The Destruction of Education
Jun 26th 2015, Prabhat Patnaik
The era of globalization of capital brings along a process of destruction of education, but the intrusion of communal-fascism into education is an added element in case of India.
The Beleaguered Indian Farmer
Jun 24th 2015, C.P. Chandrasekhar
The forecast of a poor monsoon is a real bad news for the Indian farmers as it would not only reduce crop production leading to shortages but also encourage speculative holding.
Calling a Halt to the Pseudo "Trade Deals"
Jun 24th 2015, Jayati Ghosh
The TPP or the TTIP deal is not really about trade; they both are about strengthening the rules that favour capital over not just workers but over citizens in general.
When Will the Next Financial Crisis Start?
Jun 15th 2015, T. Sabri Öncü
The global financial crisis that started in 2007 has never ended and now there are warnings of a looming market liquidity crisis, but when this will hit remains to be seen.
The Declining World Foreign Exchange Reserves
Jun 12th 2015, Prabhat Patnaik
The author in this article explains the reason behind the sudden decline in the world foreign exchange reserves.
Skating on Thin Ice
Jun 1st 2015, Prabhat Patnaik
Indian economy, under the first year of Modi's rule, has experienced massive attack on the welfare programmes, sluggish growth of exports and an increase in the trade deficit.
One Year of Modi Government: Social sector
May 27th 2015, Jayati Ghosh
The Modi government's vast and sweeping cuts in essential social spending will adversely impact the basic conditions of living and affect the prospects of the aspirational youth.
The Economy: The end of euphoria
May 27th 2015, C.P. Chandrasekhar
Despite having a good fortune of lower international oil prices, the Modi government failed to deliver growth in its first year while the expectations are still very high.
Fiscal Consolidation through Austerity
May 25th 2015, C.P. Chandrasekhar
The government's attempt at fiscal consolidation through austerity would not only affect growth adversely, but also has damaging effects on welfare.
Government and RBI: No real stand-off over macro policy
May 8th 2015, C.P. Chandrasekhar
The current stand-off is more of a government effort to regain influence over macroeconomic management, as the government is accountable to the people whereas the RBI is not.
Is the Bull Run Over?
May 8th 2015, C.P. Chandrasekhar
Downturn in financial market is inevitable, but the fact that a host of investors driven by the herd instinct live in denial complicates matters and worsens the outcome.
North Cyprus: Complicated, contradictory, charismatic
Apr 15th 2015, Jayati Ghosh
The historical strife between the Turks and the Greeks has led to a peculiar dilemma for North Cyprus that can only be resolved by the very cosmopolitanism that defines it.
Unseen Workers: Women in Indian agriculture
Apr 1st 2015, Jayati Ghosh
Although women play a pivotal role in Indian agriculture, it is amazing to see how their work goes unnoticed in the public domain.
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.
Software Services: Some cause for comfort
Mar 11th 2015, C.P. Chandrasekhar
The success of India's software services export industry is built on the ability to maintain its leading position among the top players, which is indeed some cause for comfort.
India's Daughter: Since the Delhi rape things have got worse
Mar 9th 2015, Jayati Ghosh
The banning of the BBC documentary points to the fact that the Indian government's real concern is the international image of the country rather than the safety of women.
Averting a Greek Tragedy – For Now
Mar 4th 2015, Jayati Ghosh
The negotiations between the Syriza led Greek government and the EU is the struggle between the democratic will of the people and global finance.
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.
Growth and Hunger
Feb 23rd 2015, Prabhat Patnaik
The declining foodgrain absorption in India is indicative of growing hunger- a symptom of deprivation, caused by the privatisation of services like education and health.
Greece, its International Creditors and the Euro
Feb 20th 2015, Sabri Oncu
The Greece crisis resolution depends on whether the EU sees itself as a progressive project based on liberal market principles or as an imperialist project of finance capital.
In Search of Clean Air
Feb 20th 2015, Jayati Ghosh
The worsening atmospheric pollution in India threatens the basic health and well-being of people but sadly, almost nothing is being done in terms of effective public policy.
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.
India's Rural Employment Programme is Dying a Death of Funding Cuts
Feb 6th 2015, Jayati Ghosh
The historical rural employment programme that was started ten years ago is being slowly weakened by lack of adequate funding and State neglect.
Revisiting Rural Indebtedness
Feb 5th 2015, C.P. Chandrasekhar
The distribution of rural credit disbursement is skewed and biased towards the rich and warrants better access to all sections for improved capital formation in agriculture.
