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India’s Missing Jobs — and Where the Next Government can Find Them
We are staring at an employment crisis, which could get worse. But with policy support that could change.Developing World Must Raise Own Climate Finance
Developed countries and MDBs can raise just a third of the requirement. Carbon pricing and ETS will have to play a bigger role.Beyond PLI Targets
A comprehensive strategy is needed to propel India’s manufacturing capabilities.Consumption Trends and Monetary Policy
The falling share of food in households’ spending will help, given food inflation also drives inflation expectations.Behind the rise in Rural Consumption Spending
The National Rural Livelihood Mission, better targeting and delivering of benefits, wider reach of digital infrastructure have contributed to the spurtInterview | Can private capex offset govt spend curbs in FY25?
Shishir Gupta provides insights into the RBI urging the private sector to take over the responsibility of driving capex. Could it slow down the momentum of govt capex in FY25?Emerging Markets and Developing Economies in the Global Financial Safety...
The authors argue that there is a need to extend and facilitate access to the ultimate global financial safety net layer: the IMF. We illustrate that by pointing out how Morocco and Mexico have boosted their defensive power by having access to IMF precautionary lines of credit.On a Sobering Note
The International Monetary Fund’s deep dive into global trade fragmentation and restrictiveness shows lasting consequences of raised costs, feeding into inflation and weakening growth.Why are We Staring at a Global Debt Problem Yet Again?
Hidden debt is a major problem across the world that the G20 Data Gaps Initiative needs to resolve, writes Anoop Singh.Tax Buoyancy: Too Noisy for Signals
This paper focuses on tax buoyancy, which includes discretionary policy changes, to examine how the historical relationship of tax revenues with income may have been disturbed by exceptional shocks.Compensating for the Fiscal Loss in India’s Energy Transition
The study argues for the need to consider multiple factors, including efficiency, equity, sustainability, institutional considerations, and the possibility of reducing expenditures on non-essential goods.Then and Now
CSEP Senior Fellow Renu Kohli provides a comparative illustration of the domestic context of the Indian economy then and now to identify critical aspects that could potentially affect the translation of high expectations into actual outcomesQuota Reform is an Opportunity for the IMF to Restore its Legitimacy
As the IMF strives to complete the 16th General Review and works towards some agreement on quota realignment as part of the 17th General Review, the IMF Board of Governors should strive to reach a consensus on three fundamental changes to the IMF’s resources and governance.Report card
Despite a pandemic, war, higher cost of living and interest rates, economic activity has not stalled or fallen into recession even as inflation continues to decelerate, writes Renu Kohli.How to Reverse the Longest Downturn in Corporate Capex
Corporate investment, which plays a critical role in driving economic growth, has been in a slump in India for more than a decade. This op-ed analyses the behaviour of corporate savings and investment since 2007-08.Mind the Financing Gap
The total flow of financial resources to the commercial sector, which provides a good grip on the strength of the real economy, is compiled by the central bank.Geopolitical 20
Time will tell if the geopolitically-driven initiatives prove economically sound, resolve the global debt-cum-climate challenges, and help invigorate the world economyHow to Fix Holes in the Financial Safety Net
In absence of significant governance reform, effectiveness of global financial safety institutions is eroding. India is better off relying, instead, on pursuit of prudent macroeconomic policies.Another Step Back
India’s objective has been to narrow the trade deficit with China by manufacturing at home. The tariff-raising, safeguard duties have explicitly and systematically targeted lower imports.Emerging Inflation Dynamics: The Past Could be a Poor Guide for Future...
In food-price management, factors that could hinder the government’s efforts seem to have been ignored, writes Renu Kohli.Commodity Prices and the Twin Balance Sheet Crisis
Abhishek Kumar and Divya Srinivasan use data from India (the second-largest steel producer in the world) to estimate the effect of large movements in metal prices during 2011-16.Finance Ministers and their Balancing Acts
Laveesh Bhandari reviews AK Bhattacharya's book "India's Finance Ministers: From Independence to Emergency (1947-1977)".Tax Buoyancy: Too Noisy for Signals
Renu Kohli's Discussion Note discusses three significant reasons why the observed tax buoyancy in the recovery year, FY23, must be interpreted with caution.Asia Needs to Focus on Productivity to Lead Global Growth
Sustained productivity growth would be better driven by technological capital deepening with related organisational changes and increased competition that can result in more efficient methods of production, says Anoop Singh.The UK a Tax Haven?
