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Market Fever and its Aftermath
13 March, 2018, C.P. Chandrasekhar & Jayati Ghosh
As fears of a market downturn cloud sentiment, the factors that led up to the bull run and their implications need to be studied and learnt from.
Budget 2018-19: No money where the mouth is
20 February, 2018, C.P. Chandrasekhar
Rhetoric and meagre show of financing aimed at the neglected and marginalized sections, to address the pre-election imperative of the Budget have not even been able to fulfil the irrational fiscal deficit targets of the FM, even with massive disinvestment and absence of fund allocation.
Financing Education
08 August, 2017, Prabhat Patnaik
The central governments’ Draft National Education Policy promotes privatization of education to meet its target, which is not only logically absurd but also legitimizes inequality. Solutions like student loans are impractical with educated unemployment, and fee subsidies turn counterproductive. The one efficient way is to extract the private funds through progressive direct tax, but that seems impossible in this neo-liberal era.
A Plan for Corporate India
09 January, 2013, C.P. Chandrasekhar
Even though talk of planning is a travesty, the Twelfth Five Year Plan document is still a shocker, because of its unashamed advocacy of measures that favour private capital.
Demonising Dissent
05 December, 2012, Jayati Ghosh
The reform measures of the UPA government, its double standards and failure to actually improve the conditions of its people have been major sources of public disappointment.
Foreign Finance and India's Development
25 September, 2012, C.P. Chandrasekhar
The principal objective of the current government seems to be that of winning and sustaining the whimsical ‘confidence’ of foreign capital at all costs. This is the new and defining feature of economic policy of present day India.
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.
Budget 2012: The price of reform
28 March, 2012, C.P. Chandrasekhar
By hiking indirect taxes that would be passed through to buyers, and slashing subsidies that would raise the prices of petroleum products and fertilisers, the Finance Minister has exposed a nation already reeling under the effects of a prolonged price rise to another bout of cost push inflation.
An Inequitable Path: The ritualistic exercise in fiscal management
23 March, 2012, Amiya Kumar Bagchi
Ignoring all the evidences of the fact that growth does not trickle down, the Budget 2012-13 has emphasised the target of raising the rate of growth at any cost without bothering about the majority of Indian population. Instead what was needed for managing the economy was a progressive system of taxation, employment creation and universalisation of the public distribution of food grains.
Don't Shoot the Interpreter
07 March, 2012, C.P. Chandrasekhar
The Supreme Court judgment on Vodafone case is a godsend for the government, which can now pretend that it is the court that is responsible for an increasingly lax tax policy in the country where there are, as the government claims, inadequate resources to ensure food security, address deprivation and provide employment.
Too Much of a Good Thing
17 December, 2007, Jayati Ghosh
The massive surge in net capital inflows has put substantial pressure on the rupee. Faced with an unwanted surge of capital that is not being used for productive investment but is associated with a rising exchange rate, the need to put some limits and constraints on the capital inflows, in the form of direct marketing activity in lieu of a capital gains tax, cannot be denied.
Unravelling India's Growth Transition
02 November, 2007, C.P. Chandrasekhar
An appreciating exchange rate, stock market volatility and global pessimism are yet to affect India’s growth story. Figures released by the Central Statistical Organisation at the end of August indicate that GDP grew by 9.3 per cent during the first quarter (April-June) of 2007-08 when compared with the corresponding quarter of 2006-07.
Is the Centre Resource-stretched?
20 December, 2006, C.P. Chandrasekhar & Jayati Ghosh
Speaking on the need for more inclusive growth at the recently held National Development Council meeting to approve the Approach to the XIth Plan, Prime Minister Manmohan Singh reportedly said: ''We cannot escape the fact that the Centre's resources will be stretched in the immediate future and an increasing share of the responsibility will have to be shouldered by the States.''
An Aspect of Neo-liberalism
19 December, 2006, Prabhat Patnaik
The standard argument for the proposition that a capitalist class is at all socially necessary is that this class undertakes productive investment: it thereby causes the development of the productive forces, which is a condition for social progress. The social legitimacy of capitalism thus lies in the fact that capitalists undertake investment.
Why Inflation Still Matters
13 December, 2006, Jayati Ghosh
Perhaps more than any other purely economic issue, inflation has always been a pressing socio-political concern in India. That is because the vast majority of our working people receive incomes that are not indexed to prices, and are therefore directly and adversely affected especially by the rise in prices of necessities. Since money wages and the incomes of small businesses of the self-employed adjust to rising prices only with a lag, this means that their real incomes get eroded over time. So inflation has direct income distribution consequences.
Resources for Equitable Growth
07 December, 2006, Economic Research Foundation
The declared aims of the Planning Commission's Approach to the XIth Plan, all of which require substantially increased public expenditure in physical infrastructure and social sectors, simply cannot be met within the confines of a restrictive fiscal policy stance. The need to rethink policies of resource generation and financial regulation is therefore urgent. In this context, this paper seeks to examine the effects of the three perceptions underlying the prevailing fiscal conservatism, questions their validity and offers some alternatives for mobilising resources for development.
Exploiting a ''Heady Mix''
20 February, 2006, C.P. Chandrasekhar
It is boom time for the Indian economy, Finance Minister P. Chidambaram periodically reminds us. He has figures to back his case. Most recently, the CSO has released ''advance estimates'' of national income for 2005-06, which place GDP growth at 8.1 per cent as compared with 7.5 per cent in 2004-05.
Courting Risk: Policy Manoeuvres on FII Inflows
14 February, 2006, C.P. Chandrasekhar
The evidence is stark and incontrovertible. In the period since April 2003, India has witnessed an extraordinary surge in foreign institutional investments. Having averaged $1776 million a year during 1993-94 to 1997-98, net FII investment dipped to an average of $295 million during 1997-99, influenced no doubt by the Southeast Asian crisis. The average rose again to $1829 million during 1999-2000 to 2001-02 only to fall $377 million in 2002-03.
The Tired Old Subsidies Debate
27 December, 2004, C.P. Chandrasekhar, Jayati Ghosh & Smitha Francis
The National Common Minimum Programme of the UPA government promised many things, and on some of the more crucial issues (such as on the Employment Guarantee ACT) the current central government has shown itself to be less than enthusiastic in terms of fulfilling the true spirit of its promise.
The Central Government's Finances
15 October, 2004, Jayati Ghosh
Some newspapers have already made much of the recent data released by the Finance Ministry on the central government's finances for this year. These suggest that the revenue deficit is already much higher than it should be given the target for the full fiscal year - indeed, for the first five months of the year, from April to September.

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