Skills Mismatch and All that
Feb 2nd 2015, Jayati Ghosh
The challenge of good quality employment generation requires an approach which sees skill development as part of a broader macroeconomic and development strategy.
The "Niti Ayog"
Jan 12th 2015, Prabhat Patnaik
The replacement of the Planning Commission by the NITI Ayog marks a centralisation of economic power in the hands of the Central Government at the behest of neoliberalism.
Prof. Bhagwati has Got it Wrong
Jan 12th 2015, Rohit
Jagadish Bhagwati's recent pitch for make-in-India is flawed as it ignores domestic demand and other pitfalls of an export-oriented growth strategy.
Rural Diversity and Diversification
Jan 5th 2015, C.P. Chandrasekhar
The latest NSSO Survey reiterates that economic diversification in rural India is mostly distress driven as non agricultural activities act as the sink for the unemployed.
Asian Banks in Trouble
Jan 2nd 2015, C.P. Chandrasekhar
Emerging market economies in Asia are confronted with signs of bank fragility owing to overexposure to the private sector, whose mounting external debt compounds the problem.
The RBI Governor's Unwarranted Remarks
Jan 2nd 2015, Prabhat Patnaik
Dr. Rajan’s criticism of the debt-waiver scheme for farmers underscores the fact that 'social banking" gets progressively eliminated in the era of neo-liberalism.
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.
The Phenomenal Increase in Wealth Inequality
Dec 16th 2014, Prabhat Patnaik
The recent Global Wealth Report by Credit Suisse shows inequality growth in India since 2000 has been the highest with the top one percent controlling 49% of total wealth.
Bad News in the Good Days
Dec 16th 2014, C.P. Chandrasekhar
While the collapse in oil prices and moderation in food price inflation are good news for the Modi government, there is a real danger of it turning complacent as a result.
Fiscal Correction versus Democracy in India
Dec 12th 2014, Jayati Ghosh
The current government's strategy of imposing sweeping cuts to important areas of public spending without any public scrutiny and discussion is deeply anti-democratic.
The Land of Exclusion
Nov 28th 2014, Jayati Ghosh
The findings of a recent report on inequalities in India provide a sobering reminder of how far we are from reaching even the most basic promises of our Constitution.
The Nehru Legacy
Nov 27th 2014, C.P. Chandrasekhar
Although the Congress is using the Nehruvian tradition to win political legitimacy, it has actually rejected the essentials of the Nehruvian economic trajectory.
The Gathering Clouds of Recession
Nov 24th 2014, Prabhat Patnaik
The world capitalist economy's slide into a new downturn is likely to be a harbinger of major economic and political changes within the structure of world capitalism.
Turning Citizens into Mendicants
Nov 18th 2014, Prabhat Patnaik
The shifting of responsibility of sanitation infrastructure from the state to corporate sector is a breach of the rights and dignity of the common citizenry.
India Concludes Bilateral Agreement with US, Agrees to an Indefinite ‘Peace Clause’
Nov 17th 2014, Biswajit Dhar
By making a bilateral agreement with the US, India is able to avert any challenge to its food security programme for now, but the programme will be under WTO surveillance.
Is the Swachch Bharat Mission the Way to a Cleaner India?
Nov 13th 2014, Jayati Ghosh
If Bharat is to become Swachch, it cannot achieve this without proactive concern for the lives and working conditions of those who are responsible for keeping our spaces clean.
Wooing the NRI Depositor
Nov 7th 2014, C.P. Chandrasekhar
The significant spike in the inflows into NRI deposits in 2013-14 has been caused by different policy shifts of the central bank.
Dilma Rousseff's Victory
Nov 5th 2014, Prabhat Patnaik
While Dilma's victory represents an important step in the right direction, intensified class struggle will be required to sustain the scheme of "transfers" to the working poor.
What Exactly is Work?
Oct 31st 2014, Jayati Ghosh
If the way of recognising and measuring work in India is changed according to the new ICLS definition, the picture of female work participation trend would change remarkably.
An Obsession to Sell
Oct 30th 2014, C.P. Chandrasekhar
The NDA government's strategy of accelerating the process of privatisation is fiscally irrational and unsustainable that will adversely affect the workers in the public sector.
Deregulating Diesel Prices
Oct 30th 2014, Jayati Ghosh
Linking the price of oil to global market prices is simply another way of putting the squeeze on mass consumers whose incomes are well below the global average.
In Search of a New Industrial Stimulus
Oct 24th 2014, C.P. Chandrasekhar
The new Modi slogan 'Make in India' is an old idea with a new label and there is no reason to believe that a new label can deliver the success that has been thus far elusive.
