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ET Daily Rundown (ET Online)
Of Onions and Social Security
02:22 Min | December 11, 2019, 5:47 PM IST
With souring onion prices, economists and policymakers are losing sleep. The Social Security Bill has been introduced in the House, which could mean more money in your hands. This and more in today's podcast.
TranscriptScript: Rahul Aripaka
Hosts: Rahul Aripaka, Deepshikha Rahi
Producer: Poorabi Gaekwad
When was the last time you bought onions?
It’s been a few months now; I’m not buying them at these prices
Of course, 200 rupees a kilo is outrageous.
Which explains why economists and policymakers are losing sleep over onions.
So is the RBI - reviving the economy amidst soaring prices is a mammoth task.
The RBI kept the repo rate unchanged at 5.15%, citing price pressures, especially food items.
That's not all, retail prices of 20 out of the 22 essential food items increased continuously throughout this year.
Hello, I’m Rahul Aripaka
And I’m Deepshikha Rahi, this is ET’s Daily Rundown
There’s another new Bill in the house
Who’s dropping this one?
Labour minister Santosh Kumar Gangwar; he has introduced a Social Security Bill in the lower house.
Which aims to for universalisation of social security, a la the American system.
The Union Cabinet gave it a nod last week.
The Bill also advocates changes in the existing provident fund scheme
How do they plan on that?
Well, you know how money is deducted from your account every month for your PF?
Well, if the Bill comes into effect, instead of being fixed at 12% you could vary your contribution.
Which means I can take more money home?
Of course there are bigger forces at play
Consumption - the more money you get, the likelier you are to spend
Speaking of, there’s a 13,000 CRORE deal happening in Mumbai.
Qatar Investment Authority has picked up a 25.1% stake in Adani Electricity Mumbai Limited
Which is the country’s largest private sector integrated power utility.
And nobody ever says no to an extra bit of funding to handle finances
Big news comes in tomorrow, the industrial production numbers for the last month
And the WPI index numbers too.
The lower coal generation should also reflect in the numbers
Considering this is the longest streak of low production in government data going back to 2005.
Lowered consumption and prolonged rains have affected production heavily
Let’s see what the numbers say.
For more news, and updates on the state of the economy, tune in to the ET.