Publications : Opinion & Commentary
Topic
Prioritise Deep Trade Agreements
India's global competitiveness and investment appeal hinge on deep trade agreements.Find a way
A shift in policy course, or a modification, is acutely justified by the patchy economic recovery; it is necessary to revive spending without which private investment will not renew.A Monetary and Economic Order Fit for the Twenty-First Century
If the international community is to have a chance of addressing twenty-first-century challenges effectively and equitably, the global economic and financial architecture that was created eight decades ago must be radically reformed. Eight priorities stand out.Bloomberg TV interviews Renu Kohli
Policy continuity to be maintained. I do not think there's going to be any abrupt shift in either monetary or fiscal policy: Renu KohliMaking the Public Health System More Robust
The way ahead is to build on the National Rural Health Mission by improving healthcare delivery, enhance the managerial skills of human resources and step up public investments, says Amarjeet Sinha.Modest Assessment
A continuation of past trends — namely, ageing populations and slowing investments and productivity growth together lead to the anticipated slowdown of the world economy by 2030: Renu Kohli.Why is India Seeing a Surge in Employment? The Answer is Not Simple
It is evident that there are many contradictory stories playing out simultaneously where employment growth is concerned. Simplistic narratives will do us all a disservice: Laveesh Bhandari and Amaresh Dubey.Getting India’s Growth Priority Right
Janak Raj underscores India's imperative to prioritise human development hand in hand with economic growth.India’s Urban Imperatives
With his wealth of experience, Om Prakash Mathur distils insights and wisdom on urbanisation in one comprehensive compilation, making it a must-read along with his earlier bookPath for Inclusive India Lies in Decentralisation
Green growth cannot be an afterthought. We need to promote climate-resilient agriculture, regulate construction, and community-led action for lifestyle changes.Sri Lanka & Bangladesh Look East
The shifting sands of the South Asian trade landscape may be worthy of some serious reflection for India’s regional trade strategy.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.Interview | ‘Developing Just a Small Part of City as Smart...
Om Prakash Mathur talks about how India needs to manage its urban growth much faster, how the programme to develop smart cities has not helped and how, despite successive Finance Commissions recommending increasing the grant-in-aid to our municipalities.Interview | Navigating India’s Urban Challenges
India's leading urban scholar and the author of "Changing Paradigms of Urbanisation: India and Beyond" Om Prakash Mathur reveals how rigid urban land and labour markets have actually slowed down the rate of India's urbanisation.The Long Road to Liberalisation
Laveesh Bhandari reviews "Stumbling Into Reforms (1977 to 1998)" the second volume of "India's Finance Minister" series by AK Bhattacharya.The Dip in Private Medical Colleges
Apart from being churned frequently, the regulatory norms entail high capital and operating costs.Consumption Trends and Monetary Policy
The falling share of food in households’ spending will help, given food inflation also drives inflation expectations.Podcast | Why are house prices so high in India?
In this episode, Shishir Gupta discusses the factors behind the high cost of housing in India and suggests possible solutions.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 spurtIndonesia & Pakistan: Not Two Peas in a Pod
Unlike Pakistan, Indonesia has harnessed its natural advantages to nurture a sustainable growth trajectory.Interview | 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?The Real Reason Middle Class Indians Can’t Afford to Buy Homes — and...
The first step in improving affordability is to release land supply in a planned and transparent manner. This will increase competition and put pressure on prices.Is Cutting UK Taxes Ahead of a General Election Affordable or Not? An...
The possibility of tax cuts in the upcoming budget is being speculated widely in the UK. But can the British economy afford them?Ukraine War, Gaza Conflict and Middle East Strikes: It’s Time Businesses...
Vikram Singh Mehta advises businesses to integrate scenario planning into risk management processes to tackle political risk in an increasingly uncertain global context with upcoming elections in several countries.The Importance of ASEAN for India
The evolving regional trade context should be the primary guiding factor for the AITIGA review.Interview | Should India-Pakistan Trade Resume?
Sanjay Kathuria discusses obstacles hindering India-Pakistan trade and explores insights on sensitive lists, solar partnerships, and a USD 37 billion trade potential.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.A Disconcerting Slowdown: Depressing Consumer Demand Dulls the Shine of...
Private final consumer expenditure (PFCE) growth is estimated tumbling to 4.4% this year from 7.5% in FY23, and one-third its growth rate at the recovery peak in FY22, 11.2%.Podcast | Trade Ties: Exploring South Asia’s Evolving Geopolitical...
Sanjay Kathuria discusses how the geopolitical competition in South Asia is influencing trade relations and policies of the states engaged in the region.Ensuring the Credibility of India’s GDP Estimates
Two pressing issues have reignited the debate about the credibility of India’s GDP growth rate.Improving Healthcare Access to Address the Rise in Non-communicable...
The authors outline the incidence of diseases in Indian states over the last two decades, and the role that the PMJAY programme plays to alleviate constraints to healthcare accessInterview | A GDP Growth Rate of 7.5% for the Next 10 years is Feasible...
Montek Singh Ahluwalia, former Deputy Chairman of the erstwhile Planning Commission says India needs a better export strategy to take advantage of the shift in global demand away from China.On a High
It must be noted that the demand signs are not unqualified. Private consumption, the prime driver for fresh business plans and investments, is not as correspondingly upbeat as the moodInterview | Dual Control of PSBs by Finance Ministry & RBI is Wrong:...
The veteran economist said that the ultimate responsibility of regulating a PSB, including removing the Chairman, if necessary, should rest with the RBI, as is the case with private banks.New Creditors, Differing Interests and Coordination Issues are Hobbling...
An IMF analysis suggests that several low-income countries (LICs) have been at high risk of debt distress or are in debt distress. Between 2010 and 2022, interest payments on both domestic and external debt of developing countries increased by 64%, and of African countries by 132%.Interview | Unlocking Africa’s Job Creation Potential: Insights from...
