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IndiGo slips over 3% after cofounder Rakesh Gangwal resigns from board, says will reduce stake

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Gangwal said that his "intention is to gradually reduce stake in InterGlobe over the next five plus years"

IndiGo slips over 3% after cofounder Rakesh Gangwal resigns from board, says  will reduce stake

IndiGo parent InterGlobe Aviation share price slipped 3.5 percent to Rs 2,044.25 after cofounder and  non-executive non-independent director tendered his resignation from the board on Friday with immediate effect.

In a letter to the board, Rakesh Gangwal said that his "intention is to gradually reduce stake in InterGlobe over the next five plus years".

"I have been a long-term shareholder for more than 15 years and it's only natural to some day think about diversifying one's holdings," Gangwal added in his letter.

Read the full text of Rakesh Gangwal on his resignation from IndiGo board

Earlier this month, InterGlobe reported a surprise profit of Rs 129.79 crore in the December quarter for the first time after posting losses for seven consecutive quarters. The profit was buoyed by higher revenue and yields. 

IndiGo had reported a loss of Rs 621.80 crore in the corresponding quarter of the previous fiscal.

Net revenue increased 89 percent to Rs 9,294.77 crore from Rs 4,909.98 crore a year ago. Passenger ticket revenues came in at Rs 8,073.10 crore, up 98.4%, while ancillary revenue stood at Rs 1141.70 crore, an increase of 41.3% compared to the year-ago quarter.

Catch all the market action on our live blog

At 09:44 hrs InterGlobe Aviation was quoting at Rs 2,059.20, down Rs 61.10 or 2.88 percent on the BSE.

The share touched a 52-week high of Rs 2,379 and a 52-week low of Rs 1,502.90 on 16 November, 2021 and 20 April, 2021, respectively.

Currently, it is trading 13.44 percent below its 52-week high and 37.02 percent above its 52-week low.

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Justin Bieber tests positive for COVID-19, reschedules Las Vegas show: report

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Justin Bieber's show has been postponed due to his positive COVID-19 test, the report said.

Justin Bieber tests positive for COVID-19, reschedules Las Vegas show:  report

Justin Bieber has a mild case of COVID-19, CNN reported on Sunday citing a representative for the Canadian singer.

Bieber was scheduled to perform as part of his "Justice World Tour" in Las Vegas on Sunday, but the show has been postponed due to his positive COVID-19 test, the report said.

Fuel prices on February 19: Petrol, diesel prices today in Mumbai, Delhi & other cities

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Petrol and diesel prices remained unchanged on February 19, a notification issued by state-owne fuel retailers showed, with no change in rates for more than 100 days now.

Petrol, Diesel Prices Today, February 19, 2021: Petrol prices cross Rs  90/litre in Delhi for 1st time ever; check prices in metro cities | Economy  News | Zee News

The last rate cut was by Delhi when it reduced the local sales tax, or the value-added tax (VAT), on petrol from 30 to 19.4 percent from December 1 midnight, bringing down the price by around Rs 8 to Rs 95.41 a litre. Diesel price remains unchanged in the national capital at Rs 86.67 a litre.

On November 3, the Centre had gone for the deepest excise duty cut ever to cool retail prices from record highs, reducing the duty on petrol by Rs 5 and on diesel by Rs 10. Many states and union territories followed the Centre's led to give further relief to consumers.

In Mumbai, a November 4 cut reduced the price of petrol to Rs 109.98 a litre, which remains unchanged. Diesel is at Rs 94.14 a litre.

In Kolkata, petrol and diesel prices remain at Rs 104.67 and Rs 89.79. Petrol is at Rs 101.40 and diesel at Rs 91.43 in Chennai.

The states and union territories cut VAT after the Centre reduced excise duty include Ladakh, Jammu and Kashmir, Himachal Pradesh, Delhi, Sikkim, Mizoram, Daman and Diu, Karnataka and Puducherry.

States that have, so far, not lowered VAT include are largely opposition ruled states including Maharashtra, Jharkhand and Tamil Nadu. TMC-governed West Bengal, Left-ruled Kerala, TRS-led Telangana and YSR Congress-ruled Andhra Pradesh have also not cut VAT.

The Congress-ruled Punjab, which votes for the new assembly on February 20, has seen the biggest drop in petrol prices after it slashed VAT the most. The union territory of Ladakh has seen the biggest drop in diesel rates.

