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State or Market?: India's telecom wars
17 March, 2018, C.P. Chandrasekhar
The entry of Reliance Jio in the telecom industry has unleashed an aggressive price war, resulting in takeovers, mergers and closures owing to large debts, spectrum charge dues and falling revenues.
Agrarian distress in India
01 March, 2018, Jayati Ghosh
To stabilize crop prices and make them remunerative, the Swaminathan Commission proposed significant improvements in the implementation of MSPs.
When business turns 'Easy'
28 February, 2018, C.P. Chandrasekhar
The Modi/Choksi case illustrates how a neoliberal financial policy regime that is aggressively “reformist” creates conditions that make the system vulnerable to fraud and corruption on a huge scale.
Can banking recover?
27 February, 2018, Jayati Ghosh
Recovery of the banking sector will require stricter adherence to sound banking rules and more transparency from public and private players. And most of all, this applies to the regulators themselves and the government that frames all this.
Bubbles, Stocks and Crashes
21 February, 2018, Prabhat Patnaik
What the current U.S. experience shows is not only the role of bubbles in sustaining the level of activity under a neo-liberal regime, and hence the fact that the lives of millions depend upon the whims of a bunch of speculators, but also the completely evanescent and short-lived character of the booms in this period.
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.
The 2018-19 Union Budget
03 February, 2018, Prabhat Patnaik
The strategy of the current budget seems to be simple: make immense noise about “helping the victimized” but do not give an extra paisa from the budget towards that ends. With the expenditure squeeze being carried out to reduce fiscal deficit, the share of central government spending in GDP is in fact budgeted to fall.
Indian Banking: Current Challenges & Alternatives for the Future
30 January, 2018, C.P. Chandrasekhar & Jayati Ghosh
Indian banking today is at a tipping point. Banks are burdened with non-performing assets, incurring significant losses due to provisioning and unable to sustain credit growth, and therefore changes are both necessary and inevitable.....
The Dramatic Rise in Wealth Inequality
25 January, 2018, Prabhat Patnaik
Notwithstanding the statistical difficulties associated with the estimates of wealth distribution, there is no gainsaying the fact that something extremely serious for our democracy and freedom is occurring through the extraordinary rise in wealth inequality, as a result of the pursuit of unrestrained neo-liberal economic policies by the present government.
The Other Face of Private Banking
16 January, 2018, C.P. Chandrasekhar & Jayati Ghosh
Private banks, especially foreign ones have relied on off-balance sheet liabilities to earn revenues and profits, courting risk and leaving the business of banking proper largely to the public sector banks.
The Airtel-Aadhaar Fix
10 January, 2018, C.P. Chandrasekhar
Airtel is let off lightly by the government despite being in clear violation of the law in a case that exposes the flaws and dangers in the ecosystem surrounding Aadhaar.
The Demise of Bank Credit
02 January, 2018, C.P. Chandrasekhar & Jayati Ghosh
Growing economies generally show increasing deployment of bank credit – but in India this has been decreasing for years and recently has been almost flat. What does this suggest about the growth process and the health of the Indian economy?
A Dangerous Bill on Banks
22 December, 2017, Prabhat Patnaik
The BJP government, it appears, cannot remain content without inflicting irreparable damage on the institutions of the Indian economy. Its latest move in this direction is the Financial Resolution and Deposit Insurance (FRDI) Bill which was introduced in parliament on the last day of the winter session and is now with a Select Committee.
Banks And Non-Performing Assets
28 November, 2017, Prabhat Patnaik
What exactly constitutes a non-performing asset (NPA) of a bank is not easy to determine. Since banks tend to roll over credit to borrowers, whether the request for such a roll over arises in the normal course of business or owing to a fundamental inability to pay back the loan, is difficult to decide.
Shopping frenzy in the new China
24 November, 2017, C.P. Chandrasekhar
The Chinese e-commerce giant Alibaba creates a startling sales record on this year’s Singles’ Day, tapping into the rising consumerism of the upper middle class. The surge may not yield the home market growth needed to rebalance the country’s growth.
Moody's Upgrade
20 November, 2017, Prabhat Patnaik
The slight upgrade of India’s credit worthiness by Moody, that equates finance with nation, is being celebrated by the media as a mark of Modi’s success, but the criteria it has used to judge are in actuality open assaults by the government on the working population. To transcend such neo-liberal capitalism, the wrongness of this criteria must be understood first.
Neo-liberalism has been a disaster for Nepal
20 November, 2017,
Why is neoliberalism bad for India and Nepal? What are its major flaws? Mahabir Paudyal and Prashant Lamichhane from myRepublica caught up with Professor C.P. Chandrasekhar when he was in Kathmandu last week to discuss the impact of neo-liberal economic order in the two countries, and the prospects of a socialist-oriented economy in Nepal.
Not with a Bang but with a (prolonged) Whimper
16 November, 2017, Jayati Ghosh
The German thinker Wolfgang Streeck in his brilliant book provides a cogent critique of the nature of contemporary capitalism, and describes its ongoing extended demise without surrendering to any optimism that as it fails to deliver even in terms of its own logic all the injustice it has generated must inevitably change for the better.
The de-digitisation of India
12 October, 2017, Jayati Ghosh
The failure of digitisation is the result of the Central government’s cart-before-horse attitude to policy, which does not take into account the wider context and the supportive and enabling conditions that must be met for any policy measure to succeed.
Create a Crisis and make it Worse
12 October, 2017, C.P. Chandrasekhar
The government’s proposal to set up an all-powerful entity to solve the NPA problem has serious implications for banks and could leave them vulnerable to, among other things, runs by depositors.

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