|
The
Geopolitics of the Natural Gas Trade |
Nov
13th 2024. C.P. Chandrasekhar and Jayati Ghosh |
|
Changes in global natural gas trade have reflected
geopolitical alignments but these may shift, depending
on policies of incoming US President Donald Trump.
|
|
Response
of the Defeated: EV protectionism in advanced economies |
Oct
14th 2024, C. P. Chandrasekhar |
|
In
early October, in a show of pique, a European Commission
proposal to impose additional tariffs of up to 35.3
per cent (on top of the pre-existing 10 per cent)
on electrical vehicles (EVs) imported from China,
was passed by a majority vote in the European parliament.
|
|
The
Danger of a Retail Credit Boom |
Jul
9th 2024. C.P. Chandrasekhar and Jayati Ghosh |
|
A persistent rise in the volume and share of lending
to the retail sector could lead to vulnerability in
a banking system that only recently overcame its bad
loan problem.
|
|
The
Ecommerce U-turn |
Sep
1st 2024, C.P. Chandrasekhar |
|
Recently
Congress President Mallikarjun Kharge quipped that
the 'U' in UPS (Unified Pension Scheme) stands for
U-Turn. While that may be seen as stretching interpretative
liberty, he was touching a raw nerve.
|
|
India's
Stock Market: Is a downturn overdue? |
Jan
12th 2024, C.P. Chandrasekhar |
|
A
longish bull-run that added to investor cheer over
Christmas week 2023 took the most cited index of Indian
stock market activity, the Sensex, to a record 77,240
level on the last trading day of the year.
|
|
The
Curious Turn in India's Exports |
Jul
28th 2023, C.P. Chandrasekhar |
|
At
first look, the evidence is worrying. Goods exports
from India in June dropped to an 8-month low of $33
billion having fallen sharply by 22 per cent year-on-year.
Moreover, that decline was not a one-off event.
|
|
India's
Conglomerates are getting too Big for Comfort |
Jul
17th 2023, C.P. Chandrasekhar |
|
Nothing,
not even Hindenburg Research, seems to stop the advance
of Indian big business. The Adani Group continues
with its acquisitions, even if at a slower pace, and
has been able to persuade financial markets to lend
it more money, notwithstanding assessments that it
is over-dependent on debt.
|
|
India's
Creeping Industrial Stagnation |
Dec
26th 2022, Prabhat Patnaik |
|
There has been much discussion in public about the
index of industrial production for October 2022 being
4 per cent lower than the index for October 2021;
and quite rightly so, since no obvious explanations
like a Covid-induced lockdown or even its residual
lingering effects can be adduced to explain this fall.
|
|
The
OPEC's Decision to Cut Oil Output |
Oct
17th 2022, Prabhat Patnaik |
|
What is called OPEC+, that is the 13 members of the
Organisation of Petroleum Exporting Countries (OPEC)
together with 11 other petroleum exporting countries
led by Russia, decided on October 5 to cut their oil
production by 2 million barrels per day, starting
from November.
|
|
The
Collapse of the India's creative Industries |
May
19th 2022, Jayati Ghosh |
|
There is no doubt that creative industries, along
with care activities, are going to emerge as some
of the most significant economic sectors of the future.
Broadly speaking, the creative industries consist
of advertising, architecture, arts and crafts, design,
fashion, film, video, photography, music, performing
arts, publishing, research & development, software,
computer games, electronic publishing, and TV/radio.
|
|
China's
Dash for Technological Leadership |
Apr
6th 2021. C.P. Chandrasekhar and Jayati Ghosh |
|
China's transformation, from being the manufacturing
hub of the world to being a global hub for R&D
and innovation, poses a challenge that attracts adverse
attention from the rest of the world.
|
|
Can
the Economic Lever Nudge China? |
Jul
17th 2020, C.P. Chandrasekhar |
|
Using economic weapons to temper China's stand on
the border question would not be easy for India. The
presence of Chinese firms in a relatively inconsequential
area such as mobile apps was an easy and convenient
lever for it to use.
|
|
Reliance
and Facebook: Seeking pathways to profit |
May
8th 2020, C.P. Chandrasekhar |
|
The deal between the two giants Reliance Industries
and Facebook is aimed at ensuring their joint domination
of India's e-commerce space. To that end, RIL hopes
to use WhatsApp to bring the country's large base
of local outlets under its retail empire.
