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The Golden "Diwali Gift"
26 October, 2017, Jayati Ghosh
In the light of rescinding, at the behest of the clout of jewellery traders, the notification requiring KYC details for purchase of gold, the government will find it difficult to maintain its ‘pro-poor’ and ‘anti-corruption’ image as its moves seem to be, more for optics and hype than substantive change.
Strangulating the Informal Economy
12 October, 2017, Prabhat Patnaik
The current slowdown in the economy, aggravated by the persistent world economic crisis, has much to do with the twin coercive instruments of demonetisation and GST wielded by the state to strangulate the informal economy in a bid to formalise it.
Winner-take-all Political Funding
28 September, 2017, Jayati Ghosh
By introducing the opaque and hugely problematic system of electoral bonds, the BJP-led government at the Centre has indicated that it is not really interested in fighting corruption but only concerned with expanding its hold on power.
Agrarian Conditions and Recent Peasant Struggles in Sikar
25 September, 2017, Vikas Rawal
Kisans of Sikar have fought many valiant struggles against oppression and against anti-people state policies. This year’s struggle in Sikar has once again shown that it is only through such mobilisations of working people that anti-people actions of the current government can be checked.
What is really happening in Indian manufacturing?
16 August, 2017, C.P. Chandrasekhar & Jayati Ghosh
Data on organised manufacturing production do not really capture the impact of demonetisation and its effects on demand, but looking at some sub-sectors of consumer non-durable goods provides more insight.
NPAs: All talk and no action
04 August, 2017, C.P. Chandrasekhar
The problem of large NPAs of nationalised banks can be traced to the neoliberal reforms in the financial sector and outside, which prevent large government investments in infrastructure and capital-intensive industries that are imperative for development but too difficult a responsibility for the private sector to shoulder.
The De-digitisation of India
25 April, 2017, C.P. Chandrasekhar & Jayati Ghosh
Despite the government’s efforts to digitise the Indian economy forcibly, non-cash forms of payment appear to have declined as more currency has been made available to the public. This points to major flaws in the government’s coercive approach and the underlying rationale for cashlessness.
Demonetisation Decoded: A critique of India's currency experiment
12 April, 2017, Jayati Ghosh, C.P. Chandrasekhar and Prabhat Patnaik
In a surprise move, on November 8, 2016, the Indian government announced that the currency notes of Rs 500 and Rs 1000 denomination cease to be legal tender from the midnight of that very date. The arguments advanced in support of the move was that this would root out black money and take care of counterfeiting of currencies; however, withdrawing more than 85 per cent of the currency notes in circulation has been a major hit on India’s poor and lower middle classes.
The Nefarious Money Bills
03 April, 2017, Prabhat Patnaik
The amendment of the Company Act by the BJP government is a massive assault on democracy and a legitimisation of the fusion of corporate and State power, and a license for big-ticket corruption.
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.
Quarterly GDP Estimates: Curiouser and curiouser
02 March, 2017, Jayati Ghosh
CSO's latest GDP estimates for the third quarter throw up some real surprises as these run counter to all the evidence of depressed demand, of massive drops in sales, of job losses and of a significant hit especially on small scale and informal manufactured goods producers following demonetisation.
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 Universal Basic Income in India?
03 February, 2017, Jayati Ghosh
The idea of basic income that is very much part of the idea of a universal social protection floor, cannot be seen as a substitute for public provision of basic goods and services; rather it must be an addition to it.
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.
No Digital Base for a Cashless Economy
27 January, 2017, C.P. Chandrasekhar
In the absence of a digital base for a cashless economy, India’s road to a near-cashless economy seems fairly long and the journey is likely to be slow and tedious.
The Widening Gap between Rich and Poor
23 January, 2017, Jayati Ghosh
Evidently the problem of inequality has intensified over the last decade or so, and this is largely because of worsening income and asset distribution in the era of globalisation.

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