The interview provides valuable insights into the complexities of the African job market and potential pathways to overcome its challenges.Rekindling Corporate Investment
To achieve the levels seen in 2008, it is essential to increase corporate productivity, write Shishir Gupta and Rishita Sachdeva.How to Maximise the Advantage of India’s Young Population
India could dominate the global labour force by 2030 if it’s able to effectively utilise its growing young population.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 outcomesAct with Urgency to Reform the International Monetary System
An IMF restructured to function more equitably would reinforce its role in global monetary and financial governance.Quota 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.Curing the States’ Doctor Deficiency
The challenge is the production and distribution of doctors. The doctor availability across states is very variable, and there are numerous factors driving this: state’s economic status, public health expenditure, expenditure on medical education.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.The Essential Reform of the International Monetary System
Anoop Singh elaborates the essential pillars of a radically renovated International Monetary Fund (IMF) to face the challenges of the future.India Needs More Doctors — and How It Can Happen
The goal of equity requires attention to incentives and encouraging migration to low-availability areas rather than restricting production. The policy focus, therefore, should be on addressing the barriers to scale.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.Improving Data Quality a Prerequisite for Regulating States’...
If such data were to become available, markets could more effectively reward or punish governments at the Centre and states for their borrowing behaviours, write Kevin James and Shruti Gupta.Interview | Is India the Next Big Economic Power?
A happy convergence of circumstances and trends have created a perfect launchpad for India’s global economic ambitions. Unless there are some unexpected surprises, this trajectory, already underway, will fundamentally transform India.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 economyG20’s Inclusive Thrust Should Extend to Global Governance on Health...
The inability of global governance to impose checks and balances to ensure that the health needs of less endowed countries are served is worrying, writes Sandhya Venkateswaran.Nepal-India Transit Trade Ties Can Unlock Economic Opportunities,...
Nepal and India have renewed their transit trade agreement, improving Nepal's access to Indian sea ports and inland waterways, boosting supply chain resilience. This also marks potential breakthroughs in cross-border electricity trade and digital payments.Interview | Montek Singh Ahluwalia on G-20
Montek Singh Ahluwalia discusses India's G-20 meeting with ANI News.The State of Urbanisation: Yesterday, Today and Tomorrow
Rakesh Mohan's valedictory lecture at IHD recommends devising policies to encourage research to study the phenomenon of industrialisation and urbanisation in India, for manufacturing to be located in towns and cities and calls for a unified system of governance.Let us Deploy Fiscal Federalism Against Climate Change
By strengthening the role of fiscal federalism in addressing climate change, it would enable India a more effective utilisation of financial resources (includin funds raised by green bonds), enhance state capacities, promote policy coherence and drive sustainable development across the country.Is India the World’s Next Great Economic Power?
Is India’s economic rise inevitable? There’s good reason to think that this latest round of Indo-optimism might be different than previous iterations, but the country still has major challenges to address to make good on this promise.How 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.Environment Policy Needs Federalism to Play a Big Role
How well central and state-level administrations coordinate climate action will determine key outcomes, writes Anoop Singh.Lessons from the Legacy of a Scientific Stalwart
India's renowned technologist, VS Arunachalam leaves behind a legacy of scientific accomplishments and institution-building efforts, writes Rahul Tongia.NRF: What Research Should be Funded?
An effective National Research Foundation would prioritise excellence over relevance, support a wide range of projects, and stress funding millions of individual researchers.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.Out-of-pocket Health Expenditure in India: Inter-state Variations
In this op-ed, Janak Raj and Harshini Kumari explain the large inter-state variations in out-of-pocket expenditure (OOPE) on health in India.Trade: A Call to Action for Rapid Growth
For India to attain high-income status by 2047, it must urgently prioritise trade as the primary driver for achieving accelerated growth.Interview | Share Bazaar RBI Policy के बाद गिरा!
Janak Raj on RBI Monetary PolicyInterview | Tech Import Curb Regressive, Doesn’t Augur Well for Future
We have to be connected to the Asian supply chain for us to be competitive in manufacturing of laptops, desktops, tablets and other computer equipment. That is what we need to do rather than shutting them off.Interview | Laveesh Bhandari on Manufacturing Competitiveness
Post-1991 reforms did not achieve intended results, manufacturing competitiveness still a challenge, says Laveesh Bhandari.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.Voluntary Health Insurance and its Expansion
Madhurima Nundy and Pankhuri Bhatt write about the challenges to voluntary health insurance and its expansion.Are We Ready for HPV Vaccines?
India cannot afford to let women suffer and then perhaps die of the most curable cancer. Important here is to also strategize vaccination with regular screening for women aged 30 and above.For More Bang for the CSR Buck, Change the Rules
Any activity with a longer-term perspective takes time to show desired results. However, the CSR mechanism requires companies to report on the allocation and a detailed impact assessment, says Laveesh Bhnadari.Why India Needs to Look Beyond Logistics to Improve its Manufacturing...
The government's intent is sensible, and infrastructure does seem to have improved over time. India jumped six places from 44 (2018) to 38 (2023) in the World Bank's Logistics Performance Index (LPI). However, there are two main fallacies in the argument that puts disproportionate importance on logistics cost as a key reason ...Locate the Many Indias
Do not presume the business models that have worked for you elsewhere will be successful in India: Vikram Singh Mehta to potential investors.Ban Pan-masala Promotions
Jaimini Bhagwati writes about the dangers of celebrities advertising pan masala and how it can impact the youth.Assessing the Potential of Telemedicine in Health Care Services
Addressing concerns such as differences in data-sharing rules and guidelines, building a robust digital infrastructure, streamlining accreditation and qualification of doctors etc. can aid in telemedicine gaining widespread acceptance.Health Among Top Three Priorities for Indian Voters After Jobs and...
This suggests that political leaders may gain electoral capital from prioritising health in their election campaigns and during their terms in office.Finance Ministers and their Balancing Acts
Laveesh Bhandari reviews AK Bhattacharya's book "India's Finance Ministers: From Independence to Emergency (1947-1977)".View: Time to Make RERA Roar
Channels of information flow in real estate are limited; buyers rely on the media, intermediaries or hearsay to obtain information. This leaves buyers in the dark, impeding their ability to distinguish between good- and bad-quality housing. Ill-equipped with little to no information, they may purchase homes mired in litigation.Health and democracy in India: Do voters care about health?