|
|
Economy
Sliding into Stagnation |
Mar
8th 2020, Prabhat Patnaik |
|
The Indian economy is sliding into a serious state
of stagnation. Suppressed by industrial repression
and a world economy at the dead-end of neo-liberalization,
the economy desperately requires a powerful fiscal
intervention to be revived.
|
|
The
Valuation Game |
Jan
15th 2020, C.P. Chandrasekhar |
|
Indian start-ups today are teeming with $ billion
firms with no profits to show. As questions are being
posed about OYO’s strategy, accelerating expansion
has not delivered. So long as liquid financial capital
is in free flow, the OYO spiral may keep unfolding.
|
|
The
Crisis in Manufacturing |
Dec
17th 2019, C.P. Chandrasekhar and Jayati Ghosh |
|
The slowdown in registered manufacturing draws attention
to the structural crisis afflicting the Indian economy,
which is both generalised and deep.
|
|
The
Mess called "Reform" in Telecommunications |
Nov
13th 2019, C.P. Chandrasekhar |
|
"The
Supreme Court verdict on the definition of Annual
Gross Revenue can prove devastating for telecom operators.
Given the possibility of debt default, if the government
turns soft, the result of neoliberal reforms would
be the provision of subsidies to private firms to
keep them in operation."
|
|
RCEP
and India's ICT Import Dependence: What should be our
priorities? |
Oct
31st 2019, Smitha Francis and Murali
Kallummal |
|
As
India's ICT import dependence on China grows, it must
ensure that the RCEP architecture does not undermine
the capital-intensive efforts of indigenous manufacturers
in high technology industries.
|
|
The
Gathering Storm Clouds of Recession |
May
27th, 2019, Prabhat Patnaik |
|
Prabhat
Patnaik argues that industrial recession in India
is inevitable under neo-liberalism - and it is likely
to worsen because neoliberalism makes finding resources
for fiscal expansion difficult.
|
|
The
Larger Crisis that NPAs Signal |
Sep
17th 2018, C.P. Chandrasekhar |
|
Desperate
attempts to prevent liquidation of power sector assets
in companies that are defaulters point to a deeper crisis
afflicting neoliberal growth. A sector that was plagued
by shortages was opened up to private participation,
leading to rapid expansion in the expectation of large
profits from liberalised prices. Public sector banks
were called upon to finance that expansion with the
government being complicit. Now, however, firms find
themselves trapped between inadequate demand at prevailing
prices and rising costs that precipitate default. |
|
India's
Electronics Manufacturing Sector: Getting the Diagnosis
Right |
Sep
7th 2018, Smitha
Francis |
|
The
Indian electronics industry's high dependence on imports
is a direct outcome of the trade and investment liberalisation
that was carried out by successive governments without
putting in place the necessary industrial policy support
for maintaining and improving domestic linkages and
indigenous capabilities.
|
|
Factory
Workers in India |
Aug
14th 2018, C.P. Chandrasekhar and Jayati Ghosh |
|
The
number of workers in the industrial factory sector in
India has grown since 2005-06, but other trends suggest
that the bargaining power of such workers remains low. |
|
State
or Market?: India's telecom wars |
Mar
17th 2018, C.P. Chandrasekhar |
|
The
entry of Reliance Jio in the telecom industry has unleashed
an aggressive price war, resulting in takeovers, mergers
and closures owing to large debts, spectrum charge dues
and falling revenues. |
|
The
Aging of a Growth Engine |
Feb
14th 2018, C.P.
Chandrasekhar and Jayati Ghosh |
|
With the dollar value of exports declining, India’s
software sector faces a historical crisis which may
worsen, given the protectionist trends in the US and
other uncertainties. |
|
The
Airtel-Aadhaar Fix |
Jan
10th 2018, C.P. Chandrasekhar |
|
Airtel
is let off lightly by the government despite being in
clear violation of the law in a case that exposes the
flaws and dangers in the ecosystem surrounding Aadhaar. |
|
Indian
IT hits a speedbump |
Nov
21st 2017, C.P.