On High Interest Rates
Oct 13th 2014, C.P. Chandrasekhar
The RBI's decision to follow a restrictive monetary policy seems to have been influenced by the inflow of foreign finance, even if that is at the expense of growth.
IPR Policy Must Drive Innovation
Oct 8th 2014, Biswajit Dhar
Making a national IPR policy entails a balance between public policy objectives and the private rights of creators; otherwise it may serve only narrow corporate interests.
The Herd Instinct at Work?
Sep 26th 2014, C.P. Chandrasekhar
The SENSEX is driven by herd instinct of FII inflow coming with assumptions which are at best speculative; the trend may get reversed in case of a rise in the interest rate.
Passing the Buck
Sep 19th 2014, C.P. Chandrasekhar
Instead of looking at developed countries' monetary easing, the RBI should explore policy alternatives to restrict capital inflow and reduce India's external vulnerability.
India: The global laggard in meeting the MDGs
Sep 11th 2014, Jayati Ghosh
Most of the eight Millennium Development Goals given by the UN will not be achieved due to lack of progress in Sub Saharan Africa and South Asia, particularly in India.
The Real Story on Gujarat's Development
Sep 10th 2014, Jayati Ghosh
The book, "Growth or Development: Which way is Gujarat going?", provides a sober, balanced and solidly researched account of Gujarat's development over the past decade.
The State and Indian Planning
Sep 9th 2014, C.P. Chandrasekhar
Though the Planning Commission faltered in residual developmental role, but instead of reforming it the scrapping indicates towards systematic dismantling of checks and balances.
Why Asia is Probably Poorer than We Think
Sep 9th 2014, Jayati Ghosh
Asia's 'success' in reducing poverty uses a flawed system for measuring income on the basis of an average value based on Purchasing Power Parity and ignores food insecurity.
India Faces Criticism for Blocking Global Trade Deal, But is it Justified?
Sep 9th 2014, Jayati Ghosh
Contrary to wider perception, the bigger risk to the multilateral trading system comes from the developed world failing to listen to the concerns of developing countries.
Mitigating FTA Challenges
Sep 2nd 2014, Biswajit Dhar
India has not been able to sufficiently leverage the FTA agreements to increase its presence as its export share to FTA/CEPA countries has declined.
The Logic of Neoliberal Anti-Populism
Aug 27th 2014, C.P. Chandrasekhar
Pursuing fiscal consolidation by providing large transfers to the rich while trimming expenditures that benefit the poor is the best example of the ideology of anti-populism.
Oil: Hope of respite?
Aug 22nd 2014, C.P. Chandrasekhar
Despite a downward trend in global oil prices, in the long run India may have to find alternative routes to finance the oil import bill as the trend may be short-lived.
Incentivising Risk-taking Abroad
Jul 28th 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.
BRICS Gains Currency in Brazil
Jul 25th 2014, Biswajit Dhar
BRICS is poised to make a mark in the global economic governance, if the NDB and the CRA turn into credible financial institutions – as counterparts of the existing structure.
The BRICS Bank: Part of a new financial architecture (2)
Jul 25th 2014, Oscar Ugarteche
Given that the BRICS countries all have first tier development banks implies that they also have development bankers who can bring their expertise to the New Development Bank.
The BRICS Bank: Part of a new financial architecture (1)
Jul 25th 2014, Oscar Ugarteche
The BRICS Bank would be less vulnerable if it used non dollar denominated bonds similar to those established by the World Bank in the 1980's.
The Rise and Fall of the Global South
Jul 21st 2014, Prabhat Patnaik
The south that was supposedly rising is now witnessing a fall and this can be prevented only if the domestic market is expanded through egalitarian measures of redistribution.
The Missing Honeymoon
Jul 9th 2014, C.P. Chandrasekhar
The government's decisiveness in ensuring quick clearances for big, infrastructure projects would please the corporate sector and private capital, but not the rest of India.
The Moves towards 'De-Dollarization'
Jun 18th 2014, Prabhat Patnaik
The de-Dollarisation attempts by Russia via the recent trade deals with China and Iran can have major consequences, but may be difficult to sustain due to internal pressures.
Who is Afraid of Illicit Finance?
Jun 16th 2014, C.P. Chandrasekhar
NDA government's move to appoint an SIT to bring back illegal money from abroad brought more complex issues of finance and government's real intention to the foreground.
