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Ostrich-like in Peacock Nation
01 October, 2018, C.P. Chandrasekhar
In the midst of a crisis reflected in a collapsing rupee, India’s BJP government is acting ostrich-like, burying its head in the ground. Nothing illustrates this better than its much-delayed response to the collapse of the rupee with a set of measures that are the opposite of what is needed.
Pakistan: Who needs a crisis?
29 August, 2018, C.P. Chandrasekhar
As Pakistan’s new Prime Minister, Imran Khan faces the current balance of payments, its important to look at Pakistan’s debt history, especially in light of its association with China’s Belt and Road Initiative. With IMF’s support to Pakistan in the past, it is to be seen how a proxy stand-off between a retreating power and a rising one plays out.
Shadow cast by the rupee
07 June, 2018, C.P. Chandrasekhar
The rupee has sharply depreciated in the recent weeks giving reason for concern. The external events of rise in oil prices and rate of interest in advanced economies has led to a surge in the current account deficit and capital outflows respectively. The success of 'the liberalization reforms' lies in the huge capital inflows and thus, has enhanced the periodic bouts of the rupee, hinting to symptoms of a bubble economy.
The Real Confusion over MSP
04 April, 2018, C.P. Chandrasekhar
The government ought to have specified its definition of cost of crop production in the Budget to prevent any confusion in the minds of people on minimum support prices.
Mixed signals from the external sector
28 September, 2017, C.P. Chandrasekhar
Large capital inflows have boosted foreign exchange reserves and resulted in the rupee strengthening. Although exports have not done badly, the widening trade deficit owing to a rise in the import bill can worsen the current account position and create a vicious circle.
Downturn Blues
18 September, 2017, C.P. Chandrasekhar
The most recent deceleration in growth is the result of the inability of the system to sustain the artificial stimuli that the neoliberal policy environment facilitated. It is a problem that does not lend itself to easy resolution.
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.
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 Budget after Demonetisation
21 December, 2016, C.P. Chandrasekhar
If the government adheres to its deficit targets, this could imply a substantial cut in capital expenditures or social expenditures or both which would worsen the contraction set off by demonetisation.
Emerging Markets in Retreat
25 August, 2015, Jayati Ghosh
From Brazil to Thailand, experiences of the emerging markets confirm that relying only on net export growth or debt-driven bubbles for rapid growth cannot work for very long.
A Curious Recession
21 April, 2014, C.P. Chandrasekhar
India's industrial sector seems mired in a recession at a time when foreign capital inflows have been substantial and capital market is exuberant.
Macroeconomic Vulnerability and the Rupees Decline
28 October, 2013, C.P. Chandrasekhar
The measures adopted by the government to stem the rupee depreciation rather than being a success may well lead India into a crisis.
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.
Perils of Borrowed Prosperity
22 August, 2013, Prasenjit Bose
There are structural aspects underlying Indias external deficit and financing this by attracting more capital inflows will imply growing external indebtedness for the economy.
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.
Disquieting Imbalance
19 February, 2013, C.P. Chandrasekhar & Jayati Ghosh
A spate of evidence suggests that there is much that is troubling on Indias balance of payments front. But there seems to be no concerted action to address the problem.
India's Growth Story: A comparative view
11 December, 2012, C.P. Chandrasekhar & Jayati Ghosh
Indian growth episode was not based on the sorts of stimuli and methods of financing that have characterised the growth of some other more successful Asian economies.
India, China and the World
19 October, 2012, Prabhat Patnaik
Those who defend neo-liberal policies in India by citing Chinas export and growth successes, as if India can simply replicate Chinas experience, are completely wrong.
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 governments 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.

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