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The Roots of the Agrarian Distress In India
29 June, 2017, C.P. Chandrasekhar
The policy shifts of the reform era have not been in favor of agriculture. Trade liberalisation, deregulation and a greater role for market forces have not benefited the farmer, who is trapped in a persisting crisis. It is time for today's policy makers to recognise their own disconnect, and learn from the evidence at hand.
The Economy under Modi
20 June, 2017, Prabhat Patnaik
As per official data, half of the country’s population witnessed no improvement in real per capita income over the three Modi years. Other indicators like the demand from net exports, Central Government expenditure (as a proportion of nominal GDP) and number of new jobs created in the organized sector, all reflect a gloomy picture of the Indian economy. The government has been keen on keeping finance capital happy while compromising on these matters.
Budget 2017-18: The Macroeconomic Perspective
03 March, 2017, C.P. Chandrasekhar
One reason why the government chose fiscal consolidation instead of an expansionary budget in the wake of demonetisation is its erroneous belief that demonetisation in itself would deliver fiscal benefits.
Budget 2017-18: Blinded by neoliberalism
27 February, 2017, C.P. Chandrasekhar
All that this government has is its unfounded belief that mere reform in the form of the demonetisation, digitalisation and the GST would deliver growth rather than recession.
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 India’s growth. Due to the accumulated presence of foreign capital in the country since liberalisation, it is turning moribund and losing sovereignty.
On High Interest Rates
13 October, 2014, C.P. Chandrasekhar
The RBI's decision to follow a restrictive monetary policy seems to have been influenced by the inflow of foreign finance, even if that is at the expense of growth.
Time to End the Madness
16 May, 2012, C.P. Chandrasekhar
Irrational insistence on fiscal conservatism has led to widespread growth slowdown not only in the European countries, but also in emerging economies like China and India. The political backlash in major eurozone economies rekindles hope that governments embracing growth stunting fiscal tightening would soon switch back to sound economic policy-making.
The Persistent Global Crisis
22 September, 2011, C.P. Chandrasekhar & Jayati Ghosh
World financial leaders gather at Washington for the annual meetings of the World Bank and the IMF amid fears of another global recession. But the perspective and will needed to address the problem appear to be absent.
Budget 2011-12: The wages of cynicism
10 March, 2011, C.P. Chandrasekhar
This budget is afflicted to a far greater degree than before by a kind of cynicism that leads to policy paralysis. It lacks any focus or strategy whatsoever, and sticks to fiscal conservatism. Thus while paying lip service to ''inclusion'', it delivers little of it, since very few of the incremental expenditure allocations are significant when measured as a ratio to GDP.
Food Security sans PDS: Universalization through targeting?
08 November, 2010, Smita Gupta
The obvious strategy to tackle hunger and malnutrition is to universalize and strengthen the Public Distribution System (PDS) by making adequate food available at affordable prices. The argument is more compelling for India where endemic hunger continues to badly affect a large section of people. It is therefore time that the NAC and the Government stop putting forward specious arguments against a universal bill, and instead use the current food stocks and the forthcoming rabi crop as an opportunity for full-fledged food security.
Budget 2009-10: Why does it disappoint?
16 July, 2009, C.P. Chandrasekhar
The Budget 2009-10 has received a mixed and muted response because of the fact that this budget is not merely incoherent and self-contradictory, but also inadequate to meet its own objective of higher growth with a human face. The details of the budget were so obviously in variance with the rhetoric that preceded and accompanied it that it disappointed most, if not all.
Blowing Bubbles at the Bust
07 January, 2009, C.P. Chandrasekhar
With the elections behind it, the government has chosen to unveil the promised second instalment of the economic package that it claims will stimulate a slowing economy. Given the global fashion these days, some media observers have wrongly described this as the Centre's second ''fiscal stimulus'' package.
Resources for Equitable Growth
07 December, 2006, Economic Research Foundation
The declared aims of the Planning Commission's Approach to the XIth Plan, all of which require substantially increased public expenditure in physical infrastructure and social sectors, simply cannot be met within the confines of a restrictive fiscal policy stance. The need to rethink policies of resource generation and financial regulation is therefore urgent. In this context, this paper seeks to examine the effects of the three perceptions underlying the prevailing fiscal conservatism, questions their validity and offers some alternatives for mobilising resources for development.
Convertibility: Road Map for Whom?
14 September, 2006, C.P. Chandrasekhar
The Reserve Bank of India has released the report of the special Committee on Fuller Capital Account Convertibility, which was constituted to revisit the issue of making the rupee convertible for capital account transactions. The recommendation of the FCAC committee to push ahead with capital account liberalisation, even in phases and with some caution, seems as unwarranted today as it was in 1997.
A Tale of Two Notifications
26 July, 2004, Jayati Ghosh
When the UPA government assumed office, there were two important bills which had been passed by Parliament, which were pending notification. These bills were very different in nature. One is inherently democratic and progressive
Budget 2004-05 and Agriculture: A betrayal of the electoral mandate
13 July, 2004, Sabyasachi Mitra
The results of the Lok Sabha elections in May 2004 left many psephologists wondering what had gone wrong with their predictions. While they were expecting that the alliance opposed to the National Democratic Alliance would give the latter a good fight, the fall of the NDA government was unexpected to the mainstream media.
Budget 2004-05: The Fall-out of Fiscal Conservatism
12 July, 2004, C.P. Chandrasekhar & Jayati Ghosh
A striking feature of Budget 2004-05 has not been noticed and commented upon in the innumerable disquisitions on the subject. This is the fact that the estimates provided in Budget 2004-05 imply that the ratio of total central budgetary expenditure to the GDP would fall by close to two percentage points from 17.23 per cent in 2003-04 to 15.30 per cent in 2004-05 (Chart 1). This 11 per cent decline in the fiscal stimulus (relative to GDP), brings the expenditure-GDP ratio to a six year low.
Budget 2004-05: A Disappointing Blend
12 July, 2004, C.P. Chandrasekhar
Despite periodic statements to the contrary, the annual budget of the Government of India is a major instrument of its economic policy. It reveals the fiscal stance - expansionary, neutral or deflationary - of the government at each point in time

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