The Modi government, the RBI governor and the mess that is the Indian economy
Dec 11 th 2018, Jayati Ghosh
The resignation of Urjit Patel from the governorship of RBI raises questions about what could have possibly caused such a drastic step. While the tussle between the central bank and the government provides an immediate context, there is a need to look at the depth of the mess that the Indian economy finds itself in.
On taking Sides in the RBI-government Stand-off
Nov 27th 2018, C.P. Chandrasekhar
The government has crossed the red line in recent times, influenced in part by the mess its policies have created and substantially by the need to win voter support in the impending elections. This clearly is an area where the RBIs willingness to stand up to the government's demands needs appreciation, But these gestures should not be treated as a spat in which the RBI is free of blame and only the government is remiss. The central bank too needs to shed its biased neoliberal perspective and admit to responsibility for its past acts of commission and omission that have also contributed to the current mess in the economy.
The Emerging International Regime
Dec 10th 2018, Prabhat Patnaik
The world capitalist crisis of reduced aggregate demand and the protectionism of the U.S. has resulted in a reduced export demand for world economies. Third world countries face enlarged trade and current account deficits, to overcome these deficits, countries like India will have to take measures on their own level.
Contemporary Capitalism and the World of Work
Dec 4th 2018, Prabhat Patnaik
Imperialism remains essential to capitalism in all its phases, although its instruments may change from one phase of capitalism to another. When we incorporate imperialism in the Marx's analysis of the dynamics of capitalism, we resolve the puzzle of fall in per capita annual total (both direct and indirect) cereal consumption despite rise in per capita real income. It is because of rise in world poverty along with rise in per capita real incomes.
Is Shadow Banking a Serious Threat in Emerging Markets?
Dec 4th 2018, C.P. Chandrasekhar and Jayati Ghosh
Is shadow banking in emerging markets the next big trouble spot for the global financial system? Or is this problem over-hyped?
 
Can the RBIís open Market Operations help the Rupee?
Oct 10th 2018, C.P. Chandrasekhar and Jayati Ghosh
The rupee's slide raises the question of whether India's central bank should intervene by selling dollars to prop up the currency. But past experience of such efforts has yielded mixed results, so other measures may be necessary.
Ayushman Bharat
Oct 1st 2018, Prabhat Patnaik
The Modi government's claim of ushering in the largest healthcare scheme in the world is completely vacuous. The chosen method of enlarging healthcare access to the poor is wrong both because of the route chosen (the insurance route which benefits insurance companies more than it benefits the patients) as well as because of the ridiculously paltry financial provision.
 
The Fall of the Rupee
Sep 25th 2018, Prabhat Patnaik
Falling rupee requires immediate government action. Awaiting an equilibrium that never comes would not only keep squeezing the working people but would eventually make the government run to the IMF and other financial institutions in panic. Measures like raising interest rates, fiscal compression, and using foreign exchange reserves have their own fallouts. There have to be direct restrictions on inessential imports combined with some controls on capital outflows.
The Indian Economy in A Tailspin
Sep 24th 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".


Professor C.P. Chandrasekhar on amalgamation of three banks
Sep 24th, 2018

In an attempt to resolve the Non Performing Assets crisis in the country, the government's projected solution in the form of bank mergers, like the recent Vijaya Bank, Dena Bank and Bank of Baroda merger, points out that the end game of this process is privatization.
A Memorial for Dr. Vineet Kohli, Assistant Professor at TISS and a Former CESP Student
Aug 13th 2018.
Job Opening at Economic Research Foundation
Jan 31st 2018.
 

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