Consumption is 60 % of GDP, and poverty is defined in terms of per capita consumption. By Surjit Bhalla and Karan Bhasin
Today is National Statistics Day and there is a reasonable chance that the NSSO Consumer Expenditure Survey report for agricultural year (July-June) 2017-18 will be released over the next couple of weeks. Based on our analysis of existing trends in consumer expenditure and consumer prices, we predict that this will (should) unleash seismic changes in the way Indians (obviously including the Indian government) think about absolute poverty and its alleviation, macro growth policies and micro (especially agriculture) policy.
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