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The Invisible Class
20 June, 2018, Prabhat Patnaik
The peasantry has been dubbed as the ‘invisible class ‘for the simple reason that it has been outrightly ignored. A basic comparison of the per capita GDP of this invisible class across two years using the Economic Survey 2017-18 gives veracity to these claims.
Ashok Mitra
03 May, 2018, Prabhat Patnaik
A man of great wisdom, and generosity, scrupulously adhering to principles and willing to fight for them, but without any malice towards anyone, Ashok Mitra was a pillar of support for the Left.
OBITUARY | Ashok Mitra, the Former Bengal Finance Minister Who Wished He Were Forgotten
03 May, 2018, Subhanil Chowdhury
He disliked being praised. In the last few lines of his memoirs Aapila Chaapila, he wished that he may be forgotten by everybody, he did not want his readers to remember him. Therefore, he would have strongly disagreed with this obituary of his. But those who knew him, loved him would agree that it is impossible to forget him.
The Problem with the Indian Left
27 December, 2017, Prabhat Patnaik
The current problem with the Indian Left, and in this term I include all sections of the Left, from the so-called "parliamentary Left" to the so-called "revolutionary Left", is in my view, its lack of appreciation of the dialectics between "reform" and "revolution".
The Economy under Modi
20 June, 2017, Prabhat Patnaik
As per official data, half of the country’s population witnessed no improvement in real per capita income over the three Modi years. Other indicators like the demand from net exports, Central Government expenditure (as a proportion of nominal GDP) and number of new jobs created in the organized sector, all reflect a gloomy picture of the Indian economy. The government has been keen on keeping finance capital happy while compromising on these matters.
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.
Interview with TM Thomas Isaac on Demonetisation
18 November, 2016,
In an interview to Scroll.in, economics professor turned Finance Minister of Kerala, TM Thomas Isaac said that the secrecy surrounding the demonetisation was a blow to cooperative federalism, where the state and centre work collectively, and the move would not have a serious impact on tax evaders.
Unexpected Inflation
02 September, 2016, C.P. Chandrasekhar & Jayati Ghosh
The return of inflation, even if moderate, at a time when India is experiencing a normal monsoon and after a long period of inflation-targeted monetary policy is surprising.
The Food Price Rise Acceleration in Rural India
31 December, 2013, Rahul Goswami
For crop cultivators and rural labour, the CPI – a measure of the rise in the food prices – is showing an accelerated upward trend, particularly October 2011 onwards.
What Defines Headline Inflation?
30 July, 2013, C.P. Chandrasekhar
It is barely a year and a half since the government started computing headline inflation based on CPI rather than WPI, it has returned to focusing on WPI-based inflation.
In the Middle of a Muddle
21 April, 2012, C.P. Chandrasekhar
While the RBI is being advised to cautiously stimulate demand and growth, at the same time keeping a close watch on inflation, the Finance Ministry is being cajoled into stoking inflation by hiking a range of prices.
Food Prices, Health and Nutrition: Red-flag indicators for the 12th Plan
17 August, 2011, Rahul Goswami
The long-term impacts of food inflation on the rural and urban poor are yielding worrying indicators in India's nutrition and health sectors. Analysing new data from the NSSO's 66th Round and recent trends in retail food prices, the author establishes that households in the lower deciles of consumption in both rural and urban areas have been hurt the most by the steep rise in the real retail prices of cereals during 2003 to 2009-10.
The Left and Elections in West Bengal
18 May, 2011, C.P. Chandrasekhar & Jayati Ghosh
This is clearly an important moment in Indian politics. The dust has still not settled in the five states where elections to the state assemblies were held, but their impact is already reverberating across the country. Not just the elections in the states of West Bengal, Tamil Nadu, Assam, Kerala and Puducherry, but even by-election results (as in Kadapa in Andhra Pradesh) may turn out to have national significance for the course of both politics and economic policies at central and state levels.
(Un)Common Suffering: Distributional impact of recent inflation in India
06 January, 2011, Rajarshi Majumder & Subhadip Ghosh
Recent inflation in India is special both because of its peaks and its persistence. It is argued that unlike during 2008-09, recent inflation is due to structural problems. Further, a distributional analysis reveals that its impact is not shared equally. People in the lower income groups have been facing uncommon difficulties, as their purchasing power seems to have been halved over the last four years.
What is Right with the CPI (M)
07 September, 2010, Prabhat Patnaik
Although the CPI (M) has been much criticised these days, the party still continues to attract some of the finest young minds of the country. What is right with the party is that it is the only consistently anti-imperialist force in Indian politics and it believes anti-imperialism is not a “fundamentalist” but a modernist position.
The Threat of Drought-driven Inflation
24 August, 2009, C.P. Chandrasekhar & Jayati Ghosh
With just a few weeks to go before the Southwest monsoon retreats, it seems almost certain that the deficiency in rainfall would be such as to constitute a drought.
Difficulty of Growing Tails Again
25 January, 2008, Prabir Purkayastha
There has been a recent parting of the ways between the Left parties, particularly the CPI(M) and various sections, which had earlier appeared to be a part of a larger coalition of forces against imperialist globalisation. Obviously, Nandigram and Singur are symptomatic of a much larger difference that existed and which has now surfaced. This current divergence reflects several issues; the role of development, the role of the state and the issue of imperialism.
The CPI(M) and the Building of Capitalism
17 January, 2008, Prabhat Patnaik
This article argues that the reaction of certain sections of the media and the younger generation to certain statements made in the West Bengal CPI(M) political circles which was read as the CPI(M) having abandoned socialism is misplaced on three counts. Their arguments do not distinguish between socialist and people's democratic revolutions; between working within a system and working not to transcend the system; and between the Party and Party-led governments. All of this point towards the complexities of the Indian revolution and require an in depth understanding of the political situation.
Monetary Policy: Desperate Measures
30 October, 2001, C.P. Chandrasekhar
In an uncharacteristic move, India's conservative central bank has sought to introduce significant changes in its monetary policy in its mid-year review released on the 22nd of October. It has decided to slash the cash reserve ratio from 7.5 to 5.5 per cent in two quick stages to allow for the release of additional liquidity into the system. It has reduced the Bank Rate, or the central banks' reference rate for interest by half a percentage point.

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