Is the UK providing refuge to India's absconding financial scamsters? Jaimini Bhagwati examines.Leaders of Tomorrow: Expert Panelists Predict India’s Economic...
The discussion touched on many important aspects of India's growth trajectory, and the panelists agreed that India is poised for significant growth in the next 20-30 years.Our Budget Speeches Capture the Evolution of Government Policy
From ‘an idea whose time has come’ to ‘Digital India’, the words used in Budget speeches have set the theme for India’s economic emergence, write Ayush Khare and Shruti Gupta.Interview | Crypto Will Die a Natural Death as Investors Turn to Other...
Crypto grew because we had near zero interest rates in developed countries for an extended period so people were searching for higher returns, says Rakesh Mohan.Interview | More Financial Institutions May Fail Globally, But No Direct...
As interest rates keep increasing in the developed economies there could be some reversal of capital flows, and consequent impact on the exchange rate and the economy, Rakesh Mohan cautioned.Interview | Inflation-Targeting Framework has Clouded Thinking in Central...
Though there are multiple instruments to tackle inflation, every time there is a spike, the market expects monetary policy action, says Rakesh Mohan.It’s Financial Sector Greed Again
US and European regulators ignored basic risk management. But why do regulators allow financial sector firms to gamble with depositors' money?Interview | Will RBI Raise Rates Amid Global Banking Crisis? | Rakesh...
CNBC TV18 News interview of Rakesh Mohan on whether the Reserve Bank of India (RBI) will raise the repo rates amid the global banking crisis.How India Budgets to Become a Leading Power
Constantino Xavier and Riya Sinha comment on the MEA Budget and how India can become a leading power in an increasingly uncertain, competitive and complex international arena.Pressure on the Rupee Recedes
There’s no certainty if RBI will be able to replenish its forex reserve stocks. The process could be quite long drawn, says Renu Kohli.Interview | Questions on the Economy with Montek Singh Ahluwalia
Montek Singh Ahluwalia answers some pertinent questions on the Indian economy and upcoming issues.Interview | At about 5-6%, Economy Won’t Collapse but it Won’t...
Montek Singh Ahluwalia tells Outlook Business that a private sector-led economy can deliver sustained GDP growth. He also suggested a closer examination of the much touted double digit growth and cautions against protectionism.Interview | Exclusive interview with Montek Singh Ahluwalia: What to...
In an exclusive interview with Moneycontrol, Montek Singh Ahluwalia speaks on the state of the economy, and what is needed to unleash India's growth potential. and delves into the reforms needed in the external sector.Non-Performing Assets: Dented by Iron and Steel
The large decline in metal prices during 2014-16, predominantly driven by Chinese imports, made domestic firms in the metals sector uncompetitive. A decline in profitability affected the loan repayment capacity of many firms in the metals sector and they defaulted, creating non-performing assets (NPAs) for banks.Indian Rupee Goes Digital
Digital currency and fail-safe wireless connectivity should have preceded demonetisation, says Jaimini Bhagwati.A Buffer Against Banking Stress
It is advisable for banks to build a counter-cyclical commodity price buffer during upswings in commodity prices which can be used during periods of downswings.The Answer for India’s Economic Recovery: Labour-intensive Manufacturing
India's economic recovery calls for a focus on labour-intensive formal manufacturing. High under-employment and poor-quality employment have hampered a much needed move away from agriculture.Watch: Rakesh Mohan on the State of the Indian Economy
In an interview to Karan Thapar for The Wire, Rakesh Mohan discussed the state of the economy six weeks before the end of the year, focusing specifically on growth, investment, unemployment, poverty, inflation and the state of the rupee.Hindustan Times Leadership Summit 2022: Meeting Challenges of Resetting...