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A journey into the life of a Spiritual Stock Exchange CEO

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A (made-up) conversation between Spiritual Chitra Katha and His Unholy Holiness of Credit Swap Defaults.

A journey into the life of a Spiritual Stock Exchange CEO

CEO’s office:

CEO is floating in the air, eyes closed, an air of spiritual corporate governance on her face.

(Spiritual music in the background ): “Rig Yajur Sama…….Rig Yajur Sama……Rig Yajur Sama”

(Spiritual phone rings with callertune): @outlook.com

CEO opens eyes and settles down on her throne made of options and futures.

Her mind does a quick commodity exchange with her soul as she excitedly picks up the phone.

CEO: Oh my Holy Holiness. Your are the chairperson of my Spiritual Reserve. My spirit is lighter because of your qualitative easing of my soul. I don’t question the inflation in your salary because you have clearly risen above such concerns. In fact you have risen so high even the market regulator had to build 190 circular floors just to see you.

His Holy Holiness: My dear Spiritual Chitra Katha, as you know, I have no spiritual location.  So no one can accuse me of co-location. However, there are some people I need you to co-locate across the organizational structure. Because I am not liking their spiritual energy.

But I have been liking your spiritual energy in your last few Instagram uploads. Especially the ones where you sing “Spiritual exchanges are subject to regulatory risk. Please read the internal memos carefully before investigating”.

CEO: Oh great sage, oh clearing corporation of my unresolved emotions, your tri-vedic energy has helped me to discover myself in ways that even the forensic investigators could not. But I don’t like their spiritual energy. They just seem a little too earnest and young.

His Holy Holiness: I like how you guard your spiritual energy more fiercely than you guard the interests of investors. You have no conflict of interest. Because you have no interest in it. So where is the conflict?

CEO: Oh glittering gladiator of High Finance, oh sage of Omaha@outlook.com, I have received your instructions to open a new offshore swimsuit account in Seychelles. I have also received the KYK – Know Your Kanchan – form from your onshore spiritual presence here.

His Spiritually AAA+ rated highness: Well, you know I am a paramhansa, but as of now, a helicopter from Pawan Hans will have to do. Just remember, my spiritual self only travels first-class. Because not only can I materialize at will, I can even dematerialize without a demat account.

CEO: Then you will be especially pleased about our hand-picked independent director. In fact he is entirely independent of any direction. Especially on Twitter.

His ESG-compliant Sustainable Highness: That’s why I told him he must stick to TV. But I understand some of your depositions before the spiritual regulator are causing an HR problem in the company? I heard many employees are refusing to come back to office, saying their spiritual powers do not require them to have any such physical co-ordinates.

CEO:  This is a tricky problem indeed. Let us summon the spirit of our first Spiritual Guru and Poet, Mr Kavi Narain.

CEO on Spiritual Ouja board shaped like a bull: Mr Kavi Narain, this is your Spiritual Stock Exchange... we are looking for you.

Kavi Narain: I was the first CEO of this spiritual stock exchange. And I am pleased to see you have continued my wonderful legacy. Especially with the regulators.

CEO: Sir, I heard the market regulator has banned you from performing poetry in the markets for two years?

Kavi Narain: To be honest, performing stand-up comedy would have been more relevant for my career. But unfortunately that market segment was taken up by business news anchors….. (waits for laughs... leaves in awkward silence).

His Holy Unholiness: Look, you must understand, not everyone has undertaken the spiritual journey that we have. Especially with our bank accounts. After all, we set the standards of corporate governance for the companies that list their souls on our exchange. Just to see their name on a ticker tape.

CEO: I always wanted to see my name on a ticker tape. But I never thought I would go from tickers on business news channels to tickers on crime patrol.

His Credit Swap Defaultness: Even I wanted to be known as a spiritual guru. But I never thought I’d go from the Master of three vedas to an e-mail ID as evidence in a regulatory order. I guess it all depends on your outlook.com.

CEO: I think you are right. It is time to leave this spiritual world behind and move on to a higher realm..in the Ethereum. We will start the world’s first spiritual crypto exchange. Where souls can be exchanged on the blockchain. And their identity will be anonymous. Like buyers of electoral bonds.