Oliver Heath, Jyoti Mishra, Louise Tillin & Sandhya Venkateswaran examine how Indian citizens view health through a five-state survey on electoral perceptions around health in IndiaWe Must Incentivise Household Savings for a Fast Economic Growth
Shishir Gupta and Rishista Sachdeva suggest the need to push for household savings to acheive accelerated growth on a sustained basis.New Custodians of Corporate Governance
Private firms should fill the vacancies of independent directors with those who are younger, technically savvy, with domain knowledge to tackle future uncertainties, writes Vikram Singh Mehta.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 Case for Investing in Digital Public Infrastructure
Bhaskar Chakravorti lays out 8 qualities of successful Digital Public Infrastructure (DPI) projects, and how the public and private sectors can coordinate to build them.The UK a Tax Haven?
Is the UK providing refuge to India's absconding financial scamsters? Jaimini Bhagwati examines.Universal Health Coverage – The Goal’s Nowhere in Sight
With the National Health Accounts suggesting poor expenditure on health, it is hard to assess when and how the Universal Health Coverage goal will be achieved, writes Janak RajGovt’s Increase in Health Expenditure a Welcome Step. But Indians are...
Analysing the GHE and OOPE data at national and state levels shows the need for deeper inquiry. The attribution of increased govt spending to declining out-of-pocket expenditure isn't apparent, write Alok Kumar Singh and Sandhya Venkateswaran.Towards a National Innovation System
Indian industry must see R&D as its way of building a future based on proprietary technology, writes Naushad Forbes, member of CSEP Board of Directors.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.The G20 must help create a global financial safety net
The challenge is to develop a carefully sequenced agenda for the next few years until political conditions allow a broader reform of the international monetary system.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.Our New Trade Policy Must Calm Fears of Rising Import Restrictions
Trade restrictions may put FTAs and global value chain integration at risk; external imbalances can be addressed with other tools, says Montek Singh Ahluwalia.Interview | Geopolitical Differences and Economic Ties
Rajesh Chadha discusses economic growth and geopolitical developments for India and Korea on Arirang News.India Should Adopt Flexible, Interest Based Negotiations, Not Oppose Trade...
If India wants to achieve a growth rate of 7%-plus in the years ahead, it should also aim for a strong export performance. World trade is likely to grow more slowly in the future than it did in the past. But, even so, India should aim at expanding its exports at rates ...R&D: An Inside Job
For innovation to power economic growth, Indian industry must raise its investment in in-house R&D five-fold, writes Naushad Forbes.Bad debts of 2011-2016 could partly be pinned on a metal price crash
A majority of the firms responsible for defaulted loans between 2017-2020 constituted iron and steel businesses.Addressing gender inequlalities: India needs bold steps
India will prioritise inclusive growth and development along with women empowerment as it assumes the presidency of G20 this year. This is a desirable objective.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.The Supreme Court’s Supremacy
Jaimini Bhagwati writes about how the Supreme Court should not be challenged, yet judges should not select judges.India’s New Growth Recipe: Larger Firms
Large Indian firms are yet to become global champions. Given the global headwinds, India should focus on improving the competitiveness of these companies so that they can tap into large external markets far more than they have managed so far, say Shishir Gupta and Rishita Sachdeva.View: A more Competitive India Inc can Grow Faster and Bigger, and Capture...
There are, indeed, some green shoots visible, especially on the corporate and export front, which may help accelerate growth in the short run. However, transforming this head-start into faster long-term growth requires an improvement in competitiveness.Set the G20 Pace on Plugging Public Finance Data Gaps
Anoop Singh discusses how “data for development" will be an integral part of India's G20 presidency.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.Meritocracy & Reservations
Has merit become a bad word in India? For India's exceptional human resources to remain in the country, it needs to phase out all caste, community, and income-based reservations, writes Jaimini Bhagwati.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.The Perils of Overestimating and Underestimating Capex Projections
States have been significantly overestimating CSS receipts. CSSs are typically co-financed by the Centre and the states, and the central grant under the CSS is only received when the states release their own contribution. Unsurprisingly, poorer states find it harder to reliably avail central CSS grants under this model.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.What Drives Media Reporting? | The Media Rumble 2022
What makes an event newsworthy? Shishir Gupta and Nandini Agnihotri shed light on what drives media reporting in this virtual session.‘A seed nurtured half a world away’ — What do Utah farms have to do...
UVU’s upcoming conference, “Why it Matters” connects the United Nations with the farmsteads of Utah.SVAMITVA May Reinforce Inequalities in Rural India
The most serious drawback of SVAMITVA is its refusal to integrate gender into the scheme, writes Kaveri Thara.UHC in India: Insights from Indonesia and China
Benefit coverage has to be comprehensive to include preventive, curative, rehabilitative services to ensure continuity in care, rational practices and a cost-efficient system, write Madhurima Nundy and Pankhuri Bhatt.Back in Time, Ep 2: Montek Singh Ahluwalia on India’s liberalisation
Podcast | Montek Singh Ahluwalia discuss independent India’s sociopolitical, cultural and economic history with Kunal Kamra.Towards A More Equal Society
Anchoring Change: lessons from seventy-five years of successful grassroots intervention.Where to Find Top AI Talent
As the demand for artificial intelligence (AI) grows, so does the demand for AI talent. To find diverse AI talent, companies will need to look outside the usual technology talent hubs, such as the San Francisco Bay Area.Municipal Finance in Focus: How India can Empower its Urban Local Bodies
The low and deteriorating level of delivery of urban services needs to be addressed urgently. Cities contribute about 63% of India's net domestic product (NDP). Hence, deterioration in service delivery levels will impact their growth potential.Review: Recalibrate by NK Singh, With Select Insights from PK Mishra
A new book provides valuable snapshots of the evolution of Indian policymaking while also pointing out where policy shifts are needed.The key to economic recovery that will spur private investment to pick up
Infrastructure created through programmes such as PM Gati Shakti and the production-linked incentive scheme will allow private investment to pick up gradually, write Ayush Khare, Divya Srinivasan and Rishita Sachdeva in The Economic Times.Using construction technologies to solve mass housing woes
A reflection on the challenges to adoption of alternative technologies in mass housing projects and the way forward for the Global Housing Technology Challenge program.Six Monthly Indicators of Recession
The US economy isn’t in recession but may slip into one, writes Anoop Singh.Naysayers are Wrong, India Does have Success Stories
Too many people believe that India cannot fulfil the promise of its founding fathers. There are stories and examples that show it is possible, writes Vikram Singh Mehta.How US Demand Helped Expand Labour-intensive Manufacturing
Understanding the US-India trade composition is also important, as the US is the only big trading partner with which we have a trade surplus, says Abhishek Kumar and Divya Srinivasan.India’s Start-ups are on Fire, but Unicorns can’t Automatically Spur...