Hindustan Times Leadership Summit 2022: Many envisage a return to fiscal rules to strengthen credibility. But today’s situation offers an opportunity to rethink fiscal rules and the underlying fiscal frameworks.The Overvalued Rupee: Managing Exchange Rate Volatility and Forex Reserves
Since the 1950s, a cocktail of partisan domestic interests has resulted in the Reserve Bank of India and the Indian government favouring an overvalued rupee, writes Jaimini Bhagwati.What is leading economist Rakesh Mohan’s view on inflation?
How will global slowdown affect India? When will RBI's steps to rein-in inflation start show results? Rakesh Mohan answer these in a conversation with Business Standard.Why NPAs Are Not Just About Bank Governance
Probing the links between twin balance sheet crisis and external commodity shocks could lead to a better understanding of the problem.Bank Credit Risk and Macro-prudential Policies: Role of Counter-cyclical...
This paper investigates the impact of counter-cyclical capital Buffer (CCyB) as a macro-prudential policy, on bank credit risk, during uncertain times, as banking sector stability is crucial in promoting financial intermediation.Commodity Price Shocks and Non-Performing Assets in the Indian Banking...
Abhishek Kumar, Rakesh Mohan and Divya Srinivasan show that nonperforming assets in the banking sector and profit ratios in commodity-sensitive non-financial sectors are highly correlated with global commodity prices.What Drives Indian Inflation? Demand or Supply
In this paper, using data from a large emerging economy, Ashima Goyal and Abhishek Kumar identify a structural shock (inflation shock) that explains the maximum forecast error variance of consumer pricesMarket Volatility, Monetary Policy and the Term Premium
The authors use time-varying VAR models to study the effects of option-implied measures of equity and bond market volatilities on the government bond term premium and key macroeconomic variables.Six Monthly Indicators of Recession
The US economy isn’t in recession but may slip into one, writes Anoop Singh.The Pandemic-flagged Need for a New Fiscal Framework
India should consider moving toward a new principles-based fiscal strategy, rather than returning to a fiscal framework based on rigid numerical fiscal targets, writes Anoop Singh.“Despite Warnings, Central Banks in Developed Countries do not Take...
Rakesh Mohan answers Bloomberg HT's questions about the causes of global inflation and the effectiveness of central banks' policies against hyperinflation.Delaying Action does not Protect Growth: Montek Singh Ahluwalia on RBI...
The central bank affects the real economy not just through short-term interest rates but through a host of other instruments, including the quantity of money, the level of credit and liquidity and, more broadly, financial stability, says Montek Singh Ahluwalia.The Economy and India’s Future | Interview
In an interview with Mirror Now, Montek Singh Ahluwalia discusses the country's economic health and predictions for the post-Covid world.Timing and Design Key to Making Digital Rupee a Success
Central Bank Digital Currency (CBDC) runs the risk of financial disintermediation, which can alter saving-investment strategy and impact banking system in India, says Aasheerwad Dwivedi.What the Union Budget Got Right, and What it Missed
The budget’s capital-expenditure plan could support our recovery but reforms in important areas can’t be held off any longer.For India to be Financially Inclusive and Economically Better, Financial...
For a financially aware and empowered India, considerable effort and calculated steps need to be taken.How Will the Economy be Affected by Budget 2022? | Interview
In an interview with Times Now on the Budget 2022-23, Montek Singh Ahluwalia speaks on a host of issues including unemployment, job creation and the various measures taken to boost the economy.What the Government Needs to do to Boost India’s Growth | Budget...
Ahead of the Union Budget 2022-23, Business Today interviews Montek Singh Ahluwalia to take a deep-dive into the contours of the economy and understand what the government needs to do to boost India's growth.Bring Real Estate, Petroleum, Alcohol and Power into GST | Interview
Though the Indian economy is in recovery mode, the underlying growth impulses are weak, says economist Montek Singh Ahluwalia.The Roller Coaster Ride of Non-performing Assets in Indian Banking
While the pandemic and some of the associated policy measures could reverse the recent downward trends in NPAs temporarily, more durable policy initiatives like bankruptcy reforms are expected to make significant positive changes in the NPA situation of Indian banks.‘Make in India’ a Work in progress
While the Indian government has rolled out policies to promote exports, trade policy is more inwardly oriented. The ‘Make in India’ initiative ignores the decades-long geographical fragmentation of the global production process, a reality that increases the import dependence of exports.What is the Credibility of Government Accounting?
