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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 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.
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.
A Bull in a China Shop
26 September, 2017, Prabhat Patnaik
The BJP government, through demonetization and GST, coupled with the world economic situation, it is causing a rare co-occurrence of three phenomena: a stagnation of the countrys’ economy, a revival of inflation, and a yawning current account deficit on the balance of payments. As the era of cheap money in the U.S. and elsewhere come to an end, Indian assets might pass into foreign hands.
Where will Global Demand come from?
23 May, 2017, C.P. Chandrasekhar & Jayati Ghosh
As the US reduces its role as engine of global demand, there are no signs that other economies will be able to pick up the slack. The mercantilist approach exemplified by Germany is creating net global slowdown.
Finance Capital and the Nature of Capitalism in India Today
25 November, 2016, C.P. Chandrasekhar
This article explains how the growing dependence on foreign finance capital has distorted Indiaís growth. Due to the accumulated presence of foreign capital in the country since liberalisation, it is turning moribund and losing sovereignty.
Rajan's Exit
15 September, 2016, Prabhat Patnaik
The reason for the governmentís dithering over an extension of Raghuram Rajanís term, which led to his decision not to ask for one, cannot be attributed to his stance on interest rates.
The Shrinking of Global Imbalances
10 November, 2015, C.P. Chandrasekhar & Jayati Ghosh
Global imbalances in the current account do appear to have come down in the aggregate but the pattern and the outcomes are different from what was anticipated.
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 Modiís rule, has experienced massive attack on the welfare programmes, sluggish growth of exports and an increase in the trade deficit.
Exploiting the Oil Price Crash
30 October, 2014, C.P. Chandrasekhar & Jayati Ghosh
The government has decided to exploit the recent sharp decline in oil prices to push deregulation. But this may not help growth nor prove wise in the medium term.
Oil: Hope of respite?
22 August, 2014, C.P. Chandrasekhar
Despite a downward trend in global oil prices, in the long run India may have to find alternative routes to finance the oil import bill as the trend may be short-lived.
Incentivising Risk-taking Abroad
28 July, 2014, C.P. Chandrasekhar
Tax concession provided on dividends received by Indian firms from their foreign subsidiaries increases the foreign exchange risk exposure of the country.
The Missing Honeymoon
09 July, 2014, C.P. Chandrasekhar
The government's decisiveness in ensuring quick clearances for big, infrastructure projects would please the corporate sector and private capital, but not the rest of India.
India's External Resilience
17 June, 2014, C.P. Chandrasekhar & Jayati Ghosh
The fall in the current account deficit of India may seem heartening but this is possibly because of a temporary respite in the areas where Indiaís vulnerability resides.
Macroeconomic Vulnerability and the Rupeeís 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.
Is the Party Over?
03 October, 2013, Rohit
The article analyses the reasons behind the poor performance of the Indian economy in the recent past and suggests measures for way out of the current 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.
Addressing India's External Vulnerability
12 September, 2013, C.P. Chandrasekhar
Stringent quantitative restrictions on the volume of permitted gold imports are a must for addressing the economic difficulties that India faces now.
Is Fiscal Profligacy the Cause of the Crisis?
10 September, 2013, Prabhat Patnaik
Current account deficit is a major reason behind lack of demand and slowdown. Government spending on food security can boost demand for domestic goods and chance of a revival.

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