Economic miracles only happen when globally competitive firms tap into external demand, says Shishir Gupta.Uber Files Gives us a Glimpse of Big Tech’s Playbook for Market...
Bhaskar Chakravorti writes: It is time we reformed the education of future entrepreneurs and disruptors and the many stakeholders who enable them, to put the human cost of disruptive innovation front and center.The Trade Policy India Needs
Integration with global value chains will require a rethink of our high and uncertain tariffs as well as bolder trade alliances, say Montek Singh Ahluwalia.Political Forum and Development Goals
Ramu Damodaran explores how High Level Political Forum (HLPF) is a remarkable innovation that led to its in inception as part of the sustainable development agenda.How Biden’s “Internet for All” Initiative Can Actually Fulfill Its...
Despite the laudable intentions, Biden's "Internet for All" initiative will likely not be able to achieve its goals as it’s currently conceived, writes Bhaskar Chakravorti.The Life and Times of Montek Singh Ahluwalia | Podcast
Montek Singh Ahluwalia joins Amit Varma in episode 285 of The Seen and the Unseen to discuss his life, his learnings and the liberalisation of 1991.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.Dismal Realities about Healthcare in the National Capital Region
"It is surprising that the Indian insurance regulator allows so many exceptions under private health insurance."International Day of Women in Diplomacy
Ramu Damodaran reflects upon the journey of women's representation at the United Nations on the ocassion of International Day of Women in Diplomacy.“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.With its GST ruling, the Supreme Court has Articulated an Alternative to...
The verdict recognises the legitimacy of state-Centre contestations, setting a precedent for state autonomy and Indian federalism, says Kevin James.Right to Health Laws Need Political Support
Realising the right to health requires a system that enables quality and affordable access to health services for citizens, writes Sandhya Venkateswaran and Nikhil Iyer.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.Corporate Misgovernance in India
NSE has blotted its record even with separate chairman and managing director roles, says Jaimini Bhagwati.Explosive Dying Declaration?
Government and judiciary must collaborate and investigate into Kalikho Pul's accusations, says Jaimini Bhagwati.What Drives the Media’s Coverage of Social Issues?
What influences media reporting? Shishir Gupta and Nandini Agnihotri's study explores reader interest as a factor that drives news coverage.FTA with the UK can Weave Magic
An FTA with the UK can help recover ground lost to Bangladesh on textile exports because of its LDC status, say Abhishek Kumar and Divya Srinivasan.Montek Singh Ahluwalia on India’s Economic Prospects | Interview
Higher oil prices are the main problem for India if peace is not restored soon, says Montek Singh Ahluwalia.Why AI Failed to Live Up to Its Potential During the Pandemic
The pandemic could have been the moment when AI made good on its promising potential. There was an unprecedented convergence of the need for fast, evidence-based decisions and large-scale problem-solving with datasets spilling out of every country in the world.Free Trade Agreements are Leading to More Imports Than Exports | Interview
Montek Singh Ahluwalia discusses Atmanirbhar Bharat, Russia - Ukraine crises and many more in an interview with the New Indian Express.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 Drives Media Reporting?
Not only is the frequency of media reporting on urban conflicts greater, but each urban conflict is also covered much more extensively than those in rural areas; this is despite the fact that a much larger number of people are potentially impacted in the latter.Why Most Indians Don’t Trust News? A Study of Land Conflicts Answers
A study of 714 land conflicts in India find that beyond being ‘influenced’ or ‘sensationalised’, there are objective reasons that decide media coverage.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.‘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.Does India’s Development Model Need an Overhaul?
While the effects of the recent pandemic have indeed set India’s economy back several years, it is not clear if, prior to it, the development model that we were pursuing was the one best suited to ensuring that we realise our full potential as a country and as a people.Enough of the Old ‘Level Playing Field’ Argument. Reduce Trade...
Data from the IMF's October 2021 World Economic Outlook reveals that India's real exports growth moves in tandem with the growth in global real exports. Consequently, the steep decline in India's export growth since 2018 onwards is mirrored by a decline in global export growth in general.Three Tech Industry Trends to Watch in 2022
Fringe players take on Big Tech, governments start regulating, and AI could finally prove its worth, writes Bhaskar Chakravorti.India’s Hopes and Dynasties
The country needs greater social harmony to accelerate economic development, says Jaimini Bhagwati.50 Global Hubs for Top AI Talent
As AI expands into more and more facets of our lives, there is also more scrutiny on who is developing it. Building ethical AI that works for everyone will require a diverse workforce that brings a broad range of perspectives.The Good, Bad, and Sober News that the NFHS Data Presents
As always, national averages belie inter-state differentials. Of note is the change in such differentials over the 2005-20 period.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.The Saviour Complex of Facebook’s Critics
Whistleblowers and the Western media have exposed how the social media platform allows dangerous social media manipulation in developing countries. But why have they locked those very countries out of this conversation?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?Recognising The Role of Health in India’s Social and Economic Growth
When we focus on health, there has been progress, but India remains well below peer countries — and where it needs to be — in terms of the well being of citizens. This stems from multiple reasons.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.Indian Treasures at Home and Abroad
Historically significant sites, artefacts and papers in India and the UK should be made accessible to wider audiences.Monetisation of Government Assets
Leasing government-owned land would be easier and should be accorded higher priority.See Formal Sector at Pre-Covid Level by Year-end
The Indian economy has bottomed out and the formal sector is likely to get back to pre-pandemic levels by the end of this year.Jet Airway, Indian Economy, and the Middle Class
The Indian economy is recovering. But can we settle into a long-term high-growth trajectory?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.Is Monetising Public Assets a Good Idea?
