After assessing the work of housewives, their contribution should also be included in the gross domestic product.

As expected by the Indian economists and according to the possibility expressed by the Reserve Bank of India in its assessment regarding the Indian economy, in the third quarter of the financial year 2022-23, October-December 2022, the country’s gross domestic The production registered a growth of 4.4 percent. Whereas in the first quarter of the financial year 2022-23, April-June 2022, and in the second quarter, July-September 2022, an increase of 13.2 percent and 6.3 percent was recorded respectively. While the fourth quarter, January-March 2023, is expected to grow by 5.1 percent, India’s GDP is estimated to grow by 7 percent in the entire financial year 2022-23. Similarly, many international institutions like Goldman Sachs, Moody’s, Fitch, Asian Development Bank etc. have also indicated that the Indian economy will grow by 7 percent in the financial year 2022-23. S&P has given an estimate of 7.3 percent.

If we look at the growth recorded in various sectors of the economy, it is worth noting that in the third quarter of the financial year 2022-23, October-December 2022, 3.7 percent in the agriculture sector, 2.4 percent in the industry sector and 6.2 percent in the service sector. A growth rate of . Continuous improvement is visible in the agriculture sector and service sector since the Corona period, but there is still scope for further improvement in the industry sector. In the industrial sector, although more than 8 percent growth has been registered in electricity production, gas, water and other public utility services and construction activities, but a negative growth of 1.1 percent has been registered in the manufacturing sector. Due to which the growth rate of the industrial sector has been adversely affected.

Many measures are being taken by the Government of India with a view to bring qualitative change in the lives of all the citizens of the country, especially with the aim of removing the economic problems of the poor class, their results are clearly visible now. The per capita income of the citizens of India has now increased to Rs 196,716 which was only Rs 71,609 per capita in the financial year 2012. Between the financial year 2012 and 2022, an increase of 10.6 percent per year (at the compound rate) in per capita income has been registered. Which in itself is a very impressive growth rate. In the financial year 2023, an incomparable increase of Rs 25,218 has been registered in the per capita GDP. Its direct impact has also been seen on private final consumption expenditure, which is estimated to increase to Rs 164 lakh crore in the financial year 2023. Due to this, the economic activities of the country are expected to accelerate further.

Although there was some decrease in gross capital formation in FY 2021 during the Kovid period, it has reached its highest level in FY 2022. In particular, incomparable growth has been recorded in sectors such as agriculture, manufacturing, power generation, trade and hotels, real estate, public administration and other services. This has been possible due to the tremendous increase in capital expenditure by the Central Government and many State Governments during the last few years and due to this, there has been a rise in per capita income and consumption expenditure in the financial year 2022-23.

In developed and many other countries adopting the capitalist model, the income of each person who engages in business activities is included in the calculation of the country’s gross domestic product. Since all women in these countries are generally involved in business activities, their income is included in the GDP of that country. But in India generally all the housewives share their hands in household chores and they are not paid in return for this, so these activities are not included in India’s gross domestic product. In this context, a recent study report by the State Bank of India has given interesting and important information that in India, 28.7 crore women live in rural areas and 18.2 crore women live in urban areas between the age of 18 to 60 years. Of these, 1.4 crore women are engaged in business activities in rural areas and 4 crore women in urban areas, hence their income is counted in India’s gross domestic product. But the remaining 27.3 crore women in rural areas and 9.3 crore women in urban areas are engaged in domestic work, but they are not paid in any way for these works and thus the domestic work done by these women is considered as a part of India. is not included in GDP. If it is assumed that these women are working 8 hours a day at home and they are paid Rs. 5000 per month in rural areas and Rs. 8000 per month in urban areas, then Rs. 14.7 lakh crore in rural areas and Rs. These housewives will have to pay Rs 8 lakh crore in these areas. In this way, an overall increase of Rs 22.7 lakh crore can be recorded in India’s GDP, which is 7.5 percent of India’s current GDP. According to the above assessment, in a way India’s GDP is being said to be less than 7.5 percent every year. In India, serious consideration should now be given to including the domestic work being done by the eclipses in the gross domestic product.

In America and other developed countries, since generally all women work in economic and business activities, they have to do almost no work at home. The culture of these countries is such that the housewives neither have to take care of the elders at home, nor do they have to take care of the grandchildren and great-grandchildren, because here the son and daughter get 18 years of age. Generally they have to settle their own separate house. Also, these women neither have to cook food at home nor do they have to clean the house like Indian women. On the contrary, in Indian culture, the housewives have to take care of the whole house along with doing important tasks like shaping the future of their children, serving their elders and taking care of grandchildren and great-grandchildren. Even after doing extraordinary work like taking care of the whole family by the Indian women, their work is not included in the gross domestic product. This appears to be the biggest shortcoming in the method of estimating GDP under the capitalist model.

– Prahlad Sabnani

retired deputy general manager

state Bank of India