Chandrasekhar and Jayati Ghosh |
|
A sharp deceleration in growth and restricted employment
expansion in the IT sector, India’s post-liberalisation
showpiece, has implications beyond the industry’s boundaries.
|
|
What
is Really Happening in Indian Manufacturing? |
Aug
16th 2017, C.P.
Chandrasekhar and Jayati Ghosh |
|
Data
on organised manufacturing production do not really
capture the impact of demonetisation and its effects
on demand, but looking at some sub-sectors of consumer
non-durable goods provides more insight. |
|
Lopsided
Industrialisation |
May
9th 2017, C.P.
Chandrasekhar and Jayati Ghosh |
|
Recent
trends in the organisational form of units in the registered
manufacturing sector suggest that India’s factory sector
is not just abnormal but backward to boot. |
|
Industrial
Growth and Demonetization |
Apr
24th 2017, Prabhat
Patnaik |
|
Recent
data on the manufacturing sector dispel all the lies
that government propaganda has been peddling of late
about demonetization having had no recessionary effect. |
|
ICT:
Implications of imbalanced growth |
Mar
14th 2017, C.P.
Chandrasekhar and Jayati Ghosh |
|
An
analysis of India's ICT performance suggests that software
export success tends to hide both imbalances in production
and their adverse balance of payments fall-out. |
|
Quarterly
GDP Estimates: Curiouser and curiouser |
Mar
2nd 2017, Jayati Ghosh |
|
CSO's
latest GDP estimates for the third quarter throw up
some real surprises as these run counter to all the
evidence of depressed demand, of massive drops in sales,
of job losses and of a significant hit especially on
small scale and informal manufactured goods producers
following demonetisation. |
|
Power:
The web of debt |
Feb
3rd 2017, C.P. Chandrasekhar |
|
Caught
in a peculiar web of debt, Jharkhand defaults on payments
for power making the aim of NDA government's scheme
UDAY, announced with much fanfare, remain unrealised. |
|
Demonetization
and India Inc |
Dec
9th 2016. C.P. Chandrasekhar |
|
Demonetisation
exercise has adversely affected the functioning of medium
and small enterprises, which carries out a substantial
part of transactions, to buy inputs, pay workers, and
distribute goods, in cash. |
|
India's
Export Collapse |
Nov
30th 2016, C.P.
Chandrasekhar and Jayati Ghosh |
|
A
peculiar combination of factors, besides the global
recession, explains India's poor export performance
in recent times. |
|
How
is India Inc Doing? |
Oct
28th 2016, C.P. Chandrasekhar |
|
The
scenario of India's manufacturing sector seems to be
one where the sector, when considered as a whole, is
settling for higher profits even at the expense of lower
sales volumes. |
|
Housing
Market Frenzy in China |
Oct
13th 2016, C.P.
Chandrasekhar and Jayati Ghosh |
|
The
urban housing market in China is experiencing a bubble
that is driving property prices to unbelievable levels
in some of the major cities. But the divergence in recent
trends in house prices suggests that this bubble may
soon burst. |
|
National
IPR Policy and Innovation |
Jul
18th 2016, Reji
K. Joseph |
|
This
article seeks to analyse critically the relationship
between innovation and IPRs with a view to understand
the implications of the IPR Policy for India.
|
|
India's
Collapsing Exports |
May
26th 2016, C.P.
Chandrasekhar |
|
The
downturn in India’s export performance, that is much
worse than other comparable countries, is a reflection
of deeper structural weaknesses in the composition of
its exports. |
|
On
Data and Decision-making |
Apr
13th 2016, C.P.
Chandrasekhar and Jayati Ghosh |
|
Wide
differences in official data based on series with different
base years or from alternative sources lead to questions
about their relevance for decision making. |
|
Another
Setback for the Tatas |
Apr
13th 2016, C.P.
Chandrasekhar |
|
Tata
Steel's decision of closing its steel operations in
the UK reflects the pitfalls of Indian companies seeking
success abroad rather than fixing problems at home. |
|
Tata
Tried to Turn the Tables on Britain. It Failed |
Mar
31st 2016, Jayati
Ghosh |
|
A
sense of reversal of colonial roles might have played
a role in Tata Steel's acquisition of the British steel
giant, but the Indian conglomerate seems to have overreached
itself. |
|
A
Different Oil Shock |
Feb
4th 2016, C.P.
