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The Gathering Storm Clouds
28 May, 2018, Praveen Jha & Amit Chakraborty
The Indian Economy has all along been critically dependent upon the inflow of speculative finance to sustain its balance of payment. It now faces threatening prospects of a spiral as international crude oil prices and U.S. interest rates, that kept its import bill restricted, are on the rise.
Capital Bleeds from Emerging Asia
02 February, 2016, C.P. Chandrasekhar & Jayati Ghosh
Capital flight, in 2015, from the emerging markets, especially those in Asia, was much worse than has been previously estimated. This augurs ill for the coming year.
The Declining World Foreign Exchange Reserves
12 June, 2015, Prabhat Patnaik
The author in this article explains the reason behind the sudden decline in the world foreign exchange reserves.
Skating on Thin Ice
01 June, 2015, Prabhat Patnaik
Indian economy, under the first year of Modi’s rule, has experienced massive attack on the welfare programmes, sluggish growth of exports and an increase in the trade deficit.
The Way Forward for the Economy
07 July, 2014, Prabhat Patnaik
The Indian economy cannot be revived by the neo liberal policies of austerity and incentives as only fiscal intervention can break the deadlock of stagflationary tendencies.
Is there a Flight of Capital from India?
10 October, 2013, C.P. Chandrasekhar
Capital flight from India aggravated the overall position of rupee, but the country’s balance of payments position is the fundamental weakness which needs to be addressed.
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.
The Discreet Charms of Controlling Imports
04 September, 2013, Jayati Ghosh
Some protection from imports together with current account balancing is clearly what is necessary now to deal with India’s balance of payment crisis.
The Neoliberal Trap
11 June, 2013, C.P. Chandrasekhar
The government of India is forced to appease international credit rating agencies and give their demands priority over national issues.
The Political Economy of Indian Food Exports
02 April, 2013, C.P. Chandrasekhar & Jayati Ghosh
The article discusses the political economy configurations that permit rising grain exports from India, even as domestic food prices spiral out of the reach of ordinary people.
India's Rich are the Problem
18 March, 2013, C.P. Chandrasekhar
Addressing India’s worsening current account deficit requires reining in the import bill, which in turn requires curbing elite consumption.
Promise Belied
20 October, 2012, C.P. Chandrasekhar
There is little evidence from the RBI’s latest data to suggest that liberalisation’s promise of positive net foreign exchange earnings for the country has borne fruit.
India, China and the World
19 October, 2012, Prabhat Patnaik
Those who defend neo-liberal policies in India by citing China’s export and growth successes, as if India can simply replicate China’s experience, are completely wrong.
Banking on Debt
10 July, 2012, C.P. Chandrasekhar & Jayati Ghosh
The latest figures on India’s external account reveal that the problem of declining foreign exchange reserves is the result principally of the widening of the current account deficit, which was far too large to be covered by an increase in capital inflows. While the government may do well to address the vulnerability caused by a rising import bill, especially on account of gold imports, it has been adding to external vulnerability by encouraging further inflows of speculative debt capital.
The Dollar Drain
16 April, 2012, C.P. Chandrasekhar
With the government announcing the new liberalised norm for remittances for Indian residents, there has been a spurt in capital outflow from the country. The rising Indian appetite to invest abroad could prove a problem if uncertainty with regard to rupee rises, as such uncertainty could trigger capital flight in a liberalised environment.
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.
Changing Guard at the IMF?
06 July, 2011, Jayati Ghosh
The change of guard at the IMF would not make a difference as long as there is no significant change in the Fund's approach to economic policies. Despite the experience of continually getting it wrong in so many countries over so many decades, the Fund is still persisting in imposing the blatantly counterproductive strategy of fiscal austerity everywhere.
Surviving Uncertain Times
01 December, 2010, C.P. Chandrasekhar & Jayati Ghosh
There's really no question about it: the world economy is heading for a period of great economic uncertainty, in which instability, trade and currency conflicts and possibilities of economic stagnation all loom large.
India: A Setback for Neo-Liberalism
10 June, 2010, Prabhat Patnaik
The current developments in India mark the beginning of a process of the polarization of society into two camps, a pro-imperialist camp supported by the Fund, the Bank, globalized finance and the MNCs, and an anti-imperialist camp led by the Left but encompassing diverse elements. The degree to which consolidation of the latter camp can be successfully accomplished depends crucially on the ability of the Left to overcome sectarianism and narrowness of outlook and unite the widest possible segments of anti-imperialist social forces.
FDI and the Balance of Payments in the 2000s
10 March, 2010, C.P. Chandrasekhar & Jayati Ghosh
A major component of the economic reform initiated in the 1990s was, and remains, the liberalisation of regulations relating to the inflow and terms of operation of foreign direct investment (FDI).

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