Union Budget 2020: Economic Survey introduces 'Thalinomics'; here is what it entails

The overarching theme of the Economic Survey 2019-20 tabled by Union Finance Minister Nirmala Sitharaman on Friday is wealth creation. Dubbed as an attempt to quantify what a common person pays for a Thali across India, a new concept called ‘Thalinomics’ has been introduced in this year’s survey. According to Chief Economic Advisor K Subramanian, food being integral to the growth of human capital is of paramount importance for national wealth creation. He also notes that 'Zero Hunger' has been agreed upon as a Sustainable Development Goal. Read: PM Modi Says 'government Open To Discussions On Economy' Ahead Of Union Budget 2020 Variables in the analysis The aim is to ascertain several factors such as the affordability of food for vegetarians and non-vegetarians and the difference in inflation levels over a period of time. For this purpose, the price data from the Consumer Price Index for industrial workers in 80 centres across 25 states and Union Territories has been analyzed. A vegetarian thali comprises of a serving of cereals, sabzi, and dal and the non-vegetarian Thali comprises of cereals, sabzi and a non-vegetarian component. Basically, the evolution of prices of both thalis from 2006/07 to 2019/20 has been looked at. Read: Government Holds All-party Meeting Ahead Of Budget Session, Shiv Sena MPs Give It A Miss Conclusions The findings indicate that the absolute price of a vegetarian thali has steadily decreased since 2015/16 before witnessing a spike in April-October 2019 owing to the rise in prices of vegetables and dal. Moreover, from 2006-07 to 2019-20, the affordability of vegetarian and non-vegetarian thalis has increased by 29% and 18% respectively. When it comes to a vegetarian thali, an individual spent only around 50% of his daily wage on two thalis for a household of 5 members in April-October 2019 in comparison to the whopping 70% which he spent in 2006-07. Similarly, the non-vegetarian thali too took a lower toll on an individual’s salary in 2019 in comparison to 2006-07. Read: '7.5% & 3.5%' To '3.5% & 7.5%': Rahul Gandhi Writes Off Budget 2020, Says Govt Has No Idea Subramanian predicts that the high rate of inflation in vegetarian and non-vegetarian thalis in 2019 is a “temporary phenomenon” which would not last long. He mentions that the inflation in both types of thalis fell from significant-high levels in 2015-16 to the below-zero level in the subsequent years. Moreover, after 2015/16, the average household consuming vegetarian thalis saved Rs.10,887 on an average per year. The corresponding saving for a household having non-vegetarian thalis was Rs.11,787. Read: In Pre-Budget Attack, Shiv Sena Takes Up Delayed Payment Of Allowance To Army Personnel

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Union Budget 2020: Economic Survey introduces 'Thalinomics'; here is what it entails

Dubbed as an attempt to quantify what a common person pays for a Thali, a new concept called ‘Thalinomics’ has been introduced in Economic Survey 2019-20.

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