Chandrasekhar |
|
Given
the magnitude of the oil price fall, the world economy
seems set for a deflationary crisis rather than expansionary
deflation. |
|
Technology
and the Future of Work |
Feb
4th 2016, Jayati
Ghosh |
|
We
need to take a new look at technological change because
the kind of technological change that is more disruptive
rather than productive is neither inevitable nor that
desirable. |
|
Privatization:
Any method in this madness? |
Feb
3rd 2016, C.P.
Chandrasekhar |
|
The
government signals towards winding down the public sector
allowing the private sector to occupy the spaces it
has, for long, avoided. But this predatory exercise
involves large developmental costs. |
|
Financial
Services under WTO: Disciplining governments and freeing
business |
Dec
22nd 2015, C.P.
Chandrasekhar |
|
Services
trade negotiations at the World Trade Organization may
fail at the Doha Round, only because there has been
no progress in agriculture and industrial goods trade.
|
|
Capital
Goods Conundrum |
Nov
24th 2015, C.P.
Chandrasekhar and Jayati Ghosh |
|
While
the Government appears to recognise the importance of
expanding and strengthening India's capital goods industry,
the policy signals it sends seem contrary and confusing. |
|
Pachhwara
Coal Mines, Jharkhand: Privatisation of coal mining and
rights of adivasis |
Jul
21st 2015, Vikas
Rawal and Prakash Viplav |
|
Privatisation
of coal mining in Amrapara has facilitated a loot of
national resources and deprived the poor adivasi peasants
of the benefits that rightfully belong to them. |
|
Great
Dream of Prosperity |
Jul
21st 2015, C.P.
Chandrasekhar |
|
The
emphasis on the latest GDP growth numbers, when the
figures from other indicators point to the opposite,
may be the government’s only option to show that all
is well. |
|
The
Bursting of China's Housing Bubble |
Apr
28th 2015, C.P.
Chandrasekhar and Jayati Ghosh |
|
The
party is over in China's real estate markets, but the
policy makers are trying to revive it through financial
deregulation and monetary easing that is unlikely to
work. |
|
Will
the Recent Changes in Labour Laws Usher in 'Acche Din'
for the Working Class? |
Apr
23rd 2015, Anamitra
Roychowdhury |
|
The
recent changes in the labour laws are overwhelmingly
in favour of the employers and detrimental to the cause
of the working class. |
|
Indian
Exceptionalism |
Apr
15th 2015, C.P.
Chandrasekhar and Jayati Ghosh |
|
Official
satisfaction with the decision by Moody's to raise India's
sovereign rating may be ignoring the possibility that
the agency missed an important source of vulnerability.
|
|
Questioning
India's GDP figures |
Mar
16th 2015, C.P.
Chandrasekhar |
|
The
"too good to be realistic" growth estimate
for India put forward by the CSO has been the result
of the changes adopted in the data sources and methods. |
|
Lessons
from the Coal Blocks Auction |
Mar
4th 2015, C.P.
Chandrasekhar |
|
The
outcome of coal block auction suggests that the government
could have stuck to expanding public sector coal production
without handing the mines over to the private sector. |
|
Ever
Expanding Debt Bubbles in China and India |
Mar
3rd 2015, C.P.
Chandrasekhar and Jayati Ghosh |
|
Even
though China appears to have a much higher level of
debt- GDP ratio, India's debt situation with much lower
levels of corporate debt may prove to be more problematic. |
|
Banking
on FDI |
Feb
9th 2015, C.P.
Chandrasekhar |
|
The
government's strategy to attract foreign firms for investing
in Indian manufacturing to produce for the export markets
abroad may not prove to be all too wise. |
|
Oil:
The big 100 per cent story |
Feb
2nd 2015, C.P.
Chandrasekhar and Jayati Ghosh |
|
In
a puzzling development, some financial markets registered
a decline in the wake of the recent dramatic fall in
oil prices. So, is the oil price fall not all good news? |
|
Make
in India |
Dec
29th 2014, Jayati
Ghosh |
|
The
new ambitious "Make in India" initiative is
based largely on bluster, bravado and marketing hype
that lacks any clear strategy for proactive trade and
industrial policies. |
|
Where's
the "Missing Middle" in Indian Industry? |
Dec
9th 2014, C.P.
