Special Feature

Budget 2017-18: The Macroeconomic Perspective
03 March, 2017, C.P. Chandrasekhar
One reason why the government chose fiscal consolidation instead of an expansionary budget in the wake of demonetisation is its erroneous belief that demonetisation in itself would deliver fiscal benefits.
Budget 2017-18: Blinded by neoliberalism
27 February, 2017, C.P. Chandrasekhar
All that this government has is its unfounded belief that mere reform in the form of the demonetisation, digitalisation and the GST would deliver growth rather than recession.
In the 2017 Budget, the Government has Compounded its Folly
06 February, 2017, Prabhat Patnaik
Not only has the damage caused by demonetisation remained unaddressed, but even the opportunity provided by demonetisation has remained un-utilised in the 2017 Budget.
A Disappointingly Ordinary Budget for Extraordinary Times
02 February, 2017, Jayati Ghosh
Budget 2017 is remarkable in its absence of any of populist measures that are directed towards the welfare of the masses. What is surprising is that it does not address some of the most important macroeconomic concerns today.
Budget 2017-18: Utterly ordinary
02 February, 2017, Jayati Ghosh
Coming soon after the drastic demonetisation, there were many expectations riding on this Budget, but none of these expectations has been met in this utterly ordinary budget.
Will We Miss the Budget Opportunity?
31 January, 2017, Jayati Ghosh
The economic slowdown, induced almost entirely by demonetisation, necessarily requires significantly enhanced public spending; but it doesn’t appear to be forthcoming.
Budget 2017 must Support those Worst Hit by Demonetisation
31 January, 2017, Jayati Ghosh
To counter the contractionary forces unleashed by demonetisation, Budget 2017 should direct fiscal resources to informal activities that have seen the greatest decline and to poor people who have been hardest hit.
Budget 2016-17: Signs of paralysis
16 March, 2016, C.P. Chandrasekhar
The divergence between the rhetoric and the actual allocations in the Budget 2016-17 depicts the ruling party's inability to use the fiscal lever to push for growth and welfare.
Budget 2016-17: Hype is all
15 March, 2016, Prabhat Patnaik
Behind all the hype about a pro-poor budget, the actual provisions of the government for the major social sectors are found to be too paltry to improve the lives of the poor.
Agriculture in Crisis
01 April, 2015, Jayati Ghosh
India is on the brink of a major agricultural crisis resulting from natural causes and poor policy of the present government in the field of agriculture and social sector.
How Not to Treat Agriculture
19 March, 2015, Jayati Ghosh
The Union Budget 2015 indicates that the government is going beyond what could be called benign neglect of agriculture to policy moves that are likely to harm its viability.
The Modi Government's Economic Strategy
19 March, 2015, C.P. Chandrasekhar
In its pursuit of pushing ahead with the neoliberal agenda, the government is willing to adopt measures which, as evidence suggests, would fail as strategy.
Statistical Jugglery, Reverse Redistribution and Corporate Absolutism
13 March, 2015, Amiya Kumar Bagchi
Statistical jugglery practised by the government in order to please big investors and the bid to privatise important public sector units need to be resisted at all costs.
The Myth of Increased Resources for States
12 March, 2015, Sona Mitra
The Government's claim of increased resources to the States is misleading unless the resource pool is substantially increased to cover for cuts in Centrally Sponsored Schemes.
Budget 2015-16: Bonanza for the corporate
09 March, 2015, Prabhat Patnaik
Budget 2015 is a major step towards increasing the class power of capital; it is the true expression of the ideology of a neo-liberal State without any attempt at a human face.
Lost Between Intent and Belief
03 March, 2015, Jayati Ghosh
The budget session is being undermined by the Finance Minister as hypothetical revenue figures make the allocation figures redundant under fiscal conservatism.
Bipan Chandra (1928-2014): A Tribute
05 November, 2014, Mritiunjoy Mohanty
In his tribute to the great historian of modern India, the author says that Bipan Chandra's analyses were always meticulously argued, insightful and empirically rich.