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It’s clear that there is no high wage growth in India

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It is highly unlikely to witness demand-led inflation in India, unlike advanced economies, wherein massive fiscal stimulus made it exceptionally good for the household sector 

It's clear that there is no high wage growth in India

In a recent article, I had highlighted the key difference between India and many other major rich nations — excess household (HH) savings. Although the cumulative excess HH savings in the United States, the United Kingdom, Canada, Australia, Eurozone, and Japan amounted to 10-20 percent of income as of Q3CY21, it was -2.8 percent of income in India, and -2 percent of income in Indonesia (as of Q2CY21). This one divergence explains a large part of the likely different economic outcomes in India vis-à-vis advanced economies.

As a corollary to this evidence, it is also important to note that although personal disposable income (PDI, or household income) in most advanced nations has witnessed huge spurt since early CY20, it has remained weak in India. In short, the household financial position in India is weaker not only compared to the pre-COVID-19 trends, but also when compared to most rich nations. There is no official monthly/quarterly data on PDI in India, and the annual (first revised estimate) data comes with a lag of 10 months.

In order to bridge this gap, there are four indicators that one can analyse to understand the likely growth trends in PDI in India: rural agricultural and non-agricultural wages, salaries and wage bill of state governments, MGNREG wages, and employee costs of listed companies. The first three data indicators are available on a monthly basis, and the listed companies’ data is available on a quarterly basis. All data is available up to December, with data on MGNREGA wages available till up to January.

More than 70 percent of India’s workforce is engaged in the rural economy, and thus, rural wages published by the labour bureau on a monthly basis is probably the most comprehensive, and important indicators of PDI growth trends in the country. After declining 3.5 percent each in FY20, agricultural and non-agricultural rural wages grew 0.5 percent each in FY21. In the first nine months of FY22 (as of December ’21), while real agricultural wages grew by just 1.6 percent YoY, real non-agricultural rural wages declined 1.2 percent YoY during the period. According to the NABARD’s All India Rural Financial Inclusion Survey 2016-17, less than a quarter of rural household income was derived from the agricultural activity.

Further, state governments are a huge employer, with total employment estimated at about 200 million. Aggregate analysis of 22 states suggests that their salary and wage bill grew 11.2 percent YoY in 9MFY22, on a low base of 1.5 percent in FY21, implying an average growth of 6.3 percent in two years — compared to 11.1 percent average growth in the pre-COVID-19 period (FY18-FY20).

Besides, MGNREG was extremely useful in providing work to the population, who returned to their homes in the rural areas last year. Consequently, 112 million individuals worked under MGNREG in FY21, up more than 40 percent from 76-79 million in the pre-COVID-19 period. As of February 15, more than 99 million have worked under MGNREG. Nevertheless, the average daily wages per person increased by just 4 percent to Rs 209 in FY22 as compared to Rs 179 in FY19, implying an average nominal growth of just ~5 percent, similar to that in the pre-COVID-19 period. It also means that the real growth was negligible in MGNREG wages.

Finally, while rural wages and states are large employers, the wage levels in the listed companies are much higher. Employee cost of listed companies (~2,800 companies) increased by 13 percent YoY in 1HFY22, marking the highest growth in almost three years (Although the data is still flowing in, there appear to be similar growth in 3QFY22 as well).

Higher wage bill seems to be affecting two sectors in particular — IT companies and banks. These two sectors have performed extraordinarily during the past 18 months, and could be simply tagged the strongest at this time.

A company-wise analysis of 13 IT companies and seven banks reveals that while employee costs have risen ~20 percent YoY in 9MFY22 in both the sectors, almost the entire increase in IT companies and more than four-fifths of the increase in banks is due to higher employment, rather than higher wages. If so, this is somewhat similar to MGNREG programme where higher employment led to higher spending. It is, thus, misleading to attribute it to higher wage inflation (wage per employee) in India.

Overall, it is clear that there is no high wage growth in India, which is also in stark contrast to rich nations. Consequently, it is highly unlikely to witness demand-led inflation in India, unlike advanced economies, wherein massive fiscal stimulus made it exceptionally good for the household sector. Therefore, the policy responses will also be different in India vis-à-vis advanced nations.

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Businessman’s family buys bungalow in South Delhi’s West End area for Rs 82.5 crore

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Recently, several transactions have been finalised for bungalows in Delhi’s Lutyens Zone and other luxury markets in the national capital such as West End and Vasant Vihar

Businessman's family buys bungalow in South Delhi's West End area for Rs  82.5 crore

The family  of Delhi-based businessman Anant Agarwal has bought a bungalow in South Delhi’s West End area for Rs 82.5 crore, documents accessed by Zapkey.com showed.

