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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.
The Nirav Modi Scandal
23 February, 2018, Prabhat Patnaik
Nirav Modi’s is not a case of crony capitalism supplanting genuine capitalism; it is rather a case of genuine capitalism coming out to display its fundamental unworkability, as a system based on the pursuit of private gain. Having institutional restraints can stem the rot, but not for long.
Window Dressing Budgetary Figures
31 January, 2018, C.P. Chandrasekhar
Budget 2018-19 will feature a window dressed Revised Estimate to ensure that the fiscal deficit is on target. The government’s decision to sell its stake in HPCL to ONGC is only one more step in that direction.
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.
Public Banks: Dressing up for the market
22 January, 2018, C.P. Chandrasekhar
The government’s ambitious plan to recapitalise public sector banks that have recorded losses with resources from the Budget is an attempt to dress them up before taking them to the market.
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.
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.
How China is managing capital flows - and why
24 November, 2017, Jayati Ghosh
China is seeking a more influential role in the global economy, and it hopes to achieve this through greater use of its currency by others.
Neo-Liberal Capitalism and its Crisis
24 October, 2017, Prabhat Patnaik
Neo-liberal capitalism is marked by the hegemony of international finance capital which has many consequences, among which is the alarming upsurge of fascism, differing markedly from the fascism of the 1930s.
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.
Strangulating the Informal Economy
12 October, 2017, Prabhat Patnaik
The current slowdown in the economy, aggravated by the persistent world economic crisis, has much to do with the twin coercive instruments of demonetisation and GST wielded by the state to strangulate the informal economy in a bid to formalise it.
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.
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”.
'Riskless Capitalism' in India: Bank credit and economic activity
07 August, 2017, Rohit Azad, Prasenjit Bose & Zico Dasgupta
The Indian growth story of the 2000s’ cannot be over-simplistically explained as a result of “market-oriented” reforms. Public sector bank credit-financed investments, particularly in the infrastructure sector, played a significant role in sustaining growth, most crucially after the global economic crisis. Such a growth trajectory, however, proved to be unsustainable with the expansionary phase coming to an end in 2011–12 and bad loans piling up in the banking system.
NPAs: All talk and no action
04 August, 2017, C.P. Chandrasekhar
The problem of large NPAs of nationalised banks can be traced to the neoliberal reforms in the financial sector and outside, which prevent large government investments in infrastructure and capital-intensive industries that are imperative for development but too difficult a responsibility for the private sector to shoulder.
Public Bank Privatisation in a Post-truth World
17 May, 2017, C.P. Chandrasekhar
Narendra Modi government appears to have decided to privatise public sector banks (PSBs). Preparations are underway with arguments being marshalled that "there is no alternative" to privatisation.
Narendra Modi on Poverty
20 March, 2017, Prabhat Patnaik
When Narendra Modi talks of shifting away from giving doles to the poor, what he has in mind is that the money being currently used for welfare schemes for the poor should be withdrawn from such schemes and handed over to the corporate magnates.
Wicked Loans and Bad Banks
08 March, 2017, C.P. Chandrasekhar
A trail of defaults is ensuring that the NPA ratio is not stabilising, as the RBI expected it would, once assets misclassified as restructured and standard are recognised as non-performing.

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