Chinese Dreams
Jun 11th 2014, C.P. Chandrasekhar
The pursuit of the Chinese dream may become a nightmare for the majority as it involves reduction of expenditures on food subsidies and other welfare measures.
Modi with the Magic Wand
Jun 11th 2014, C.P. Chandrasekhar
Modi has persuaded people that his development magic wand can deliver what others dare to promise. If he fails to deliver on this the current euphoria can prove short-lived.
No Help from Abroad
Jun 4th 2014, C.P. Chandrasekhar
The author here shows that the OECD's optimistic growth projections are questionable and the global environment confronting the new government of India is not favourable.
The Rupee's Climb
May 23rd 2014, C.P. Chandrasekhar
A surge of capital inflow appreciated the rupee while the RBI is not keen to intervene due to inflation implications. Rupee may stabilise or start depreciating again later.
The Last Straw
May 23rd 2014, C.P. Chandrasekhar
The possibility of a fall in India's agricultural production due to the El Niño effect gives rise to a possibility of worsening stagflation.
The Offensive against Transfers to the Poor
May 22nd 2014, Prabhat Patnaik
The demand by corporate magnates to roll back the relief measures for the poor is nothing but an expression of the class animosity of corporate capital towards the working poor.
On the Indian General Election 2014 Results
May 22nd 2014, Jayati Ghosh
India witnessed the victory of religious majoritarianism with corporate funding, and promises an authoritarian right wing State that might undermine Indian democracy.
Stock Market Boom amidst Economic Crisis
May 19th 2014, Prabhat Patnaik
The stock market boom, within a slowdown in the economy, serves the interest of the finance capital, and the crisis cannot be addressed because the boom has to be sustained.
The Threat from Big Pharma
May 15th 2014, C.P. Chandrasekhar
The recent global trend of M&A in the pharmaceutical industry poses a danger for prices of life savings drugs, especially in India, with 100% FDI approval from the government.
Blaming the "Other"
May 15th 2014, Jayati Ghosh
The BJP's aggressive stance on migrants from Bangladesh is economically stupid. Strategies that seek to exploit such divisive attitudes will boomerang on all Indians.
A Political Economy of the Elections
May 6th 2014, C.P. Chandrasekhar
Blind faith on economic growth took the Congress away from inclusiveness and public opinion but the BJP follows the same lead and does not provide any economic alternative.
The Post-Election Economy
May 5th 2014, Jayati Ghosh
Ideally India needs a new and different vision for the economy, but the parties that are being projected to do well in the elections do not exhibit that new vision at all.
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 BJP's Election Manifesto
Apr 17th 2014, Jayati Ghosh
One of the most dangerous aspects of the BJP's vision for India is that it envisages the enforcement of an aggressively pro-big business agenda.
Big Business and Mr. Modi
Apr 16th 2014, C.P. Chandrasekhar
If India is not to be handed over to big business and a rabidly communal fringe, it is best to keep Narendra Modi out of the Prime Minister's office.
Pre-election Euphoria?
Apr 15th 2014, C.P. Chandrasekhar
The recent surge in the Sensex despite sagging performance of the overall economy reflects selective speculation by international finance which makes it more volatile.
Nirmal Kumar Chandra
Apr 15th 2014, Prabhat Patnaik
Totally free of any malice and devoid of any pettiness, Nirmal Kumar Chandra was the sort of person one often reads about in fiction but scarcely meets in real life.
The Compleat Economist - Nirmal Kumar Chandra (1936-2014)
Apr 15th 2014, Ashok Mitra
In a tribute to Nirmal Kumar Chandra, the author says that the least that can be said, and that should be enough, is that Nirmal Kumar Chandra was the Compleat Economist.
Financial Strains in the “New” China
Apr 9th 2014, C.P. Chandrasekhar
Growing corporate debt and recent reporting of default raise questions on an impending crisis as the financial liberalisation process creates greater volatility in China.
Seasons of Migration to the North
Apr 9th 2014, Jayati Ghosh
The dismal condition of the migrant workers, depicted by a recent study, raises a question on the argument that migration in India is no longer distress-driven but demand-led.
The Next Internet Bust?
Mar 18th 2014, C.P. Chandrasekhar
Excess liquidity as part of the crisis solution may well be setting up the next IT bubble with investors speculating on start-ups even without definite revenue roadmaps.
Rajan's Target: Inflation or the poor?
Mar 18th 2014, Rohit
The RBI Governor's call for inflation targets to be set by the parliament is not a demand for providing relief to the poor, but a gesture to assure global finance capital.