The house is spread across an area of 1,009.88 square metres. The deal was registered on February 9, 2022, the documents showed.

There was no response from the businessman. The property has been bought in his mother's (Shobha Aggarwal) name.

Spike in deals

In Delhi, several bungalow transactions have been finalised of late in Delhi’s Lutyens Zone and other luxury markets such as West End and Vasant Vihar.

On February 2, a bungalow spread over 1,205 square metres (12,970 sq. feet) in the West End area was sold for Rs 91.5 crore, according to documents shared by Zapkey.com. The property was bought by Vikram Ahuja of Ahuja Radios, the documents showed. Ahuja did not respond to queries from Moneycontrol.

A property in Panchsheel Park, spread over 1,200 sq. yards, was sold to a Kolkata-based buyer for Rs 85 crore. Another property in Vasant Vihar was picked up by a local developer for about Rs 60 crore, while a bungalow with two units in Jor Bagh, located on a 600 sq. yard plot, was sold to two buyers for about Rs 28 crore each, local brokers said.

Last year, Anil Gupta, promoter of KEI Industries, a housing wire and cable maker, bought a property spread across 2,000 square yards in Delhi’s posh Shanti Niketan area for Rs 140 crore. The sale deed was executed on October 8, 2021.

In 2021, the owner of a leading electronics contract manufacturer bought a house in New Delhi’s Lutyens bungalow zone for Rs 170 crore, in what is believed to be the priciest residential transaction in the city after the lockdown. LBZ is located in central Delhi and consists mainly of buildings to house government offices and residences.

Soon after India’s biggest online-education startup Byju’s signed a deal to acquire tutorial chain Aakash Educational Services for $1 billion in April, the latter’s founder JC Chaudhary, bought a 2,000 square yard property in south Delhi’s Vasant Vihar area for over Rs 100 crore.

He later also purchased a 5-acre farmhouse in south Bijwasan area for around Rs 96 crore.

Preference for independent properties

“High Networth families are now preferring to purchase independent bungalows or plots in South Delhi compared to builder floors, as the former provides them independent ownership, privacy, and allows them control over construction timelines and quality. They are increasingly roping in credible architects to build to their specifications, rather than going with developers,” said Amit Goyal, CEO of India Sotheby’s International Realty.

Developers of high-value independent floors in some South Delhi markets have been avoiding registration under the RERA Act, leading to violations. The developers claim that they have been adhering to Section 3(2) (a) of RERA, which provides for exemption from registration if the land proposed to be developed is less than 500 sq. metres in size or less than eight apartments are proposed to be developed on the property.

Zombie firms absorbed 10% of total bank credit extended to all companies: RBI Bulletin

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The RBI publishes bulletin every month capturing the trends in the economy and the financial sector.Zombie firms absorbed 10% of total bank credit extended to all companies: RBI  Bulletin

Zombie firms, or perpetually loss-making companies, absorbed about 10 percent of the total bank credit extended to all firms in the Indian economy, said the Reserve Bank of India (RBI) in its monthly Bulletin on February 16.

Also, such firms are estimated to account for about 10 percent of the total debt of the non-financial corporate sector, the Bulletin said. The RBI publishes the bulletin every month capturing trends in the economy and the financial sector.

In general, these firms are found to be highly leveraged, generate a negative return on assets over successive years and borrow more to survive rather than undertake new investment, the Bulletin said.

“Their average cost of funds is more sensitive to monetary policy shocks. Their borrowings from banks, however, often do not give rise to higher real investment activity, unlike non-zombies,” the RBI Bulletin said.

The comments in the Bulletin are significant considering the huge  bad loan issue faced by Indian banks, mainly the state-run banks. Indian banks were forced to a clean up of their balance sheets in 2015 when the RBI initiated an asset quality review.

Following this, banks have managed to resolve a large chunk of bad loans either by pushing to insolvency courts or selling to asset reconstruction companies at a discount.

The sensitivity of investment activity to borrowings from banks is estimated to be lower for zombies, which indicates that they use borrowed resources more for survival than for undertaking new investment, dampening the effectiveness of monetary policy at the margin, said the RBI Bulletin.

During surplus liquidity conditions, however, credit flows to zombies remain relatively subdued than flows to non-zombies, implying that pro-growth counter-cyclical monetary policy does not hinder the creative destruction process, said RBI Bulletin.