Chandrasekhar and Jayati Ghosh |
|
While
the problem of missing middle is taken for granted in
the Indian industry, official data reveal that medium
sized firms actually dominate in both employment and
output.
|
|
Recent
Changes in Labour Laws: An exploratory note |
Nov
12th 2014, Anamitra
Roychowdhury |
|
This
article explores the possible implications of amending
the Contract Labour Act, 1970 and questions the rationale
behind amending the Industrial Disputes Act, 1947.
|
|
Factory
Wages in India |
Oct
14th 2014, C.P.
Chandrasekhar and Jayati Ghosh |
|
The
demand for labour market reform is absurd as the wages
of the workers account for less than half the total
wage and salary bill in the organised industry.
|
|
India’s
High Technology Deficit |
Aug
5th 2014, C.P.
Chandrasekhar and Jayati Ghosh |
|
There
has been a gradual decline of US and EU dominance over
hitech manufacturing, with emerging economies posing
a challenge. But, unfortunately, India has lagged far
behind.
|
|
Contract
Workers in Manufacturing |
Apr
29th 2014, C.P.
Chandrasekhar and Jayati Ghosh |
|
Contractualisation
of work has become a pervasive feature of both public
and private sectors in all three major sectors of Indian
industry. |
|
A
Curious Recession |
Apr
21st 2014, C.P.
Chandrasekhar |
|
India's
industrial sector seems mired in a recession at a time
when foreign capital inflows have been substantial and
capital market is exuberant.
|
|
The
Burden of Corporate Debt |
Apr
15th 2014, C.P.
Chandrasekhar and Jayati Ghosh |
|
The
corporate profitability in India is on a decline and
the rising interest cost, besides the worsening economic
environment, seems to underlie this profits squeeze. |
|
Crony
Capitalism in the Age of State Capture |
Mar
10th 2014, C.P.
Chandrasekhar |
|
The
illegal nexus between the state and big business for
the benefit of both has strengthened under the neoliberal
policy regime in India.
|
|
Public
Banks and the Burden of Private Infrastructure Investment |
Feb
21st 2014, Jayati
Ghosh |
|
The
pushing through of private infrastructure projects without
due regard to regulatory requirements is unjust, socially
disruptive and exposes the economy to financial risks.
|
|
The
Industrial Growth Conundrum |
Feb
7th 2014, C.P.
Chandrasekhar |
|
The
variations in manufacturing growth estimates by IIP,
NAS and ASI triggered reports of an upward revision
in 2011-12 GDP growth estimate, but the reasons are
not obvious.
|
|
A
Reality Check on the Labour Market Flexibility Argument
in India |
Feb
5th 2014, Anamitra
Roychowdhury |
|
It
is wrong to identify labour laws as the major reason
for slow growth in employment, since employment protection
laws apply only to a subset of the total organised sector. |
|
India's
Proposed FTAs with EFTA and the EU: Complicating a myopic
policy regime |
Jan
31st 2014, Smitha
Francis |
|
India
should put on hold the signing of further bilateral
and regional trade agreements and strive for a trade
policy compatible with a strategic industrial policy.
|
|
The
Geography of Global Manufacturing |
Jan
27th 2014, C.P.
Chandrasekhar |
|
The
US's cries on the looming threat from China seem to
be just propaganda to pre-empt any challenge to existing
imperial power.
|
|
Animal
Spirits |
Dec
24th 2013, C.P.
Chandrasekhar and Jayati Ghosh |
|
As
GDP growth slows, the government focuses on ways of
raising investment in the economy. But evidence from
the CSO suggests that the source of the problem may
lie elsewhere. |
|
To
Pay or Not to Pay: Vodafone tax imbroglio |
Aug
30th 2013, Abhijit
Mukhopadhyay |
|
The
Vodafone tax case set bad precedent, created panic in
the government, induced irrational policy making, and
showed the extent of blatant appeasement of foreign
investment.
|
|
Industrial
Downturn |
Aug
19th 2013, C.P.
Chandrasekhar |
|
The
experience in the automobile sector indicates that the
confidence required to keep the growth going has been
on a decline.
|
|
Foreign
Crutches |
Jul
29th 2013, C.P.