The Uncertain World of Software Services
Mar 18th 2014, C.P. Chandrasekhar
Although RBI's survey points to a revival of India's exports, so long as global conditions remain uncertain there can be little certainty about its export performance.
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.
The Sources of Bank Vulnerability
Mar 5th 2014, C.P. Chandrasekhar
Higher NPAs in the public sector banks of India is a consequence of the liberalisation agenda pursued by the government rather than the failure of the bank managers.
Workers Dying in Qatar
Feb 24th 2014, Jayati Ghosh
Recognising the rights of migrant workers in Qatar is obviously crucial; but it is equally important to recognise the rights of workers in India.
No Method in this Confusion
Feb 21st 2014, C.P. Chandrasekhar
The new RBI Governor struggles to maintain stability in the face of the threat of a US tapering even as other countries face turmoil in the absence of control on capital flows.
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.
Cleaning Up the Old Economy
Feb 12th 2014, C.P. Chandrasekhar
While RBI argues that its recent move aims at preventing counterfeit of currency notes, this can serve as an easy way of converting large volumes of black money into white.
What about the Aam Aurat?
Feb 12th 2014, Jayati Ghosh
The increasing evidence of patriarchal attitudes towards women among the AAP leaders is the most compelling reason for the growing wariness about the party among many people.
Cheap Labour and Competitiveness
Feb 7th 2014, C.P. Chandrasekhar
The author analyses the merits of the argument of China having reached the Lewis turning point, which is predicted to make way for new suppliers in the world market.
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.
Search for Recovery
Feb 7th 2014, C.P. Chandrasekhar
Although every significant country of the world is still in the midst of growth deceleration, forecasters confidently hold out hopes of a recovery.
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.
Understanding the "Mango People"
Dec 31st 2013, Jayati Ghosh
People's aspiration for alternative, symbolised by AAP's success, creates progressive political possibilities if the left can see the changing realities and think creatively.
The "Remaking" of Indian Banking
Nov 29th 2013, C.P. Chandrasekhar
There is little innovation in the nature of the financial reform that the present RBI governor recommends. These are all proposals that have been unveiled in the past.
Democracy, Neoliberalism and Inclusiveness
Nov 26th 2013, C.P. Chandrasekhar
A strategy of inclusive development is required instead of the rhetorical ''inclusive growth'' propagated by two main political parties in the run-up of next general election.
Goliath's Nasty Ways: Chevron and the people of the Amazon
Nov 14th 2013, Jayati Ghosh
In the Ecuador environment damage case, Chevron’s act of influencing the verdict in a counter-suit filed in the US shows the universal lack of accountability in global firms.
On Vinod Raina
Nov 1st 2013, Jayati Ghosh
In spite of having the choice of living a comfortable academic life, Vinod Raina dedicated his entire life to people's education and various other people's rights movements.
A New Growth Consensus?
Oct 28th 2013, C.P. Chandrasekhar
Recent measures by the RBI and the government emulate the path of fuelling growth by easy credit for specific sectors but that path is fraught with the risk of bank fragility.
On the Economics Nobel Prize
Oct 19th 2013, Jayati Ghosh
The Global Financial Crisis notwithstanding, the Economics Nobel Prize shows that the power of finance remains undiminished.
Shutting Out the Progressive Agenda
Oct 17th 2013, C.P. Chandrasekhar
The US shut down reflects the extent to which finance capital controlled Right is ready to go to prevent any progressive social sector agenda even in the post crisis scenario.
Is there a Flight of Capital from India?
Oct 10th 2013, C.P. Chandrasekhar
Capital flight from India aggravated the overall position of rupee, but the country's balance of payments position is the fundamental weakness which needs to be addressed.
Is the Party Over?
Oct 3rd 2013, Rohit
The article analyses the reasons behind the poor performance of the Indian economy in the recent past and suggests measures for way out of the current crisis.
Class War at the Capital
Sep 19th 2013, Prabhat Patnaik
Indian State's treatment of workers under neoliberalism is not a normal "class war," but a "class war" in which the ruling classes are fast moving in the direction of fascism.
Open Access vs Academic Power
Sep 18th 2013, C.P. Chandrasekhar
While open access helps democratise the distribution of peer-reviewed research, it is not clear whether this would rid the system of journal branding and journal hierarchies.
Making Growth Deliver Exports – Not the other way around
Sep 18th 2013, Jayati Ghosh
With the North reducing import dependency, the neo-liberal export led growth model must be replaced by raising domestic demand and industrialisation in the South.
Archives >>

Site optimised for 800 x 600 and above for Internet Explorer 5 and above