In this podcast, Montek Singh Ahluwalia discusses the asset monetisation policy of the government.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.One Nation One Ration Card will increase India’s food security
The One Nation One Ration Card scheme will create a central repository and help in the deduplication of ration cards, which in turn help in removing leakages from the system.Higher Funding Alone Doesn’t Improve Urban Services
Adequate expenditure alone is not enough to improve public services and other outcomes, write Shishir Gupta and Rishita Sachdeva.Lessons on expenditure and performance on cleanliness on Indian cities
HT Insight features CSEP's recent study on mapping expenditure and outcomes for improved service delivery across Indian cities.Bringing Farming To Private Markets Is A Good Idea
Montek Singh Ahluwalia says he wishes the idea of agriculture reforms was communicated more effectively to farmers.Pegasus expose and need for trans-national treaties to stall surveillance
Nurtured by repressive governments, the global surveillance industry is booming, writes Bhaskar ChakravortiBiden’s ‘Antitrust Revolution’ Overlooks AI—at Americans’ Peril
A handful of companies have outsize influence on the world’s artificial intelligence. Policymakers must act now.Revisiting the role of funding for improved urban services
Stable city leadership, effective PPP, and citizen engagement play a key role in providing better SWM servicesInterview: How the 1991 reforms were announced
30 years ago on July 24 1991, Dr Manmohan Singh presented his historic budget when India made a definite break with the past.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."Why Article 282 needs a rethink as Centre and states battle for money
The use of Article 282 to implement centrally sponsored schemes remains a source of tension.Women leaders, and women voters, matter
Increasing Indian women's political participation has significant impacts on social policy and development prioritiesThe US must play champion of open world trade again
Among the needed reforms is a trade agenda that removes US President Joe Biden’s predecessor Donald Trump’s protectionist measuresThe 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.A third-generation strategy for accelerated growth and development
Indian economy is in trouble once again and it is time to usher in a third generation of economic reforms.America’s economic resurgence and the sting in its tail
The surprisingly strong recovery in the US, whose economic expansion is outpacing the world’s as well as that of emerging marketsThere is still hope for a more compassionate, united world
There is still hope that binding commonalities of humanity – trust, compassion, friendship, conversation – can usher change.Interview | India’s 1991 liberalisation leap and lessons for today
The reforms were hugely successful but a lot remains to be done, Montek Singh Ahluwalia tells The HinduThe lessons of India’s economic reforms of 1991
Rakesh Mohan and and Montek Singh Ahluwalia on 30 years of the economic reforms that marked a turning point for IndiaIndia needs a third generation of reforms
In India’s development journey, two major policy departures in its approach to growth stand out. It is time for a third departure.The 1991 reforms: The right people at a tight time
The reforms were a product of an objective economic crisis, bureaucratic talent in key positions, and a plan on how to proceedFrom 1991, the lessons for the India of 2021
As India grapples with a post-pandemic economic crisis, there are lessons from thirty years ago on what to reform and how.Rajiv Gandhi opened the doors for 1991 reforms
Thirty years after he passed away, it is relevant to reflect on Rajiv Gandhi’s contribution to India’s economic reforms.Why India shows the need for democracies to prioritise healthcare
The Covid-19 pandemic offers the opportunity to reimagine the political foundations of health in India.In the next big disruption post Covid, the world must act together
No single entity, whether government, corporate or civic society, has the tools to manage the fallout of a systemic disruptionImplications for income generated through crypto trading
Levying tax on cryptocurrency cannot be avoided solely because of the form of income in which it is collected.Ramping up vaccinations should be accorded top priority by India
The command-and-control structure has let us down and we must soon let markets and the private sector play a larger role.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.Who gets to decide what is legitimate free speech — Big government or...
We now live in a new era of global diplomacy. It isn’t just states butting heads with other states; there are gigantic tech companies that have thrown their hats into the geopolitical ring.A decentralised approach and strong local governments can enhance...
Leveraging the true potential of our multi-level federal system represents the best way forward towards developing human capital.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.Meenakshi Ahamed’s book shows why Indo-US ties have progressed despite...
The pace of the further development of relations will depend crucially on the quality, knowledge and influence of the people that President Biden appoints to his India desk.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.There is a need for high taxes uniformly across all tobacco products
Higher taxes will work in tandem with greater controls, and will help GoI pay for all the direct and indirect costs it incurs due to tobacco consumption.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 AhluwaliaPandemic exposed the existing societal framework as unsustainable
We must ask what from 2020 should we reinforce, what must we rebuild and what should we tear down and build again?Which 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.Joe Biden will need healing superpowers to get through his first hundred...
Joe Biden inherits a divided nation, government, party. Economy, foreign relations also need immediate healing.Post-COVID, lack of social security has made many migrants consider...
A stark manifestation of the two-track development of our socio-economic polity is the ubiquitous spread of digital technology.The war over Justice Ruth Bader Ginsburg’s legacy may overtake all other...
Battle over Justice Ruth Bader Ginsburg’s legacy, her Supreme Court seat, may overtake all other issues — pandemic, economic collapse, fires and floods — in US presidential polls.Antitrust isn’t the solution to America’s biggest tech problem
The pandemic has revealed the most fundamental of our digital vulnerabilities.Make surveillance capitalists pay their dues
The world is now facing many technology crises: limited choices of search engines, social media platforms, and e-commerce sites; digital misinformation, concern about which is heightened this year.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.India’s biggest challenge: The future of farming
India has enough food; does it have too many people working in agriculture? The country needs a different set of solutions for agriculture and for those working the land.The debate over jobs in India is missing the point
As nearly a billion Indians go to the polls this month and next, no one doubts jobs will be central to their vote. We just can’t agree on whether the employment picture is rosy or dark. While the government cites payroll data to claim significant job creation, the opposition holds up a leaked preliminary ...Preserving the independence of the RBI
If proposals to set up an appellate body to review RBI’s regulatory and supervisory decisions were to be implemented, the whole supervisory process would get mired in constant litigation. The last decade has witnessed an almost constant attack on the Reserve Bank of India (RBI), emanating sometimes from within the government, sometimes ...Why health doesn’t get the media attention it deserves
Shamika Ravi spoke at The Media Rumble about making health political and democratised. “No country can develop on the back of poor human capital.”What India can do to build, bridge and bolster digital trust
There are more mobile phones than people on this planet, Facebook now has 2 billion monthly users, and over 93 per cent of India’s adult population now has access to a unique Aadhaar identity. With critical data pools lying with governments and social media networking sites, building, bridging and bolstering trust in ...Is the National Health Protection Scheme good public policy?