Chandrasekhar |
|
The
government's expectation of earning a huge foreign exchange
for India, based on which the liberalisation of foreign
investment rules was justified, has been belied.
|
|
The
Cost of Reliance on Gas |
Jun
28th 2013, C.P.
Chandrasekhar |
|
The
new proposed policy of pricing natural gas is another
example of the State acting on behalf of private capital
at the expense of social welfare.
|
|
The
Business of News in the Age of the Internet |
May
7th 2013, C.P.
Chandrasekhar |
|
In
the context of the digital revolution, the author discusses
some possible implications of the impact of the internet
on the print business and the directions they point
to.
|
|
The
Public Sector Cash Pile |
Apr
1st 2013, C.P.
Chandrasekhar |
|
As
India's CPSEs accumulate surpluses, the government continues
with its effort to redirect and mop up the balances
rather than assist them invest the funds in new capacities.
|
|
Signals
from the Car Market |
Mar
20th 2013, C.P.
Chandrasekhar |
|
Recent
downturn in the once rapidly growing passenger car industry
points towards the fact that credit-driven growth cannot
sustain over a long period of time.
|
|
Ruling
out Default by Definition |
Feb
22nd 2013, C.P.
Chandrasekhar |
|
The
loan recovery process initiated by Kingfisher Airlines'
lenders at a significant haircut may be not the last
instance of large losses to be suffered by the banking
system.
|
|
Burdening
Public Banks with Private Losses |
Oct
30th 2012, C.P.
Chandrasekhar and Jayati Ghosh |
|
While
large bank loans to private investors have been restructured
to keep them 'performing', the burden of such financing
has fallen disproportionately on public sector banks.
|
|
Promise
Belied |
Oct
20th 2012, C.P.
Chandrasekhar |
|
There
is little evidence from the RBI's latest data to suggest
that liberalisation's promise of positive net foreign
exchange earnings for the country has borne fruit.
|
|
Emerging
Dynamics of Global Production Networks and Labour Process:
A study from India |
|
Sep
12th 2012, Praveen Jha and Amit Chakraborty |
|
With
cheap labour and a strong supply base, India's automobile
sector has emerged successful in integrating itself
into the global production networks. Using case studies
from the National Capital Region, this paper seeks to
study the nature of changes in the organisation of production
and work in the automobile sector - both intra-firm
and inter-firm - and their impact on the changing labour
processes and issues of managerial control, skill or
working conditions. The anatomy of the recent waves
of labour unrest there has been studied to investigate
its relation with changing labour processes, and to
understand the new regime of accumulation from a political
economy perspective in terms of the dynamic interaction
of capital's strategy, technology and the agency of
labour. |
|
The
Allocation of Coal Blocks |
Sep
3rd 2012, Prabhat
Patnaik |
|
The
allocation of captive coal blocks to private parties
raises a number of issues, which includes the fact even
the auction route does not recoup the entire loss to
the exchequer on account of the handing over of exhaustible
resources to the private sector. Further, by handing
over coal blocks that constitute stocks, the government
is not just assuring the private players of flows, it
is actually promoting monopoly. This is the larger loss
to the nation.
|
|
Tweaking
Animal Spirits |
Aug
8th 2012, C.P.
Chandrasekhar |
|
One
element of the emerging policy consensus within India's
economic policy establishment involves spurring demand
for the private sector by diverting expenditure away
from subsidies for the poor to finance investment. Simultaneously,
a case is being made for providing more concessions
to cajole the private sector into exploiting this opportunity.
|
|
Labour
Market Regulations and Economic Outcomes: Some capital
lessons and minor messages |
Aug
8th 2012, Praveen Jha, Sakti Golder and Swayamsiddha Panda |
|
This
paper provides a survey of the empirical evidence on
the relationship between labour market institutions
and economic outcomes. Survey of major cross-country
empirical constructs that examine linkages between labour
regulations and different aspects of economic performance
such as employment, growth, etc., shows that the empirical
basis for the advocacy of blanket labour market flexibility
is rather weak. The paper also highlights some key empirical
findings from the organised manufacturing sector in
India and postulates some capital lessons and minor
messages that emerge from such an exercise. |
|
The
Growth Model has Come Undone |
Jul
12th 2012, Mritiunjoy
Mohanty |
|
The
government's argument that India's economic slowdown
is the result of the global situation and related uncertainty
is only partly true. The deeper reason is the unravelling
of the underlying growth model - partly due to the greatly
increased import dependence of the manufacturing sector
and partly because the investment subsidy that Indian
companies enjoyed due to the under-pricing of assets
is no longer feasible.