When the government presents the 2022-23 Budget, there will be relatively little attention spent on correlating the budget numbers with recent CAG reports or the deliberations of the PAC, says Jaimini Bhagwati.Insolvency and Bankruptcy Code (IBC) and Long-Term Bulk Lending in India
Jaimini Bhagwati examines the effectiveness of the 2016 Insolvency and Bankruptcy Act (IBC) as the most recent legislation to enable quicker resolution of disputes between borrowers and lenders thus encouraging higher volumes of long-term lending.Interview | Did UPA Fall Back on Loosening Government’s Grip on...
In the Q&A with Business Standard, Montek Singh Ahluwalia dwells on the areas where he feels UPA did not meet up to the challenges and the progress made by the BJP on certain fronts.For Meaningful Financial Inclusion, We Need Clear Metrics
The purpose of any data or index is to offer us pointers on moving ahead. For meaningful financial inclusion, we must have meaningful metrics in the public domain.Quota share of BRIC countries in IMF should increase: Rakesh Mohan to...
Rakesh Mohan suggests the need to review the role of IMF due to changing economic weight of emerging countries, stressing on completing quota reforms and maintaining data integrity amid the World Bank discontinuing its Ease of Doing Business reports.RBI’s Growth Estimate ‘Exaggerated’ As It Fails To Reflect State of...
There are concerns on whether the 64.4 percent export growth will continue into the rest of the year as shortages of containers have led to a sharp rise in transport costs which could weaken performance.Low Private Investment Is a Weak Spot In The Economy
After the recovery of the economy next year, will we only get back to the growth rate of 4 to 5 percent which prevailed immediately before the pandemic, or to the much higher growth of earlier years?National Monetisation Pipeline Betrays Narrow Outlook
Private-public investment structures make sense, but they must be modeled to also generate social value. In today’s world, there are no shortcuts to sustainable development.Monetisation of Government Assets
Leasing government-owned land would be easier and should be accorded higher priority.Govt Should Let Fiscal Deficit Rise to 7.5% to Boost Consumption,...
The government must provide adequate income support, particularly for the poor, as a way of tackling the collapse in private consumption, says Montek Singh Ahluwalia.One Year of CSEP: Essential Reading on Economic Growth and Finance
On the one-year anniversary of CSEP, we bring you eight essential readings on the Indian economy.Reforming PSBs Most Important Task Ahead for Government
In this interview with Business Standard, Montek Singh Ahluwalia answers crucial questions on the economy.Former RBI Deputy Chief Warns of Rise in Bad Loans Due to the Pandemic
India’s expanded credit push to help small borrowers weather COVID-19’s impact risks fueling sour debt, says Rakesh Mohan.India’s 20.1% GDP Growth Encouraging: Rakesh Mohan
Former deputy governor of the Reserve Bank of India, Rakesh Mohan discusses the outlook for the Indian economy and policies amid the Covid-19 pandemic.We should be thankful for the economy’s liberation
We owe a great deal to 1991 for liberating the economy from the dead hand of bureaucratic control.Interview: Reforms, Protectionism, Trade, and Growth
"If we raise duties to make Indian industry competitive, we’ll end up close to 1991."The response of Reserve Bank of India to Covid-19: Do whatever it takes
RBI has succeeded in achieving its broad objective of keeping financial system functioning smoothly.The 1991 moment was 18 months in the making: Rakesh Mohan
In a conversation with Puja Mehra, Rakesh Mohan discussed the Indian economic control system in-depth, the command-and-control economy, and how much of this system was dismantled after 1991.Interview | MSS bonds must be part of the standard monetary policy...