India recently announced an ambitious plan called the National Health Protection Scheme (NHPS) to provide government-sponsored insurance to roughly 500 million people or nearly 40% of India’s population. Since the announcement, there has been much debate about two issues. First, does this plan make sense? Second, if it is a good idea, ...With the incursion of fake news, here’s what Facebook could do to...
Facebook has a world of problems. Beyond charges of Russian manipulation and promoting fake news, the company’s signature social media platform is under fire for being addictive, causing anxiety and depression, and even instigating human rights abuses. Company founder and CEO Mark Zuckerberg says he wants to win back users’ trust. But ...WTO and food stock holding row: Why India must strengthen world body
WTO’s 11th Ministerial Meeting ended on December 13 in Argentina, without any negotiated agreement on substantive issues. The Ministerial Decisions taken are on continuing work in certain areas, and renewal of two previously agreed Decisions which have been reiterated every Ministerial meeting. The negotiations on agriculture, including food stockholding, were blocked by ...Here’s how opening up the gender gap in internet usage would create...
We have all heard about a gap when it comes to participation of women in the tech industry. Facebook, Google, and Apple have 17%, 19% and 23% women in their technology staffs, respectively. Multiple surveys, such as the “The Elephant in the Valley,” have documented systematic discrimination against women. And there’s a ...World Bank’s league table: India makes it to the top 100 nation for...
Pop the champagne and pass the mithai for it is, indeed, the epoch of belief, the season of light in the world’s largest democracy. After languishing in the World Bank’s league tables, India is, finally, getting its due: It has been admitted to the top 100 nation club for Ease of Doing ...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 ...Putting industrial policy experience to use
The department of industrial policy and promotion (DIPP) has released a substantive discussion paper on industrial policy which identifies several key policy aspects, constraints on industrial growth, and a range of objectives and policy targets. The paper provides a basis for the government’s consultations to “formulate an outcome-oriented actionable industrial policy that ...Even Nobel economists make ignoble mistakes
I try to teach people to make fewer mistakes,” said the newly-minted economics Nobel laureate, Richard Thaler, in an interview earlier this week. “We need to take full account of the fact that people are busy, they’re absent-minded, they’re lazy.” Congratulations to Professor Thaler; I think his brilliantly accessible work is part ...India reforms health: A compendium of writings
Restructuring the Medical Council of India to eliminate corruption By Shamika Ravi NITI Aayog has proposed replacing the compromised Medical Council of India with a new National Medical Commission (NMC), outlined in a draft Bill known as the National Medical Commission Bill of 2016. We look into this proposed Bill, refer to ...The need for reforms in healthcare finance
The Centre and state governments are experimenting with several new and exciting ideas in healthcare reforms. What is missing, however, is a serious reform agenda for health financing. The last big reform was expanding the coverage of the Rashtriya Swasthya Bima Yojana (RSBY) from Rs30,000 to Rs1 lakh, reinforcing insurance as the ...Who knew healthcare was so complex
The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.” F.A. Hayek, The Fatal Conceit: The Errors Of Socialism. NITI Aayog’s recommendation to improve access, reduce out-of-pocket expenditure, create infrastructure and augment capacity at district hospitals for non-communicable diseases (NCDs), ...What Uttar Pradesh tells us about health infrastructure
The death of children in the recent Gorakhpur tragedy has drawn significant attention towards the state of public health institutions in Uttar Pradesh (UP). While much of the focus remained only on Gorakhpur, our analysis shows that within the state, the public health infrastructure is far worse than Gorakhpur in most districts. ...Restructuring the Medical Council of India to eliminate corruption
The Medical Council of India (MCI) has been repeatedly criticized for providing opaque accreditation to aspiring medical colleges in India. Many of its members have been accused of taking bribes in order to fast-track accreditation. Bribes reduce the legitimacy of all accredited colleges and thereby compromise medical college quality overall in the ...TPPs for success: Here is how India can use this gamechanger agreement
Three years ago, when the Trans Pacific Partnership (TPP) was seen as a game-changer in the evolving international trade regulatory regime, there was some discussion in India on whether the country should join TPP. Given the prevailing political constraints, it was evident that India would find it difficult to accept a number ...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 ...Important lessons for the Smart Cities Mission
With the 26th UN-Habitat governing council conference (GC26) held last month, the new urban agenda (NUA) has once again come to the fore. As the world moves towards a globalized policy discourse, one wonders if the NUA is an improvement on the existing unratifiable global documents. India’s minister for urban development, Venkaiah ...Better data needed on job scenario
“There are lies, damned lies, and statistics,” the 19th century British Prime Minister Benjamin Disraeli famously said. Today, his description of questionable data may be applied, somewhat facetiously, to Indian labour statistics. The problem is not that they are “fake”, but rather that they give only a partial and sometimes inaccurate view ...If Trump, Modi talk climate
As is now well known, President Donald Trump has fulfilled his promise to pull the US out of the Paris climate agreement. This “Trexit” had all the hallmarks of a scorched earth strategy. Trump bashed not only the agreement, calling it “less about the climate and more about other countries gaining a ...Advancing cooperation in higher education
It is that time of the year when India struggles to meet the educational expectations of its youth. An increasing number of school graduates are enrolling in college but the shortage of quality institutions has led to unreasonable entrance requirements. Despite recent visa restrictions, the US remains a favoured destination for resourceful ...Over The Barrel: A note to the class of 2017
I was in the US last week for Commencement Week when students receive their degrees. The tradition is to surround this occasion with speeches by luminaries, faculty and staff, and to have much revelry. As I have two daughters studying in the Boston region and one of them was graduating, I had ...The art of curry diplomacy
Infosys plans to curry favour with the Donald Trump administration with a promise of creating 10,000 new American jobs. We should note that the first of four “Technology and Innovation Hubs” promised by Infosys will be in Indiana. No doubt, this is designed to charm Vice President Mike Pence by bringing tech ...Over The Barrel: Democrat’s dilemma
Thomas Jefferson wrote, “a government big enough to give you everything you want is also strong enough to take away everything you have “. Seen through a contemporary India-centric lens , this statement could read, “people want a strong government for development and stability but not so strong as to compromise their ...Why EVMs are win-win
Free and fair elections to choose political representatives are a cornerstone of a democracy, and a fundamental human right of people. Voting procedures play a significant role in the conduct of free and fair elections in a democracy: These convert voters’ preferences into a political mandate, which forms the basis for policy ...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 ...A sentinel’s censure
The latest collection of P. Chidambaram’s articles is an indictment of India’s evolution as a liberal democracy I was a panelist at a function in Mumbai recently to discuss P. Chidambaram’s latest book Fearless in Opposition: Power and Accountability. The book is a compilation of his weekly articles written in 2016 ...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 ...A tradeoff between growth and social objectives exists for microfinance...