This validates that accommodative monetary policy is effective overall in lowering the cost of funds, stimulating higher flow of credit and raising new investment, but it gets dampened at the margin by zombies who tend to use borrowed resources, including long-term bank loans, less for new investment and more for survival, the Bulletin said.

Importantly, during surplus liquidity conditions, which often accompany accommodative phases of monetary policy, credit flows to zombies remain weaker than flows to non-zombies, the Bulletin said. This could largely be due to the salubrious impact of risk-based supervision and the insolvency and bankruptcy regime that may no longer support evergreening of zombies, it said.

Further, with further improvement in resource allocation through the banking system, however, there is scope for enhancing the effectiveness of countercyclical monetary policy, the Bulletin said.

BPCL divestment will be successful like Air India privatisation: Minister Hardeep Singh Puri

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The expression of interest coming now or later is not the issue, the minister said while adding that like Air India, BPCL will be hailed as a very good segment of the government's privatization program.

BPCL divestment will be successful like Air India privatisation: Minister  Hardeep Singh Puri

Minister of Petroleum and Natural Gas Hardeep Singh Puri hopes to replicate the success of Air India divestment in the much delayed sale of the state run-oil marketing company Bharat Petroleum Corporation Ltd (BPCL), the minister said in an exclusive interview to CNBC-TV18.

The Indian government had ambitious plans to sell its entire 53% stake in BPCL to private players in 2021-22, but delays have moved this target to 2022-23. Potential buyers who showed interest– Anil Agarwal-led Vedanta Group, Apollo Global Management and private equity major I Squared Capital-backed Think Gas– are yet to find partners to finance the deal. 

“BPCL is a first grade asset and it is looking better by the day. Give me a few months,” Puri said in a response to a question on divestment of the company. 

Puri, who was formerly the minister of civil aviation, said that he was confident that like Air India, BPCL will be successfully divested. 

“The EOI (expression of interest) coming now or later is not the issue; we will privatize BPCL. Let me assure you, it will be a transaction like Air India, which everyone will hail as a very good segment of our privatization program,” Puri said. 

I'm very proud of the fact that I had an association with that privatization process. It started after two failed attempts when I became civil aviation minister in 2019. And it was completed just a few weeks or a month after I handed over (the ministry). If it had not taken place, I would have happily taken the blame. But if it took (sic) place, I also want to rejoice in its success,” Puri said.

On January 27, the Tata Group completed the takeover of Air India, along with Air India Express and a stake in AI-SATS. The government had invited bids for a 100% stake in the national carrier in March 2020 and  the Tata Group emerged as the winner in the bids in October 2021

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Zuckerberg tells Facebook employees, they are now 'Metamates'

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The notion of Mark Zuckerberg urging employees to be Metamates in a morale-building pitch was promptly mocked on Twitter.

Zuckerberg tells Facebook employees, they are now 'Metamates'

Meta chief Mark Zuckerberg laid out revamped company values Tuesday, urging workers to be "Metamates" who treat one another with respect and look to the future.

Zuckerberg shared his note to employees on his Facebook page, the revamped credo coming on the heels of the internet giant being renamed Meta in October.

"As we build the next chapter of our company as Meta, we just updated the values that guide our work," Mark Zuckerberg wrote.

Facebook last reworked its professed values in 2007, according to the company's co-founder and chief.

An ethic of "move fast and break things" from Facebook's early days has evolved into simply "move fast" as a team to deliver innovations.

Meta's new credo also calls for being direct, but respectful to colleagues, collaborating as "Metamates."

"Meta, Metamates, Me is about being good stewards of our company and mission," Zuckerberg wrote.

"It's about taking care of our company and each other."

The stated values also call for focusing on the long-term and building "awesome things."

The notion of Zuckerberg urging employees to be Metamates in a morale-building pitch was promptly mocked on Twitter.

Some joked that the word sounded better suited to a bad dating app, or even to sailors on a ship in troubled waters.

"Metamates report to the Metatorium for a Metameeting," read one of the many quips fired off on Twitter.

Others portrayed it as part of an effort to divert attention away from problems at Facebook.

Critics have derided Facebook's rebrand as an attempted distraction from an avalanche of damaging revelations from whistleblower Frances Haugen.