Budget 2014-15: The continuing neglect of the 'rural'
04 August, 2014, Arindam Banerjee
The Budget fails to address the real issues and problems of a crisis-ridden agriculture sector, while expanding expenditure to support farmers and workers is the only way out.
New Macroeconomic Consensus Rules Budget 2014-15
04 August, 2014, Rohit
The author critiques the macroeconomic framework that underlies the fiscal consolidation approach of the Union Budget for 2014-15.
The Budget and BJP's Economic Policy
25 July, 2014, C.P. Chandrasekhar
The Union Budget for 2014-15 is a deflationary budget in the name of "fiscal consolidation," and chalks out a strategy to make India a labour-intensive manufacturing hub.
Social Spending under the Modi Government
25 July, 2014, Jayati Ghosh
A decline in real terms in the budget allocations to the crucial areas of public spending is a sign of the new government's lack of respect for the rights of their citizens.
How "Buoyant" are Central Government Taxes?
22 July, 2014, C.P. Chandrasekhar & Jayati Ghosh
The authors here suggest that the fiscal optimism is misplaced while projecting substantial increases in tax revenues despite many tax sops in the Budget for this year.
Corporate Karza Maafi at Rs. 36.5 Trillion
21 July, 2014, P. Sainath
Since 2005-06 a cumulative amount of Rs. 36.5 trillion has been given away to corporate sector in terms of various sops in corporate income tax, excise duty and customs duty.
Onward March towards Privatisation and Insecurity
21 July, 2014, Amiya Kumar Bagchi
The trend towards privatising public assets in order to augment private profits at public cost continues unabated, as is evident from the first budget of the Modi government.
Union Budget 2014-15
15 July, 2014, Prabhat Patnaik
The basic fiscal strategy of the Union Budget 2014-15 is to increase transfers to the rich and the affluent, while reducing the outlays earmarked for the poor.
No Sign of Change
11 July, 2014, C.P. Chandrasekhar
The people of India, who have voted for a change, are likely to be disappointed by the NDA government's first budget as it signals no change on the economic policy front.
Is this Really a Budget for Women?
06 March, 2013, Jayati Ghosh
Many of the policies implicit or explicit in the Budget statement have implications that are adverse for most women because they involve cuts in essential public spending.
Bad Economics, But Worse Politics
06 March, 2013, C.P. Chandrasekhar
There is nothing in the budget to reverse the stagflation, even as the opportunity to take effective measures aimed at showing concern for the common man has been missed too.
The Neo-liberal Paralysis
06 March, 2013, Subhanil Chowdhury
India's commitment to neo-liberalism and enticement of global finance capital forbid it to undertake any policy aimed at ameliorating the current condition of the economy.
The Dangers of Fiscal Austerity
04 March, 2013, Jayati Ghosh
Despite fiscal austerity measures proving to be counterproductive in dealing with economic contractions worldwide, the Indian government is poised to implement similar policies.
Niggardly on Essential Spend
01 March, 2013, Jayati Ghosh
Given that the Indian electorate would soon see what the real implications of the budget 2013-14 are, it is surprising that his own party let Chidambaram get away with this.
A Recipe for Continuing Stagflation
01 March, 2013, Jayati Ghosh
Budget 2013-14 will deliver neither higher growth nor improved conditions of life — instead it is likely to worsen the stagflationary tendencies in the economy.
Budget 2012: The price of reform
28 March, 2012, C.P. Chandrasekhar
By hiking indirect taxes that would be passed through to buyers, and slashing subsidies that would raise the prices of petroleum products and fertilisers, the Finance Minister has exposed a nation already reeling under the effects of a prolonged price rise to another bout of cost push inflation.
