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How China is managing capital flows - and why
24 November, 2017, Jayati Ghosh
China is seeking a more influential role in the global economy, and it hopes to achieve this through greater use of its currency by others.
China's Capital Flight Syndrome
30 January, 2017, C.P. Chandrasekhar
The sudden collapse in reserves due to an outflow of capital in a country that was considered the favoured destination for FDI points towards the fact that China is now paying the price for the capital account liberalisation measures adopted with its entry into the WTO.
The Tenuous Relationship between Make in India and FDI Inflows
29 December, 2016, K.S. Chalapati Rao & Biswajit Dhar
This policy brief looks at the magnitude and nature of FDI inflows into India since the Make in India programme was initiated. In the process it raises serious doubts about the reliability and suitability of the official data.
Rajan's Exit
15 September, 2016, Prabhat Patnaik
The reason for the government’s dithering over an extension of Raghuram Rajan’s term, which led to his decision not to ask for one, cannot be attributed to his stance on interest rates.
Banking on FDI
09 February, 2015, C.P. Chandrasekhar
The government's strategy to attract foreign firms for investing in Indian manufacturing to produce for the export markets abroad may not prove to be all too wise.
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.
The Threat from Big Pharma
15 May, 2014, C.P. Chandrasekhar
The recent global trend of M&A in the pharmaceutical industry poses a danger for prices of life savings drugs, especially in India, with 100% FDI approval from the government.
How Should We Deal with the Current Account Deficit?
17 September, 2013, C.P. Chandrasekhar & Jayati Ghosh
Although the Rupee has stabilised for the moment, the resolution of India's external crisis is far from sight as the basic source of the problem still remains unaddressed.
Capital Flows and External Vulnerability Examining the Recent Trends in India
29 April, 2013, Prasenjit Bose
The measures to attract additional debt inflows into the Indian economy to finance its widening current account deficit will only enhance its external vulnerability.
Disquieting Imbalance
19 February, 2013, C.P. Chandrasekhar & Jayati Ghosh
A spate of evidence suggests that there is much that is troubling on India’s balance of payments front. But there seems to be no concerted action to address the problem.
FDI in Banking
19 November, 2012, C.P. Chandrasekhar
Given that accessing foreign equity to enhance bank’s capital is possible within the existing regulatory framework, there is no case for altering the current RBI rules.
Importing Risk into Insurance
17 October, 2012, C.P. Chandrasekhar
The government’s decision to increase foreign presence in insurance industry would import practices that would subject the savings of middle classes to increased probability of loss.
The Role of the Small Retailer
06 October, 2012, C.P. Chandrasekhar
As evidence suggests, policy of pushing organised retail will result in substantial loss of employment and livelihood contrary to the official claim of employment growth.
FDI in Retail: Benefiting neoliberalism, harming people
26 September, 2012, Subhanil Chowdhury
The decision of the UPA government to open up the retail sector in the country to FDI is an example of the basic fallacy in the ‘growth fetishism’ of the votaries of neo-liberalism. While the government argues that this move will generate investor confidence in the Indian economy and lead the country to high growth, in reality the problems of the common people- deprivation, poverty and hunger- far from being ameliorated will actually be intensified.
The Parthasarathi Shome Committee Report
10 September, 2012, Prabhat Patnaik
The Shome Committee Report has recommended that the introduction of GAAR should be kept in abeyance until April 1, 2016 and that the capital gains tax be done away with altogether. These are all a reflection of the Manmohan Singh government’s keenness to legitimise its efforts to start another stock market “bubble”, which it thinks will stimulate growth by attracting more speculative finance capital into the country.
Food and Agriculture: Trends in India into the early Twelfth Plan period
23 April, 2012, Rahul Goswami
The transformation taking place in India's agriculture and crop cultivation choices is brought about by a few key factors that have begun to heavily influence the patterns of crop cultivation, the movement of food through India and the effect of these on nutrition on different income classes in rural and urban habitats. In this view, foreign direct investment in multi-brand retail and the influence of the retail food industry is linked with climate change impacts and the proposed genetic engineering solutions; the combining of agriculture, health and nutrition is aided by pro-technology policies and consumption geared for urbanising India; and the domination by the USA of the crop science, research agenda and market reform process is still evident. These factors are responsible for the repetition of the misdiagnosis of impending hunger in the country by the Government of India as being a consequence of a lack of food, to be tackled today, and tackled exclusively by technological means.
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.
Concentration in Global Food Markets
14 February, 2012, Jayati Ghosh
The growing power of multinational firms within the global food system has implications for both producers and consumers of food and it poses serious threats to global food security. Therefore, enforcement of some regulation and control is necessary to prevent concentration of market power in the hands of a few large retailers that leads to various malpractices.
Behind the Fear of Debt
09 February, 2012, C.P. Chandrasekhar & Jayati Ghosh
Fears are being expressed in official policy circles that the country’s dependence on foreign debt as opposed to foreign investment to finance the external deficit is increasing, leading to specific policy responses. Recently the government has announced a policy allowing direct access of a new group of foreign investors into India’s equity markets. Although this measure is defended on the grounds that it would help reduce dependence on debt, its validity is indeed questionable.

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