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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.
Economy Plunging Headlong into Recession
16 August, 2017, Prabhat Patnaik
The few days old Volume II of the Economic Survey by Ministry of Finance shows a GVA growth rate much less than that of the previous year, and that too artificially boosted by seasonal variations in non-core sectors. This deceleration is most likely to continue, with growing NPAs and plunging exports, and interest rate cuts will not help in a demand-constrained economy unless the government starts thinking beyond “fiscal rectitude”.
A New Growth Consensus?
28 October, 2013, C.P. Chandrasekhar
Recent measures by the RBI and the government emulate the path of fuelling growth by easy credit for specific sectors but that path is fraught with the risk of bank fragility.
The Lurking Debt Problem
19 December, 2011, C.P. Chandrasekhar & Jayati Ghosh
Rising interest rates in the domestic market have been encouraging large firms in the Indian corporate sector to resort to foreign borrowing to finance domestic expenditures. In particular, there has been significant rise in the shares of commercial borrowings and short-term debt in total external debt. This tendency is increasing external vulnerability.
Privileging FDI in Banking
25 December, 2004, C.P. Chandrasekhar & Jayati Ghosh
The roadmap for take over of Indian private banks by foreign investors will be laid out by end-December says Finance Minister P. Chidambaram. Speaking recently at the India Economic Summit 2004, organised by the World Economic Forum, a global business lobby, Mr Chidambaram said: ''The Government stands by the March 5, 2004 notification.
Taxes and Deficits: Where are the Real Problems
11 January, 2000, C.P. Chandrasekhar & Jayati Ghosh
Ever since Chidambaram's dream-turned-to-nightmare Budget of 1997-98, the Central Government's Budgets have been characterised not only by an unwillingness to raise more taxes, but also by a subsequent inability to reach the levels projected in the Budget in terms of actual tax receipts.

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