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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.
Economy Plunging Headlong into Recession
16 August, 2017, Prabhat Patnaik
The few days old Volume II of the Economic Survey by Ministry of Finance shows a GVA growth rate much less than that of the previous year, and that too artificially boosted by seasonal variations in non-core sectors. This deceleration is most likely to continue, with growing NPAs and plunging exports, and interest rate cuts will not help in a demand-constrained economy unless the government starts thinking beyond “fiscal rectitude”.
Financing Education
08 August, 2017, Prabhat Patnaik
The central governments’ Draft National Education Policy promotes privatization of education to meet its target, which is not only logically absurd but also legitimizes inequality. Solutions like student loans are impractical with educated unemployment, and fee subsidies turn counterproductive. The one efficient way is to extract the private funds through progressive direct tax, but that seems impossible in this neo-liberal era.
The Hamburg Fiasco
19 July, 2017, C.P. Chandrasekhar
There is no sign of any consensus coming out of the G20 on the need for a mix of globally coordinated policies and a fiscal push to pull the world economy out of recession. What we have once again is a set of statements that says everything and therefore nothing.
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.
Interest Rates and the Use of Cash
08 March, 2017, Prabhat Patnaik
It is ironic that under the most advanced form of capitalism today demands are being made which would push us back into the age of gold-money from where mankind had begun its journey into the realm of money.
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.
Before UBI, We must First Get Social Spending Basics Right
13 February, 2017, Anjana Thampi & Ishan Anand
Providing a UBI in place of existing schemes will not change the fundamentally unequal income distribution in the country. The way to resolve the crisis is a redistribution from the rich to the poor.
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.
Supreme Court should Frame an Eleventh Question on Demonetisation
15 December, 2016, Prasenjit Bose and Zico Dasgupta
Whether the demonetisation scheme declared through the November 8 notification qualifies as a fiscal or economic policy is a vital question that merits the attention of the Supreme Court.
Who's Afraid of the Fiscal Deficit?
19 October, 2016, Jayati Ghosh
The FRBM Act has generated one of the biggest practical problems of increasing the propensity of the government in many countries to evade it by making various off-budget expenditures through SPVs and other such devices.
Federalism and the Goods and Services Tax
16 September, 2016, Prabhat Patnaik
The introduction of the Goods and Services Tax as currently visualized amounts to an interference with the “basic structure” of our Constitution of which federalism constitutes a prominent part.
An Overburdened Instrument
06 September, 2016, C.P. Chandrasekhar
The interest rate that is seen as being the principal instrument for macroeconomic management is proving to be a blunt tool when combatting inflation or promoting growth.
The Flawed Premises of GST
30 August, 2016, Chirashree Das Gupta
The author in this article takes a second look at the biggest tax reform in a long time and points out where the rationale for the goods and services tax is flawed.
The Global "New Normal" Is Not New- But it is still a real concern
21 June, 2016, C.P. Chandrasekhar & Jayati Ghosh
Global growth rates of the last five years are similar to those in the past, but now they are accompanied by unprecedented monetary expansion that seems to have little impact.
The Debate on GST
19 August, 2015, Prabhat Patnaik
Transition to a GST regime involves various issues; of which reduction in the powers of the states and the regressive nature of its distributive impact deserve greater attention.
Why the Fight for a GST?
06 August, 2015, C.P. Chandrasekhar
The claims of the government that the transition to a GST regime would increase revenues mobilised and raise GDP growth are based on models that are by no means robust.
The Spectre of the Thirties
07 July, 2015, Prabhat Patnaik
The world economy today is reminiscent of the 1930s where competitive easing of monetary policy is not boosting aggregate demand and fiscal policy is barred by finance capital.
Fiscal Consolidation through Austerity
25 May, 2015, C.P. Chandrasekhar
The government's attempt at fiscal consolidation through austerity would not only affect growth adversely, but also has damaging effects on welfare.

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