During the interview, Dr Mohan said he fails to understand why the current Monetary Policy Committee (MPC) was not given the powers to take a call on the reverse repo rate.Interview | Expect K-shaped, not V-shaped, recovery: Part 1
In a 3-part interview, Rakesh Mohan analyses the Indian economy, banking reforms, the RBI's role, etc.India must manage public finances better
The ministry of finance could launch the process of stakeholder consultations and prepare a time-bound plan for the implementation of comprehensive public financial management reforms at all levels of government.India’s fiscal architecture needs changes
The fiscal rules that have evolved over time in many advanced countries are now being tested during the COVID-19 crisis.A moment 30 years ago that had been a year and a half in the making:...
Rakesh Mohan narrates how the logic-defying system of industrial controls was dismantled, and discusses policies required to deal with the emerging challenges of redeploying labour.1991 reforms aimed at more than just BoP crisis: Montek Singh Ahluwalia
The balance of payments (BOP) crisis was the immediate trigger but the other challenge was problem of slow growth, says Montek Singh AhluwaliaWhich economies showed the most digital progress in 2020?
Now more than ever, digital capabilities are essential to ensure a country’s growth and economic resilience. But how do different economies compare as far as the current state and ongoing momentum of their digital development?Ownership and governance of private sector banks – Part III
Going beyond its recommendations on ownership of private sector banks, there are some other internal working group (IWG) recommendations that bear scrutiny.Ownership and governance of private sector banks: Part II
Among the key problems that arise from the ownership of banks by nonfinancial companies are those of conflict of interest.Why private banks, their ownership structures need to be strictly...
Basic principles and international practice suggest that opening the door to the ownership of banks in India by large corporate/industrial houses should be done, if at all, with utmost caution.Interview | Should corporates be allowed to own banks?
Rakesh Mohan talks about the proposal to allow corporates to own banks and the state of the economy.IMF Quota reforms and global economic governance: What does the future...
The world is on the cusp of an epochal change in global economic power, not seen since the start of the Industrial Revolution.Indian Economy is in Structural Slowdown Since 2012
Cutting of rates won't have as much of a response. One does not know what in some sense ought to be the resting point for the rates, says Rakesh Mohan.How to solve issue of rising non-performing assets in Indian public sector...
The Indian banking system is beleaguered with non-performing assets (NPAs). According to the Reserve Bank of India’s Financial Stability Report of December 2017, they currently stand at 10.2 per cent of all assets, while stressed assets, which are believed to be NPAs in effect, stand at 12.8 per cent. Related frauds amount ...Demonetisation: A year after India killed cash, here’s what we can...
Almost a year ago, the Indian government rolled out an unprecedented policy move. Arguably, it was a time when the country was poised for economic success. With $9.49 trillion in purchasing power parity, it was the third-largest (in PPP terms) and the fastest-growing large economy in the world. On November 8, with ...Rethinking the budget in a post-GST India
The goods and services tax (GST) is finally here, so perhaps now is the time to reflect on how the budget can be updated for a post-GST India. Just as the GST aims to create national uniformity in taxation, rethinking budgets can also push efficiency. A bold step the government can take ...How Companies Can Champion Sustainable Development
Given political climates around the world and a new wariness around international cooperation, the private sector could find itself in the hot seat: trying to pick up the slack on big issues from climate change to sustainable development. This demand for taking on a larger role may come not only from advocacy ...India is an average low-tariff economy, there are misconceptions otherwise
India is widely known as a country with high import tariffs. This view, however, is incorrect. Changing this view is important for several reasons, both within India and outside. But first, the facts. World Trade Organization estimates of India’s applied most favoured nation (MFN) tariffs, i.e. tariffs applicable in general, are 13.4% ...“Finance Minister is looking to present a budget against the...
