and their GDP are now five times India's, you know, and they become competitors with the USA because they're spending three percent of GDP on R&D. India spending only .7%. So in other words, China spending 20 times more on R&D than Indi…”
Kumar: India Has Never Crossed 3.8% GDP on Public Education
“We've never as a nation crossed 3.8% on public education. So that's very low compared to what we need to spend. Similarly on health, we should spend three percent of GDP on public health. We've never crossed 1.3% on public health.”
Kumar: Only 1.1% of India's Population Are Effective Income Taxpayers
“For instance, if you look at the income tax data, then you have nine crore people filing a return. But five crore of filing almost nil return. That means that income is below the taxable. And as the prime minister said in his 15th August speech two years back,…”
Kumar: 94% on India's e-Shram Portal Earn Under ₹10,000 Monthly
“And on the eShrum portal, three hundred million, that's 30 crore have registered. And 94% of them say that they're earning less than 10,000 rupees per month.”
Kumar: 2017 Survey Shows Indian Agriculturists Earned Just ₹27 Daily
“So the 2017, 18 survey showed that from agriculture, an average agriculturist gets only 27 rupees per person per day.”
Kumar: ILO Report Finds 88% of India's Unemployed Are Educated Youth
“So the recent ILO report showed that maximum unemployment is among the educated youth. 88% of the unemployed are educated youth.”
Kumar: World Bank and IMF Inherit Flawed Government Economic Data
“IMF, World Bank, ADB are not data collecting agencies. They take the government data And then they give their figures. They will add a little, subtract a little, but their figures are close to the government figures. So because the errors are there in the gove…”
Kumar: 47 People Linked to the Vyapam Scam Died Mysteriously
“And 47 people associated with the weapon scam died mysteriously.”
Kumar: India's unorganized sector accounts for 94% of total employment
“Unorganized sector, 94% of the total employment.”
Prof. Arun Kumar: India has third most billionaires despite 140th per capita rank
“So we have the third largest number of billionaires, even though in per capita terms, we are at one 40th place.”
Kumar: India's Quarterly Growth Fell From 8% to 3.1% Pre-Pandemic
“In 2017, 18, quarter four, the rate of growth was eight percent. It dropped to 3.1% in 2019, 20, quarter four, just before the pandemic.”
Kumar: Micro Enterprises Comprise 99% of Indian MSME Units
“Now of the MSME sector, the micro, small and medium sector, the micro sector is 99% of the units and 97.5% of the employment.”
Kumar: India's Labor Force Participation Is 20% Below US and China
“In America, in China, in Brazil, you know, about 65 to 70% of those in the relevant age group are in the labor force. In India, as per ILO definition, only about 45, 47% are there. So we have 20% less people in the labor force as compared to these other countr…”