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RCEP Deal can be Disastrous for India
13 September, 2018, Biswajit Dhar
Our FTA experience and existing trade imbalance with RCEP nations inform us that such a trade pact will hurt our producers.
The So-called "Consumers' Interest"
21 May, 2018, Prabhat Patnaik
The argument in the wake of the Walmart-Flipkart deal, that having large multinationals in the sphere serves consumers’ interest not only ignores the plight of local producers but is also analytically unsound. “Consumers” are not an entity distinct from the displaced producers and will get affected adversely over time.
Trump's Trade War
24 April, 2018, C.P. Chandrasekhar
The trade sanctions on China and other protectionist measures announced by the Trump administration will not only not serve the cause of the U.S.’ trade deficit but could also spark off a trade war, resulting in an overall shrinkage of world trade.
The Great Fuel Subsidy Hoax
20 March, 2012, C.P. Chandrasekhar & Jayati Ghosh
In his Budget Speech, the Finance Minister signalled his intent to reduce subsidies, particularly the fuel subsidy, by an estimated Rs 25,000 crore. In this article, the authors consider the retail prices of petrol and diesel in India relative to some other countries, and examine the validity of the claim that the petroleum sector is actually a burden on the exchequer.
Argentina: The Return of the Phoenix
24 October, 2008, Jayati Ghosh
The financial crisis in the US has forced the Government to undertake a bail-out plan, which depends to a large extent on tax-payers money and on resources from other countries, including developing Asia. Developing countries facing such crises are however not so fortunate. The case of Argentina points to how heterodox policies can take a developing economy out of a severe financial crisis.
Inflation: How Much and Why
17 April, 2008, C.P. Chandrasekhar
Inflation is emerging as India's primary economic problem now. The problem is that it looks set to rise very fast with retail prices moving much faster than the rest. The major concern still is that this is occurring in a period when global inflation is on the rise and policies of trade liberalisation and domestic deregulation have reduced the degree to which Indian prices are insulated from international prices.
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.
Jobless Growth in Chinese Manufacturing
15 May, 2007, C.P. Chandrasekhar & Jayati Ghosh
China is increasingly seen as the manufacturing powerhouse of the developing world, to which manufacturing jobs from the North are increasingly being transferred. However, the actual evidence on Chinese employment shows a somewhat different recent reality.
Economic Reform and Inflation
21 September, 2004, C.P. Chandrasekhar & Jayati Ghosh
Inflation is clearly a cause for concern for the UPA government. Among the few economic policy initiatives it has taken in its less-than-four months in office, efforts to rein in inflation dominate. The reason: As on August 28, the point-to-point annual rate of inflation as measured by the Wholesale Price Index (WPI) stood at 8.33 per cent. The climb to that figure has been consistent, starting from 4.2 per cent on an annualised basis on May 1.
Neoliberalism, Investment and Growth in Latin America
28 October, 2003,
Despite the relatively poor growth record of the era of corporate globalisation, there are many who continue to believe that corporate globalisation and greater liberalisation of economic policies do deliver higher investment and more economic growth, even if there are other less benign effects - such as greater inequality or inadequate "social sector" expenditure which then need to be separately addressed.
Competition Bill: The End to Indian Anti-Trust
02 January, 2003, C.P. Chandrasekhar
The Competition Bill, which would alter substantially the nature and thrust of anti-trust intervention by the government, is among the 43 bills which passed through parliament in the winter session that ended recently. With its passage, the Monopolies and Restrictive Trade Practices (MRTP) Act that governed the Indian governments anti-trust agenda is to be scrapped and the MRTP Commission is to be replaced by a Competition Commission of India.
The Export Dreamer's Guide
05 April, 2002, Jayati Ghosh
Commerce Minister Murasoli Maran is right to be concerned about India's export performance. Over the past year, export growth has faltered to such an extent that even the much reduced target of 3 per cent growth will certainly not be met.
Budget 2002-03: Results of Missing an Opportunity
04 March, 2002, C.P. Chandrasekhar & Jayati Ghosh
In an implicit defence of the Budget proposals for 2002-03, Revenue Secretary S. Narayan attacked the corporate sector for failing to deliver. Speaking to representatives of the Confederation of Indian Industry during a post-Budget interaction, he argued that unlike last year when the budget provided Rs. 16,000 crore in the form of giveaways, this years budget offers none, because of the lack of resources resulting from the poor performance of industry.
Will the Slowdown Lead to a Slump?
05 October, 2001, C.P. Chandrasekhar
Across the world, attention is focused on the economic aftermath of the incidents of September 11. What gets missed or underplayed as a result is the state and direction of movement of individual economies prior to that date. In India's case, evidence on economic performance till July 2001, which has recently become available, points to a sharp deceleration in growth over the first four months (April-July) of this financial year, which was well before September.
Has India Contained an Import Surge?
29 May, 2001, C.P. Chandrasekhar & Jayati Ghosh
According to official spokesmen, the evidence on trends in imports into India indicate that fears that import liberalisation would result in an import surge were misplaced. Rather, in their view, Indian producers have clearly been able to hold their own against international competition.
Exim Policy:Disturbing Bravado
04 April, 2000, C.P. Chandrasekhar & Jayati Ghosh
Exim policy 2000 does indeed mark a watershed, though not for the reasons advanced by the Commerce Minister. It begins the one year stretch during which India plans to dismantle all remaining quantitative restrictions (QRs) on imports. The announcement declares what India has been forced to accept because of US intransigence with regard to permitting India to maintain some QRs for reasons of balance of payments vulnerability. Restrictions on 714 of the 1429 items still subject to regulation have been lifted as of April 1st, and those on the rest would go in a year from that date.

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