Brookings India Chairman Vikram Singh Mehta speaks to journalist Karan Thapar on whether the Finance Minister should be cautious or bold in this year’s Fiscal Budget. How has demonetisation been viewed by foreign investors? Has it made India a more inviting destination or has it raised concerns and made them perhaps pause and ...Demonetisation – thereafter proposing a new abnormal
Now let’s try demonetisation without denouement, perpetually preserve the uncertainty A little over two months has passed since the Narendra Modi government’s ambush on its own currency. In keeping with the unexpected nature of its launch, the manoeuvre has had some unexpected consequences. There are at least three ways in which the ...Demonetisation push to labour reforms: molding the future of the markets
Demonetisation has the potential to facilitate an environment that will develop a formal culture in India’s labour markets Among the loudest critics of the demonetisation policy are those who predict doom for India’s informal sector as a result of this exogenous shock. Numerous anecdotes are being forwarded to highlight the suffering of ...Demonetisation: Effect on interest rates, inflation and policy action
Dr. Shamika Ravi (Senior Fellow, Brookings India) and Dr. Eswar Prasad (Senior Fellow, Brookings Institution) participated in a debate about the demonetisation issue in India. Dr. Ravi responded to comments on inflation and interest rates: There is a problem of an information void within which estimates are being made, including the government ...Shamika Ravi on implications on govt’s demonetisation move
Speaking about Prime Minister Narendra Modi’s announcement to demonitise Rs 1000 and Rs 500 notes, Senior Fellow Shamika Ravi in this Facebook Live says the next few months will be painful, and should be seen as teething troubles for an economy trying hard to reform its corrupt self. As an economy we should aim ...Demonetization is a net positive move
Scaling back large bills will not end crime, but it will force the underground economy to employ riskier methods In a special broadcast on 8 November, Prime Minister Narendra Modi announced a positive exogenous shock to the country. He declared that in less than four hours, Rs500 and Rs1,000 bills would be ...Indian Financial Sector: Structure, Trends and Turns
This paper traces the story of Indian financial sector over the period 1950-2015. In identifying the trends and turns of Indian financial sector, the paper adopts a three period classification viz., the 1950s and 1960s, which exhibited some elements of instability associated with laissez faire but underdeveloped banking; the 1970s and 1980s ...Union Budget: FM has chosen stability over growth
In the face of a sluggish global economy and volatile global markets Finance Minister Arun Jaitley had to convey a message of continued macro stability while also striving to accelerate growth. Budget 2016-17 is a complex and comprehensive document touching on many different areas which finance minister (FM) Arun Jaitley has categorised into ...Marginal revolutions from Budget 2016
There are numerous small announcements in finance minister Arun Jaitley’s budget that must be lauded comments Shamika Ravi Most television channels track the stock market as the finance minister’s budget speech unfolds in Parliament. This is done to capture the announcement effects from the speech. Yet, it also reflects the gross mistake ...Looking forward to a big bang budget
The global economy is in trouble, but India is attracting positive comment. The finance minister must make the most of the moment. The finance minster was sensibly measured in his response to the chatter in Davos that India is in a sweet spot. He accepted credit for the fact that India ranked ...Leveraging the CSR mandate
Some institutional arrangements that can maximise the collective impact of individual contributions The Companies Act of 2013 mandates a contribution of two per cent of post-tax profits of companies to corporate social responsibility (CSR) activities. There was much debate about the merits of this mandate, with critics seeing it as a back-door ...Tur travails – Three components of a structural solution to the pain...
There is no better way to understand the spike in the price of tur dal than through simple supply and demand factors. Let’s look at the supply side first. There are three ways to increase the availability of tur, or, for that matter, any commodity: increase the area sown; improve productivity; and, ...Matters of valuation
The government’s multi-pronged approach, labelled Indradhanush, attempts to address a number of structural problems of public sector banks, including asset quality, writes Subir Gokarn. The condition of the Indian banking sector’s balance sheets, more specifically that of the public sector banks, is a serious threat to reviving and sustaining growth. Bad assets ...Subir Gokarn on RBI Monetary Policy review
Brookings India Director of Research and former Deputy Governor of the RBI, Subir Gokarn, answers questions on the RBI Monetary Policy review in Business Standard. Read the full transcript of the webchat here. Is the Reserve Bank of India immune to political and India Inc’s pressure for rate cuts as Governor Raghuram Rajan is suggesting? ...Shaping the Asian financial architecture
A new financial architecture that replicates the Bretton Woods framework is being built in Asia, with China playing a pivotal role. Subir Gokarn identifies opportunities and challenges for this new financial architecture.How Far Can IndraDhanush Go?
