The employment rate in India is falling. Profit inflation is rising. A solution is shown to lie in public investment and public works, and a reduction in the degree of monopoly and/or profits.

Surjit S Bhalla is indefatigable in his search for and defence of truth via facts and in that quest, he has, on occasion, taken on the likes of Jean Drze and others. In this instance, Bhalla (2023b) has gone further and faulted the logic of Ashoka Mody (2023) and Raghuram Rajan (referring to a comment made by him in 2018). In our response, therefore, we confine ourselves to the accounting arithmetic of introductory economics. Definitions of unemployment and so on emerge from primary break-ups of national income.