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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 Push for Privatizing Banks
11 June, 2018, Prabhat Patnaik
Historically, the push for bank privatization which has gathered momentum with a rise in tendencies to take to neo-liberal policies. The arguments for privatization have been put forward time and time again, depending on economic circumstances. As international finance capital demands outright privatization to control financial resources and popularizes the conception of social interest best served through free finance, the NPA crisis in India has become the justification of the day.
The Financialization of Finance? Demonetization and the Dubious Push to Cashlessness in India
01 February, 2018, C.P. Chandrasekhar & Jayati Ghosh
This Debate contribution describes the promotion of digital rather than cash payments as a form of the financialization of finance, in its role as a payments system, with reference to recent Indian experience. The obsession with digital transactions as a marker of social and material progress is misplaced; it may become yet another means by which finance extracts rentier incomes out of relatively poor
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.
A Year of Wilful Economic Disaster
08 January, 2018, Prabhat Patnaik
The uniqueness of 2017 lies in the fact that never before has the country seen a government-caused economic crisis as serious as was witnessed in this year.
Digital Dreams
21 December, 2016, Jayati Ghosh
The government’s mad rush towards a cashless economy ignores the presence of the large unbanked population that will not gain from incentives being offered for digital transactions.
Demonetisation: All pain for the majority
23 November, 2016, C.P. Chandrasekhar
The way the political establishment, sundry pundits, the media and a large section of the untutored or sycophantic elite of the country underestimated the extent of pain that the demonetisation measure would inflict on India’s poor and lower middle classes, points to their disconnect from a reality which bears little resemblance to the vision of a dynamic market economy they presume they inhabit.
Demonetization: Illusory Gains, Enduring Damages
18 November, 2016, Arindam Banerjee
The depressive economic cycle that has been immediately generated by the demonetization measure will not be mitigated within a few months as the government mistakenly assumes. It will have longer and deeper consequences for inequality and under-development in the Indian economy.
The Political Economy of Demonetising High Value Notes
15 November, 2016, Jayati Ghosh
The November 8 announcement by the Prime Minister is an ill-conceived and even more poorly executed move that appears to be an attempt by the government to display a lot of sound and fury, but signifying very little.
The Parthasarathi Shome Committee Report
10 September, 2012, Prabhat Patnaik
The Shome Committee Report has recommended that the introduction of GAAR should be kept in abeyance until April 1, 2016 and that the capital gains tax be done away with altogether. These are all a reflection of the Manmohan Singh government’s keenness to legitimise its efforts to start another stock market “bubble”, which it thinks will stimulate growth by attracting more speculative finance capital into the country.
Markets and the Role of Law?
02 July, 2012, Bikku Kuruvila
While law is presented within the dominant policy discourse as a source of transaction costs and bureaucracy, markets simply could not exist without the rigorous enforcement of rules and contracts that allow the much-celebrated moments of ''free exchange'' to proceed with any certainty. In this light, it is very important to look at the political compromises, policy resolutions and distributional consequences created by market-oriented state intervention. To this view, India in 2012 is already largely integrated into the global economy with the growth, volatility and inequality that such integration entails.
Don't Shoot the Interpreter
07 March, 2012, C.P. Chandrasekhar
The Supreme Court judgment on Vodafone case is a godsend for the government, which can now pretend that it is the court that is responsible for an increasingly lax tax policy in the country where there are, as the government claims, inadequate resources to ensure food security, address deprivation and provide employment.
Thirst for Foreign Capital
27 January, 2012, C.P. Chandrasekhar
Concerned about the fall in FII investments and the financing of the growing current account deficit, the government has allowed a new group of foreign investors to invest directly in India’s equity markets. To the extent that the measure is successful, it would mark a transition towards allowing greater presence of speculative players in the Indian markets.
Unique Identity, Leakages and Development
16 December, 2010, Jayati Ghosh
For some reason, governments - as well as the development ''industry'' as a whole - have always had a tendency to look for universal panaceas, particular silver bullets that will solve all or most of their implementation problems and somehow achieve the development project for them.
Controlling Food Prices
23 February, 2010, C.P. Chandrasekhar & Jayati Ghosh
As usual when the Union Budget is presented, all eyes will be on the Finance Minister and his speech will be thoroughly scanned for all the implications on the economy. But this time, there is one particular reason why ordinary citizens will be specially focussed on the Budget: the hope that the Government is finally going to act decisively to contain food price inflation.
Cloud over Islamic Banking
26 December, 2009, C.P. Chandrasekhar & Jayati Ghosh
When Dubai World decided to suspend payments on its $26 billion debt, among the loans involved was a $4.05 billion repayment on a $3.52 billion sukuk or Islamic bond issue. This presence of an instrument that has gained some prominence in recent times has questioned the credibility of the rapidly expanding field of Islamic commercial and investment banking.
A Tax to Rein in Finance
25 November, 2009, C.P. Chandrasekhar
It is a proposal that refuses to die. When Finance Ministers of the overactive G20 met at St Andrews, Scotland in early November, the UK's Prime Minister Gordon Brown decided to use what would be the last meeting under his presidency to make a case for taxing finance.
Securing Food for the People
05 August, 2009, Jayati Ghosh
Food security is currently one of the most important policy areas which call for a wide range of government interventions. The government’s approach to the problem should be multi-pronged and has to extend beyond a legal promise. A food security law would be meaningful only when it guarantees universal access and meets every citizen’s nutritional requirements.
Wasted Largesse
28 July, 2009, C.P. Chandrasekhar
If the Sensex is an indicator of corporate sentiment, even if not of corporate performance, then Union Budget 2009-10 has received the thumbs down from the corporate sector. The Sensex fell by 870 points (or 5.8 per cent) on budget day, rose marginally the day after, only to fall by a further 400 points on the subsequent day.
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.

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