Finance Minister Arun Jaitley recently announced the Indradhanush framework – a reform structure for transforming the public sector banks. Subir Gokarn (Director of Research, Brookings India and former Deputy Governor, Reserve Bank of India) spoke to the Swarajya Research Team to find out what he thinks of this new initiative of the government. How ...VIDEO: To avoid market freeze, central banks have to act
More disruptions in financial and other markets unless central banks take necessary actions to ensure markets do not freeze Watch the full interview on CNBC here What is your own assessment of how this core problem of slow growth can be resolved because you can inject liquidity how much ever you want but ...Profiling and targeting
Big data provides both companies and governments the ability to differentiate sharply and productively between customers and beneficiaries of welfare programmes. Used effectively, organisations delivering products and services can leverage large databases about customers/beneficiaries to combine economies of scale with the benefits of precision targeting. Further, since data about the target group ...Advancing Financial Inclusion in India beyond the Jan-Dhan Yojana
The recent policy measures undertaken by the Government of India and the Reserve Bank of India have provided a much-needed push for financial inclusion in the country. However, there remain some key gaps and concerns that must be addressed for attaining sustained comprehensive financial inclusion. This paper highlights some of these gaps ...Can our banks finance the economic recovery?
This column first appeared in Business Standard, on November 16, 2014. Like other products of the Brookings Institution India Center, this is intended to contribute to discussion and stimulate debate on important issues. The views are those of the author. There is little question now that the Indian economyis steadily climbing up from the bottom. ...A capital ladder for infrastructure
This column first appeared in the Business Standard, on October 5, 2014. Like other products of the Brookings Institution India Center, this is intended to contribute to discussion and stimulate debate on important issues. The views are those of the authors. A look at how businesses have traversed the path between start-up and the stock market ...The inclusion triangle
This column first appeared in Business Standard, on September 7, 2014. Like other products of the Brookings Institution India Center, this is intended to contribute to discussion and stimulate debate on important issues. The views are solely those of the author. A triangle is symbolically important because it is the smallest number of lines needed ...The SLR Barrier
In last week’s bi-monthly review of monetary policy, the Reserve Bank of India (RBI) reduced the statutory liquidity ratio (SLR) from 22.5 per cent to 22 per cent of net demand and time liabilities. Many perceived this as a kind of back-door easing, because it allowed banks some more space to expand ...Demanding to be included
In the 1977 film, Annie Hall, Woody Allen opens with two jokes that, he says, best reflect his attitude towards relationships. The first, which he attributes to Sigmund Freudvia Groucho Marx, is that he would never want to belong to any club that would have him as a member. The second is about two guests eating lunch ...Nudges and Pushes
I think that cricket provides great metaphors for virtually everything in life. Thursday’s Budget certainly lends itself to cricketing references. Not for Finance Minister Arun Jaitley the six sixes in an over kind of thriller; more the nudging and pushing, singles and twos kind of innings that doesn’t keep you enthralled, but ...Why the FM must digress
By now, the budget proposals will have been finalised. The finance minister may make some last-minute changes, but these will not be substantive. The FM knows that his speech on July 10 will be closely heard and rigorously interpreted. He knows that as the first major economic statement by the government, investors ...Finance and Sustainability: Regulatory and Strategic Dimensions
The 30th Annual Sir Purshotamdas Thakurdas Memorial Lecture CONTENTS: Introduction Sustainability Framework Sustainability and Financial Performance Regulatory and Strategic Dimensions Concluding Thoughts Good Evening. It is my great privilege to be delivering the 30th Sir Purshotamdas Thakurdas Memorial Lecture. I follow a long list of very eminent people, who have, by ...An evolving multilateralism
The global economy can be viewed as a rather complex balancing act between forces of integration and those of autarchy. In many domains – trade, development and macroeconomic stability are the obvious examples – the emergence of multilateral institutions as critical players in the process of integration reflects the strength of this ...Fighting without fighting
A film that I still remember from my teenage years is the Bruce Lee classic, Enter the Dragon. In the film, when the group of contestants is travelling to the island for the tournament, Lee is asked by a rather aggressive competitor, Parsons, about his martial arts style. He responds that his ...