Fattening Corporates and Slimming Indian Workers

In Modi-fied India, growth is only for Adani and other Modi cronies. The Periodic Labour Force Survey (PLFS) reveals that the average monthly earnings of rural Indian workers dropped to Rs 8,842 in 2023-24, down from Rs 9,107 in 2017-18. Similarly, the real wages of male and female workers in rural areas also declined during this period. A marginal increase in real wages in urban areas, rising from Rs 12,847 in 2017-18 to Rs 13,006 in 2023-24 was observed. However, the growth in urban wages was sluggish, particularly for non-salaried workers.

Despite this downward growth of the earnings of common people, there was a significant surge in corporate profits. The corporate profit to GDP ratio reached a 15-year high in 2023-24, with the profit-GDP ratio of Nifty 500 companies increasing to 4.8% from 4% in the previous year.

Mohammad Shafi

National Vice President