Senior Fellow Shamika Ravi was a panellist at the 5th Plenary of Day 2 at the Inclusive Finance India Summit 2016, held on December 6, 2016. Shamika Ravi described why most microcredit borrowers are women. She shared a story of the Grameen Bank from a gender perspective. When Grameen Bank started, 40 ...The fight against hidden hunger: targeting the first 1000 days of a...
India faces an invisible public health crisis in the form of widespread maternal and child undernutrition. One-third of Indian women (of reproductive age) are undernourished, and close to 60 million children (under five years of age) are at risk, that is, they are either stunted (low height-for-age) or wasted (low weight-for-height). Women ...Finding the sync: connecting the fragmented liberal and democratic...
Last year raised questions over relevance of liberal democratic processes, called for a review. 2016 has been a dramatic year. I am not sure about the others but the developments over the past year have made me reflect on four issues. The relevance of the current system and process of democratic politics ...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 ...The government’s ‘little mistakes’ can have a high cost
A relative passed away recently… or should I say in the future? See the official government death certificate issued, which shows a particular date. What do you interpret that date as? In India, as we follow the British system, most people would interpret this as 9 December, 2016 (09/12/16). But she passed ...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 ...To keep good company
There are many other questions, but the larger point is that the time may have come for a broad-based introspective review. Reams have been written on l’affaire Tata. I cannot add much more of substance. And I certainly do not wish to add grist to the mill of speculators. The reason I ...Over the barrel: A swadeshi index
World Bank rankings on ease of doing business ignore the complexity of the Indian landscape. An indigenous framework is needed. WAS IT A mistake for the prime minister to set his government the target of improving India’s rank order in the World Bank’s “ease of doing business” index from 131 to 50 ...Progress must be made to corporatise railways: Rakesh Mohan
Rakesh Mohan, distinguished fellow, Brookings India, has said that while scrapping the separate Railway Budget is a positive move, the government has not yet clarified what it plans to do to make the railways more efficient. In an e-mail interview to Business Standard newspaper, Dr Mohan said little improvement has taken place ...Municipal bond market could be the answer to financing woes of Smart...
As India considers more flexible and reliable ways of paying for the improvement of smart cities, the largely untapped municipal bond market can serve as a significant source of financial capital. As India continues to experience rapid urban expansion, public and private leaders at the national, state and local level are looking at ...For smart cities to succeed, strengthening local governance is a must
The lack of effective devolution of power to local governments is a major bottleneck in the essential transformation of urban India. India is in the midst of an ‘urban revolution,’ but the current state of municipal services across the country is found wanting. According to Census 2011, 31.16 per cent of the Indian population (377 ...Indian economy set to soar irrespective of PM Narendra Modi’s...
The caveats are many. But there are compelling reasons to believe that the economy will slowly but surely pick up momentum writes Vikram Mehta There have been a spate of meetings to discuss two years of the Modi government and I have attended several of them. One question that has been asked ...India-US relations: Higher education
Over the past decade, college tuition fees in the United States have skyrocketed, making it extremely difficult for average Americans to invest in higher education. Within the same time frame, the country has fallen from being ranked number one in college degree attainment to number 12 globally. The rising costs of higher ...The Urgent Need For India To Build A Design Economy
The “Make in India” initiative aims to create 100 million new jobs in the coming 10 years in the manufacturing sector and boost its contribution to GDP from 15% to 25%. (Globally, manufacturing accounts for 34% in Thailand, 32% in China, 31% in the Philippines, and 24% in Malaysia and Indonesia.) Yet, ...Updating Aadhaar for better privacy
Privacy with Aadhaar isn’t just an abstract issue, but related to the fundamental view of how data are to be accessed and used writes Rahul Tongia To its proponents, Unique Identification (UID, branded Aadhaar) is the solution to citizen empowerment. To its opponents, UID is a violation of not only citizen privacy ...Next step in PM Jan Dhan Yojana is to help people start using their new...
A recent article in Global Government Forum quotes a Brookings India research paper on financial inclusion which calls for a model of financial inclusion which specifically caters to the need of the poor. (Global Government Forum is a publishing, events and research business that helps civil servants around the world to meet global challenges by building their expertise, ...How Make in India can be bad news for trade deal with Australia
Brookings India Chairman Vikram S Mehta explains the reason for tensions over India’s trade and manufacturing policy. In a story in the Australian Financial Review on why Australia’s prospects of negotiating a trade agreement with India are being threatened by differences within the Indian government over how to implement Make in India, ...Tie women’s reservation bill to sex ratio of constituency
Our existing political system is unlikely to throw up solutions for deep rooted gender inequality. The Women’s Reservation Bill has been doing rounds of the Indian Parliament in various forms since 1996 failing each time to pass. While we celebrate International Women’s Day, as a stroke of remarkable irony there is yet another 15-year-old girl, raped ...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 ...Women who rose to the top and shattered stereotypes
Skard harbours the belief that it is women at the very top who make any sort of substantial change, but in India women have performed leadership roles even at the panchayat level writes Shamika Ravi In Women of Power, Skard examines ‘Half a century of female presidents and prime ministers worldwide’, and ...Over-Ruled: Why Maximum Governance Must Start With Minimizing Certain...
Some time ago, I missed my grandfather’s funeral because an airline’s manager hid behind rules. No, I wasn’t asking him to break any rules, but he didn’t let me fly despite there being empty seats, my pleading to please charge me any price he wanted, and my being at the airport almost ...The Data Is Unambiguous: The Odd-Even Policy Failed To Lower Pollution In...