An Inequitable Path: The ritualistic exercise in fiscal management
23 March, 2012, Amiya Kumar Bagchi
Ignoring all the evidences of the fact that growth does not trickle down, the Budget 2012-13 has emphasised the target of raising the rate of growth at any cost without bothering about the majority of Indian population. Instead what was needed for managing the economy was a progressive system of taxation, employment creation and universalisation of the public distribution of food grains.
Employment and Social Spending in Budget 2012-13
21 March, 2012, Jayati Ghosh
Highly regressive in both taxation and spending terms, the Budget 2012-13 has managed the remarkable feat of upsetting almost everyone and making no aam aurat and aam aadmi happy. It provides conclusive proof of the UPA government having lost its way as it seems to have forgotten the importance of its own "flagship schemes".
The Return to Orthodoxy
20 March, 2012, Prabhat Patnaik
The 2012-13 budget represents a return with a vengeance to neo-liberal orthodoxy and a snuffing out of the “Left-inspired” (UPA-I) and the “Keynesian” moments. India will have to bear the impact of the global crisis in an exacerbated manner because of its own “drive to austerity” that is being undertaken at the expense of the people.
The Great Fuel Subsidy Hoax
20 March, 2012, C.P. Chandrasekhar & Jayati Ghosh
In his Budget Speech, the Finance Minister signalled his intent to reduce subsidies, particularly the fuel subsidy, by an estimated Rs 25,000 crore. In this article, the authors consider the retail prices of petrol and diesel in India relative to some other countries, and examine the validity of the claim that the petroleum sector is actually a burden on the exchequer.
Budget 2012-13
17 March, 2012, Jayati Ghosh
Highly regressive in terms of taxation, the Budget 2012-13 will obviously lead to rising prices with continuing shortfalls in employment. Hence it emerges that the greatest losers from this budget will be the Indian consumers, particularly the poorer sections.
The Siren Song of Cash Transfers
10 March, 2011, Jayati Ghosh
Cash transfers are the latest fad of the international development industry, as the preferred strategy for poverty reduction. And now Indian policy makers are busy catching up. The idea was mooted in the Government's Economic Survey for 2010-11, and the Finance Minister made an explicit announcement in his Budget Speech for replacing some subsidies on goods with cash transfers.
Budget 2011-12: The wages of cynicism
10 March, 2011, C.P. Chandrasekhar
This budget is afflicted to a far greater degree than before by a kind of cynicism that leads to policy paralysis. It lacks any focus or strategy whatsoever, and sticks to fiscal conservatism. Thus while paying lip service to ''inclusion'', it delivers little of it, since very few of the incremental expenditure allocations are significant when measured as a ratio to GDP.
Budget 2011-12 and Education
09 March, 2011, Jayati Ghosh
The budget allocations for the education sector are not sufficient for fulfilling the commitments made by the Centre in the sector. In particular, it seems that the financial burden of ensuring the right to education is to be thrust on the state governments, which might find it difficult to raise the required resources.
The Budget and the Indian Economy
07 March, 2011, Jayati Ghosh
The Budget certainly benefits the Indian elite class, but the conditions of the majority of people whose lives continue to languish in dreadful conditions are not going to get better. This is because it has not addressed the two major issues that matter for most people, namely food inflation as well as productive and gainful employment.
Budget 2011-12
07 March, 2011, Jayati Ghosh
The Budget is remarkable for its effective rejection of the interests of the common people. Instead of focusing on measures that will increase food supply and food distribution, the government has curtailed allocation for food subsidy. In the case of employment, the presumption seems to be that economic growth on its own will deliver more jobs; but this is not likely.
National Conference on 'Making Growth Inclusive With Reference to Employment Generation', 28-29th June, 2007, Jawaharlal Nehru University, New Delhi
02 July, 2007,
The theme chosen for the conference as reflected in the seminar title is one of the most formidable challenges facing the Indian economy today, namely the phenomenon of "jobless growth”. This seminar was organised through the joint efforts of the Indian Institute of Advanced Studies (IIAS), Shimla and Jawaharlal Nehru University (JNU), New Delhi .


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