In India’s polls, which start on Thursday and go on for more than five weeks, 900 million voters will decide on whether to give Prime Minister Narendra Modi a second term. Opposition leader Rahul Gandhi’s Congress Party is trying to undercut Modi’s appeal by promising 72,000 rupees ($1,038) a year to
1 / 2 -- Alexandria Ocasio-Cortez and Andrew Yang might not even be aware of it, but the controversial economic ideas espoused by the two young U.S. politicians are being tested in a national election thousands of miles away.
New York Representative Ocasio-Cortez’s call for a jobs guarantee, the most ambitious part of her Green New Deal, also finds an echo in India, where unemployment and rural distress are central election issues. The Congress Party’s manifesto vows to fill 3.4 million public sector jobs and bolster a taxpayer-funded rural employment program to 150 days of assured work. That would be up from 100 days at present .
Even assuming that the government recouped some of the cost by taxing increased sales of goods and services and higher corporate profit, it would have to curb other subsidies and expenditure. Borrowing more isn’t an option for India. Without a surge in household financial savings, which have ranged between 9 percent and 11 percent of GDP in recent years, having a public sector that eats up more than 8 percent of GDP would place a very heavy burden on the private sector.
However, in the 1990s, New Delhi began to slash import duties and relax license restrictions. The price of imported machines dropped. Workers were still cheap, but as globalization gathered pace, they became three to four times more expensive to hire relative to capital goods in 2010 than they were in 2000, according to University of Manchester economist Kunal Sen. This discouraged labor-heavy businesses and encouraged more capital-intensive enterprises.
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