|
|
Engineering
Teaching and Research in IITs and its Impact on India |
Jul
5th 2012, Milind
Sohoni |
|
The
dominant paradigm of research and development (R&D),
as it is practised in India's premier engineering institutes,
has not only been abstract and lacking in diversity,
but has also been too 'international' to incentivise
work on our own development problems. Such an inverted
incentive structure in the socio-economically important
engineering job market has been macroeconomically observable
in the faster growth in service sector as compared to
manufacturing. |
|
Of
Profits and Growth |
May
29th 2012, C.P.
Chandrasekhar and Jayati Ghosh |
|
The
period between 2002-03 and 2008-09 saw India's economy
grow at an unprecedented rate, with manufacturing too
witnessing a revival. However, the rate of growth of
the manufacturing sector would be reduced due to the
effects of the recent developments of reduction and
even reversal of foreign capital inflows, the liquidity
crunch and the large scale corruption in India. |
|
The
Roaring 2000s |
May
11th 2012, C.P.
Chandrasekhar |
|
The
coincidence of the profit and the output booms during
the two post-liberalisation booms in India's organised
manufacturing sector since the early 1990s suggests
that in periods of rising demand, the organised manufacturing
sector in India has been a major beneficiary of reform
through a rise in mark up. The complaints of the leaders
of this sector are therefore not to be taken too seriously.
|
|
The
Continuing Need for Industrial Policy |
May
7th 2012, Jayati
Ghosh |
|
The
13th UNCTAD conference held recently in Qatar discussed
industrial policies as the significant yet unsung force
behind the much trumpeted emergence of some developing
economies as major players in the global stage. Despite
liberalisation in the '90s, much of India's success
too lies in the industrial policies that preceded it.
Moreover, India has much to learn from its counterparts
like Brazil on how to utilise industrial policies even
in largely market-driven economies.
|
|
Affordable
Medicine: A big step forward |
Apr
27th 2012, C.P.
Chandrasekhar |
|
The
recent judgement by India's Controller of Patents granting
Compulsory License to an Indian pharmaceutical company
for the production of a cancer drug, the patent for
which is held by German pharmaceuticals and chemicals
giant Bayer, is not just historic but path breaking.
|
|
The
Age of “High” Oil |
Mar
9th 2012, C.P.
Chandrasekhar and Jayati Ghosh |
|
The
recent spike in the international prices of oil suggests
that the recession-induced dip in oil prices may be
behind us. Political uncertainty and financial speculation
have trapped the world in a regime of high and rising
oil prices. |
|
Pills,
Patents and Profits |
Nov
16th 2011, C.P.
Chandrasekhar |
|
It
is widely accepted that regulation and control in India's
pharmaceutical sector had resulted in India ensuring
access to cheap medicines for its population. However,
liberalisation policies have eroded away much of the
benefits. The newly proposed National Pharmaceuticals
Pricing Policy, 2011 can do further damage by weakening
the current price control regulations.
|
|
Employment
Shifts after the Global Crisis |
Oct
4th 2011, C.P.
Chandrasekhar and Jayati Ghosh |
|
The
stagnation of employment in developed countries and
apparent recovery in developing countries after the
Great Recession of 2008-09 have renewed perceptions
of a global shift in employment to the developing world,
particularly in manufacturing activities. This article
uses the most recent available ILO data to examine the
extent to which such a shift is actually occurring. |
|
Policy
Inertia, Oil and Inflation |
Jul
14th 2011, C.P.
Chandrasekhar |
|
The
Union government's reluctance to look for alternate
measures to ease oil price rise fuelled by international
shocks reflects a policy inertia stemming from its deep
faith in the market mechanism. However the state governments
and the consumers who have to bear the additional burden
of such price hikes are at the receiving end.
|
|
Global
Oil Prices |
Jul
13th 2011, Jayati
Ghosh |
|
Recent
price changes in global oil markets are increasingly
affected by forces that have more to do with financial
speculation and expectations than with current movements
in demand and supply. In the current oil price surge,
the real gainers are the financial speculators in oil
futures markets and the big oil companies.
|
|
Gassing
the State |
Jun
29th 2011, C.P.
