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      "body": "Congratulations @paramdubey! You received a personal award!\n\n<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@paramdubey/birthday2.png</td><td>Happy Steem Birthday! - You are on the Steem blockchain for 2 years!</td></tr></table>\n\n<sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@paramdubey) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=paramdubey)_</sub>\n\n\n**Do not miss the last post from @steemitboard:**\n<table><tr><td><a href=\"https://steemit.com/steemitboard/@steemitboard/downvote-challenge-add-up-to-3-funny-badges-to-your-board\"><img src=\"https://steemitimages.com/64x128/https://steemitimages.com/0x0/![](https://cdn.steemitimages.com/DQmUuJkZdnSpHVWssxF82ntymqXg4Pvk6K6bYvckUYVRsnj/image.png)\"></a></td><td><a href=\"https://steemit.com/steemitboard/@steemitboard/downvote-challenge-add-up-to-3-funny-badges-to-your-board\">Downvote challenge - Add up to 3 funny badges to your board</a></td></tr></table>\n\n###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes!",
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      "author": "cheetah",
      "body": "Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:\nhttps://blogs.timesofindia.indiatimes.com/Swaminomics/economy-its-not-a-thumbs-up-but-a-bottoms-down/",
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      "body": "fter falling for five successive quarters GDP growth in July to September was 6.3% up from 5.7%in the previous quarter. Many cheered this as an economic turnaround. I am amused that people now get excited about just 6.3%. How our standards have fallen!\n\nThe economy is probably bottoming out. But it is a very low bottom, the great recession of 2008-09 hammered the Indian economy but it bottomed out at 6.9%. we are below the bottom today. Optimists may say “thumbs up”, but a more accurate reaction may be “bottoms down”.\n\nThe latest data is provisional, based mainly on coverage of large companies. Hence the revised figures are likely to be even lower. however, 2018 should be better then 2017, recovering from a low base and being free from the twin disruptions of 2017.\n\nLook beyond short term ups and downs. what are India’s prospects in next five to ten years? Blurred at best. India averaged 8% growth in the 2000s. This was spurred by very buoyant global conditions, plus Indian creation of world-class sectors with rapid export growth. neither factor can be relied on in the next decades.\n\nThe economy is probably bottoming out. But it is a very low bottom. The great recession of 2008-09 hammered the Indian economy but it bottomed out at 6.9%. we are below the bottom today. Optimists may say “thumbs up”, but a more accurate reaction may be “bottoms down”.\n\nThe latest data is provisional, based mainly on coverage of large companies. Hence the revised figures are likely to be even lower. however ,2018 should be better then 2017, Look beyond short term ups and downs. What are India’s prospects in next five to ten years? Blurred at best.\n\nIndia averaged 8%growth in the 2000s. This was spurred by buoyant global conditions, plus Indian creation of world-class sector with rapid export growth. Neither factor can be relied on in next decade. China, the global locomotive of 2000s, is now an upper-middle-income country whose growth rate has halved. It no longer pulls along the world economy at the same speed the big mega trend invisible to most readers is a sharp fall of productivity guru Robert Garden argues that good old days of rising productivity in the 20th century are over. He argues that electricity and the internal combustion engine truly revolutionised productivity for 150 years but became spent force after 1970. Since than no new innovations not even the internet has raised productivity enough to compensate for the end of the 150year bonanza. GDP growth is simply the sum of productivity growth and population growth.\n\nThe impact of productivity slowdown on developing countries like India will be less than in countries at the cutting edge of technology. Our working-age population is growing, and our productivity is still so abysmal in many sectors that we can reap large gains by simply catching up with the west. This is indeed happened in the roaring 2000s. At least three sectors -information technology, autos and pharmaceuticals soared and became world class.\n\nAlas, India created no new star sectors in the 2010s.IT exports that once grew by 30% per year barely manage single digit growth. Stiff competition and pricing pressure have shaken pharma exports. auto export had slowed but are still doing well from a higher base. One sector that soared in the 2010s was buffalo meat but has been dealt a blow by guarachas.\n\nNo other star is in sight startups are booming and attracting billions in foreign investment. but essentially in the domestic services sector. they will improve productivity there but do not look like revolutionising exports. That really matters. No country has ever become a miracle economy with 7-8% growth without export growth of 15-20 %. Indian exports have not regained their 2013 level. India’s cost of lands, labour capital and electricity are now higher than in competing countries like Bangladesh and Vietnam. Many popular initiatives (the land acquisition law, MNREGA, rural power subsidies) have increased these costs for industries and no political party wants to reverse them.\n\nProductivity would have to rise fast to compensate. the low hanging fruit has been eaten in the 2000s. Increasing productivity will now require a hard slog. It means hugely improving quality of all government services from the police and courts to education and health. It means far better infrastructure and logistics much cleaner politics and business much greater ease of doing business lower interest rates abolishing high rails freight rates that subsidise passengers a strategy that implicitly taxes exports reducing electricity costs for industry by slashing cross-subsidies to farmers and urban households and major reforms in the market for land, labour and capital. These are not on the horizon.",
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