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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 Rupee’s 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 India’s 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 India’s 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 China’s export and growth successes, as if India can simply replicate China’s 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 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.
Inequality in South Asia
25 July, 2012, Jayati Ghosh
The increase in income and consumption inequalities in the South Asian countries during their period of globalisation compared with other highly globally integrated countries such as those in Latin America suggest that South Asian governments have much to learn from the proactive policies for equity elsewhere in the world.
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.
Markets and the Role of Law?
02 July, 2012, Bikku Kuruvila
While law is presented within the dominant policy discourse as a source of transaction costs and bureaucracy, markets simply could not exist without the rigorous enforcement of rules and contracts that allow the much-celebrated moments of ''free exchange'' to proceed with any certainty. In this light, it is very important to look at the political compromises, policy resolutions and distributional consequences created by market-oriented state intervention. To this view, India in 2012 is already largely integrated into the global economy with the growth, volatility and inequality that such integration entails.
Of Profits and Growth
29 May, 2012, C.P. Chandrasekhar & Jayati Ghosh
The period between 2002-03 and 2008-09 saw India’s economy grow at an unprecedented rate, with manufacturing too witnessing a revival. However, the rate of growth of the manufacturing sector would be reduced due to the effects of the recent developments of reduction and even reversal of foreign capital inflows, the liquidity crunch and the large scale corruption in India.

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