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GST: One more NDA failure
24 September, 2018, C.P. Chandrasekhar
From the beginning of its implementation it was clear that under the new tax regime it was unfeasible to have a single tax on all commodities, given the inequality in the country. The multi-tax structure adapted does not simplify the system much, and only promises to do away with the cascading effects of the erstwhile excise duties and sales taxes.
The Indian Economy in a Tailspin
24 September, 2018, Prabhat Patnaik
A combination of direct import controls on inessential items, reduction of petro-product prices, measures for reducing the consumption of such products, and direct taxation, especially on wealth, is the obvious way of getting out of the tailspin in which the Indian economy is currently caught. There is no alternative to these measures if we are to avoid the fate of countries that eventually run to the IMF and get caught in the vice-like grip of “austerity”.
The State of the Economy
23 July, 2018, Prabhat Patnaik
The Indian Economy is facing remarkable combination of stagnation, inflation and a burgeoning trade deficit which has been erroneously attributed to the rise in oil prices alone.
Empty Promises
18 July, 2018, C.P. Chandrasekhar
Together with measures like loan write-offs offered by some BJP States and an ostensibly much-improved crop insurance scheme (PMFBY), this hike in MSPs is seen to have confirmed the pro-farmer tilt of the Narendra Modi government. The timing of the Modi government’s MSP hike for kharif crops leads to the question of whether it is backed by the financial allocations needed to deliver on them.
The Government is lying to you about the Reasons behind High Cost of Diesel & Petrol
20 June, 2018, Rohit
With the comical cuts in oil prices in India, an international comparison with neighbouring countries shows that the petrol and diesel prices in India are the highest in the region. While a rise in crude oil prices is borne by the consumers, the benefit of a fall doesn't follow the same route. A break up of oil prices and taxation throws light at the picture.
The Real Confusion over MSP
04 April, 2018, C.P. Chandrasekhar
The government ought to have specified its definition of cost of crop production in the Budget to prevent any confusion in the minds of people on minimum support prices.
Rising Incomes, Falling Wages
31 January, 2018, Jayati Ghosh
Changing the unequal economic tendencies brought out in the World Inequality Report 2018 requires changing the politics—not just making governments more accountable to the people, but making people realise that they are being fooled.
Moody's Upgrade
20 November, 2017, Prabhat Patnaik
The slight upgrade of India’s credit worthiness by Moody, that equates finance with nation, is being celebrated by the media as a mark of Modi’s success, but the criteria it has used to judge are in actuality open assaults by the government on the working population. To transcend such neo-liberal capitalism, the wrongness of this criteria must be understood first.
The Class Content of the Goods and Services Tax
05 October, 2017, Prabhat Patnaik
In the discussions about GST, the class content of this new tax regime has been missed. Through an overall increase in the taxation of the informal sector i.e. of the petty producers and the small capitalists, it has unleashed the twin process of centralization of political authority and the centralization of capital, which in turn strengthen one another.
The Economy: 70 years after Independence
30 August, 2017, C.P. Chandrasekhar
Indias' reliance on fortuitous and volatile stimuli to drive growth has resulted in inadequate job creation and widened inequalities while failing to address social deprivation.
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.
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.
Development for Whom?
22 June, 2017, Jayati Ghosh
Calls for a new development paradigm grow louder each day, especially in rapidly growing countries like India. Award-winning development economist Jayati Ghosh explores prospects for such a new model of equitable and sustainable development with Allen White, Senior Fellow at the Tellus Institute.
The Illusion of an Economic Spring
17 May, 2017, C.P. Chandrasekhar
While policy makers, analysts and observers paint a picture of an ongoing global economic recovery, the numbers seem to drag the optimists down.
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.
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.
Is Rising Income Inequality Inevitable?
16 September, 2014, C.P. Chandrasekhar & Jayati Ghosh
In spite of globalisation and technological change, patterns of inequality within a country reflect internal political economy, and can be changed by political choice.
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.
How "Buoyant" are Central Government Taxes?
22 July, 2014, C.P. Chandrasekhar & Jayati Ghosh
The authors here suggest that the fiscal optimism is misplaced while projecting substantial increases in tax revenues despite many tax sops in the Budget for this year.

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