The "Facebook Papers" showed that company executives knew of their sites' potential for harm on numerous fronts, including the uncontrolled spread of hate speech in developing countries as well as Instagram's impact on teen mental health.

"For those of us living in the present, @Meta Facebook isn't 'nicing us to death', Haugen said in a tweet Tuesday.

"Facebook must recognize the damage they are causing today, not pivot to the @Meta-verse and never look back."

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UP Elections | It’s the economy, stupid. Really?

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The economic performance of the Yogi Adityanath government in Uttar Pradesh has been impacted by the COVID-19 pandemic. It is undeniably a headwind for the BJP. However, UP voters could be forgiving  The first phase of the all-important Uttar Pradesh polls concluded on February 10, and the second was on February 14. The seven-phase election culminates on March 7 with the keenly-awaited results on March 10. The economic crisis precipitated by the COVID-19 pandemic has been one of the hotly-debated topics on the ground, and in newsroom studios.

UP Elections | It's the economy, stupid. Really?

The claims and counterclaims by UP Chief Minister Yogi Adityanath and Samajwadi Party chief and former UP Chief Minister Akhilesh Yadav on this topic with a lot of data thrown by both sides muddles the picture. Does economic performance impact electoral results? Or it is just one of the factors people take into account while voting together with leadership, ideology, caste and religion, law and order, development, etc.

Price rise, unemployment, and farm distress were top issues even in 2019 when the Bharatiya Janata Party (BJP) won a big mandate. In 2004, when the BJP under AB Vajpayee lost, the Indian economy was doing well — at least that was the perception, remember ‘India Shining’? Prior to that, Congress leader and then Prime Minister Narasimha Rao, who ushered in the liberalisation era, lost the general elections in 1996.

Generally, per capita income is considered to be a good barometer of economic performance. In 2017, among the five states now going to the polls, four (UP, Manipur, Punjab, and Goa) recorded lower growth in per capita income versus national average (2013-17). Uttarakhand, the fifth state, did better than all of India — and yet the incumbent government was not re-elected.

Let’s look at these three tenures: of Bahujan Samaj Party (BSP) leader and former Chief Minister Mayawati (FY07-12), of Yadav (FY12-17), and of Adityanath (FY17-22) in UP.

Adityanath claims that UP is now number two in GDP in India. UP was at this position for most of Mayawati’s tenure. Per capita income grew handsomely, more than doubling during her rule from Rs 14,212 in FY06-07 to Rs 32,002 in FY11-12. The poverty rate declined from 40.9 percent to 29.4 percent — still the BSP lost the 2012 assembly elections.

During Yadav’s tenure, per capita income grew to Rs 52,774 in FY16-17, though at a slower pace than under Mayawati’s tenure. He also focussed a lot on infrastructure projects. Unemployment was high, ranked third in India. The government’s performance was impacted by droughts in FY14 and FY15, demonetisation in FY17. Yadav suffered a major setback in the 2017 polls.

The Adityanath dispensation claims per capita income has doubled, however, it is still lower than the national average. As per CMIE data, UP’s unemployment rate of 3 percent (January) is lower than the national average of 6.57 percent. The GDP growth rates have also been affected by the pandemic.

Two exceptional years of the pandemic make data not strictly comparable. While economic issues such as farm distress, unemployment, and price rise dominate the discourse, voting is an emotive issue based on apeksha (expectation) and aakrosh (anger).

Most voters do not understand data and jargon. What they do understand and feel the pinch is inflation, unemployment, and income levels. It is no secret that income levels have fallen, and the poor have been hurt. However, the government has also taken sincere efforts to provide relief to the poor.

One of the most impactful, and not much-publicised schemes is free ration distribution. This has provided some relief/cushion to the poor. Higher NREGA allocations, and Rs 500 transfers for three months to Jan Dhan accounts are also being talked about on the ground.

In the same breath, people also talk about high cooking oil and LPG prices. There is a job crisis in UP, whose young demography is bigger than the population of many countries. The government has not been able to deliver the jobs promised in the BJP’s 2017 manifesto.

The pandemic has increased the dependence of the poor on the government. Here the last-mile delivery of schemes is very important, and direct benefit transfer (DBT) has ensured that intermediaries are eliminated. The economic performance of the state impacts the lives of millions. However, voters may not punish, or be forgiving if they see the sincerity of the government in solving economic issues.

Does Adityanath provide this comfort level to the voters of UP who have faced the brunt of the pandemic? Or will they usher in change?

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