Chandrasekhar |
|
Corruption
has reached unprecedented levels and constitutes the
fundamental problem that India is facing today. It stems
from the neoliberal reform that sought to attract private
capital into a lucrative and sensitive area such as
petroleum.
|
|
Whither
Industrial Growth? |
Apr
8th 2011, C.P.
Chandrasekhar and Jayati Ghosh |
|
The
recent deceleration in month-on-month IIP growth rates
has given the government cause for concern. One possible
argument that explains the medium term industrial growth
trends is that the process of unwinding of the fiscal
stimulus was not accompanied by any neutralising surge
in debt-financed private investment and consumption.
However, it is too early to conclude with confidence
that this is what is happening. |
|
Revisiting
Financial Reform |
Apr
8th 2011, C.P.
Chandrasekhar |
|
India
is doing away with specialised development banking institutions
on the grounds that equity and bond markets would finance
industrial development. This is bound to lead to a shortfall
in finance for long-term investments, especially for
medium and small enterprises. The experience of countries
such as Brazil, which has thus far not opted for this
trajectory, may be educative. |
|
The
Japan-India Comprehensive Economic Partnership Agreement |
Feb
22nd 2011, C.P.
Chandrasekhar and Jayati Ghosh |
|
There
has been much media celebration about the recent signing
of the Japan-India Comprehensive Economic Partnership
Agreement. This article examines some of the features
of the agreement and considers their implications for
domestic economic strategies and processes in India.
|
|
Mining
as Primitive Accumulation |
Jul
20th 2010, C.P.
Chandrasekhar |
|
The
mining sector is increasingly seen as one in which the
worst features of capitalism as a profit machine combine
with illegality and corruption to provide a site for
primitive accumulation based on plunder and unequal
exchange. |
|
Sharing
Profits from Gas |
Aug
18th 2009, C.P.
Chandrasekhar |
|
The
ambivalence in government position in the long-drawn
out conflict between RIL and RNRL, on the issue of the
pricing of gas, reflects the changed relationship between
the state and private capital in India ever since ''reform''
began. In the new world order the state works to rescue
and strengthen private capital, even while it declares
that the rest of society including the poor and the
marginalised have to learn to deal with a world of market
mediated relationships. |
|
Tata
Rides the Recession |
Jun
17th 2009, C.P.
Chandrasekhar |
|
With
the expensive acquisitions of Anglo-Dutch steel major
Corus and luxury automobile brands Jaguar and Land Rover
in quick succession on the eve of the global financial
crisis, the TATA group faced difficulties as the debt
level of both the parent and the UK subsidiaries in
the group was on a rise. However, it is noteworthy how
the TATA group has escaped a group-wide crisis by leveraging
its brand, the Indian government and the Indian public. |
|
The
Industrial Recession: New or Ongoing?
|
Nov
18th 2008, C.P.
Chandrasekhar & Jayati Ghosh |
|
Current
economic problems in the Indian economy are being presented
by the government as created entirely by the direct
and indirect effects of the global financial crisis.
Even the industrial slowdown is being blamed on the
adverse impact of the global slowdown upon manufacturing
exports. However, the official data suggest that the
industrial slowdown began well before the effects of
the external crisis began to be felt in India. |
|
Prospect
of an Industrial Recession
|
Nov
4th 2008, C.P.
Chandrasekhar & Jayati Ghosh |
|
Some
observers are of the view that the sharp fall in the
month-on-month annual rate of industrial growth in August
2008 exaggerates the actual and likely slow down in
industrial growth. This article discusses why the broad
trend suggested by the Index of Industrial Production
(IIP) may not be too far off the mark. |
|
Employment
and the Pattern of Growth
|
Oct
8th 2008, C.P.
Chandrasekhar & Jayati Ghosh |
|
A
much discussed aspect of post-reform industrial performance
is the stagnation of employment in the organised manufacturing
sector, despite high rates of output growth. The authors
examine this performance and relate this to the composition
of growth in the registered manufacturing sector, and
suggest that demand-side factors may have an important
explanatory role. |
|
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