The Delhi government’s two-week-long odd-even rule ended on 15 January, with Chief Minister Arvind Kejriwal announcing that the plan will return in a revised form in the near future. There have been several commentaries and opinions on this policy in the national and local media, while ordinary citizens have enjoyed some side ...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 ...Support research as corporate social responsibility in India
India must build a culture of knowledge creation by fostering public support for research. Research is like defence, a pure public good which the private sector can directly support only in limited ways. There are no sustainable market solutions for research, the government therefore should provide the necessary support for this. Research is ...Delhi’s odd-even policy unsustainable
There is tremendous interest in the new experiment that Delhi government is running on the roads of the national capital. To complement efforts at curbing the number of cars, there is a barrage of advertisements on local radio extolling the virtue of sharing rides. It immediately makes you wonder: Why aren’t the ...Chennai floods: A ‘Smart City’ must also be a ‘Resilient...
One of the most important ambitions of modern India is the 100 smart cities project of Prime Minister Narendra Modi. We want to make our cities smarter by using IT and digital infrastructure, by managing our energy and water use and by creating an intelligent transport network. In the midst of all ...Smart city initiatives should recognise differences between Indian cities
Indian smart city efforts need to recognise the economic differences between its cities. Off-the-shelf technology solutions are not viable Prime Minister Narendra Modi’s bold commitment to build 100 smart cities throughout India is a worthy centrepiece of his urban agenda. The promise of this tech-savvy approach is greater livability, sustainability and improved ...Subir Gokarn signs off addressing four broad economic themes
A change in roles means that this will be the last column of this series. Looking back over the almost three years of “Muddy Waters”, I see four broad themes that have taken up much of my attention. I will use this opportunity to reflect on the current state of affairs in ...Over the past two decades, every fifth suicide in India is by a housewife
The most disturbing trend to emerge out of the National Crime Record Bureau data is that consistently for over 2 decades, every fifth suicide in India is by a housewife. And though significant in numbers, farmer suicides, in comparison are a much smaller fraction. But more encouragingly, while farmer suicides have witnessed ...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 ...India Inc worried about rise of religious, social intolerance
Is India liberal, tolerant and democratic, or is it conservative, atavistic and authoritarian? Investors want to know Key highlights: It takes a long time to build a brand, but just one dissonant message to kill its appeal. The conversation today in academic circles, corporate boards and urban drawing rooms is not about ...How to make government missions more successful
The recent behaviour of tur dal prices suggests that the National Mission on Protein Supplements set up in 2011-12 has remained largely unsuccessful. Subir Gokarn suggests three components of a budgetary approach that can help increase the prospects of such missions succeeding. Key Highlights: A large mission requires contributions from multiple agencies at all ...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, ...Depression drives maximum farmers to suicide, not debt, finds Brookings...
Depression, and not debts, is responsible for the decades-long tragedy of farmer suicides in Maharashtra, said a paper by an American think-tank after analysing suicide-related information provided by the National Crime Records Bureau (NCRB). The paper, written by Brookings Institution India fellow and Indian School of Business Professor Shamika Ravi, held illnesses ...Simplifying bureaucracy should be PM’s new mantra
The needle of change must be shifted more sharply, democracy is not an acceptable cover for non-performance. There is a telling vignette in Arun Maira’s interesting new book, An Upstart in Government. Maira was a member of the Planning Commission in the rank of minister of state between 2009 and 2014. A ...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 ...Why inequality needs a radical agenda
INEQUALITY: WHAT CAN BE DONE? Anthony B Atkinson HARVARD BUSINESS; Pages 400, Rs 1,250 Inequality is back in fashion, thanks to Thomas Piketty. Yet, before Mr Piketty, there was Tony Atkinson, his teacher, who has been at the forefront of research on the topic since the 1960s. Over the last few years, ...Narendra Modi’s class act on Teachers’ Day
But the challenge in education lies in enabling teachers to innovate and individualise pedagogy. Key takeaways from the Brookings India publication, Accelerating Access to Education If you would like to request a copy of the book please email us on info@brookingsindia.org In his second address to students around the country, Prime Minister Narendra ...VIDEO: 7% GDP suggests economy not recovering with domestic investments
Subir Gokarn pushes for government reforms in infrastructure and ease of doing business This interview first appeared on ET Now on 31 August 2015. Watch the full video here. The numbers are out – first quarter fiscal gross domestic product (GDP) at 7% and gross value added (GVA) at 7.1%. Do these ...VIDEO Yuan depreciation: India needs to protect domestic producers
Subir Gokarn says our ability to withstand shocks is greater than it was three years ago Watch his full interview on CNBC Awaaz here What is your assessment of the depreciating Chinese currency? Do you foresee currency wars taking place? We saw the Chinese yuan depreciate by about 3% last week and ...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 ...Health care – how, where & how much?
In my previous column, I wrote about some patterns emerging from the National Sample Survey Office’s (NSSO’s) household survey on expenditure on education. The same round also queried expenditure on health by households. This column explores some findings from the 71st Round survey of social expenditures by households, carried out between January ...CSR: Corporates Should Reach out
India Inc can no longer limit its CSR involvement to the new Companies Act. It has to forge partnerships with the beneficiary community. Corporates have scrambled to meet their corporate social responsibility (CSR) obligations under the new Companies Act, 2013. This is not a surprise, as most companies have not regarded CSR ...Women voters can tip the scales in Bihar
This column first appeared in The Hindu, on July 28, 2015. 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. As all political parties pull up their socks before the Bihar elections, they must recognise ...Educational reach and grasp
This column first appeared in Business Standard, on July 26, 2015. 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. Over the past few weeks, new data releases have provided a wealth of information about ...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 ...India’s Suicide Problem
For over a decade, farmer suicides in India has been a serious public policy concern. More recently, this has led to a shrill media outcry and much politicking. The government response to the crisis of farmer suicide has mostly been simplistic and sometimes aggravating. The main issue with offering “special packages” to ...The art of distraction
I recently returned to Delhi after several days at my home in Binsar. Binsar is a remote forest and wildlife sanctuary in the Kumaon hills. It is almost totally cut off. There is no electricity, and although some of us who can afford the upfront capital costs of solar have brought lighting ...Key Policy Insights
Quality Focus on Learning Outcomes: There is an unequivocal need for the education system to shift its focus from access and infrastructure to improving learning outcomes for all students in the country. While some basic standards for infrastructure are needed, greater priority should be given to learning outcomes in the school ...Think Beyond Health Insurance
Budget 2015 was creative on several dimensions but fresh thinking was completely missing in health financing. This budget, like several in the past, reinforced insurance as the strategy for health financing in India. As the experience of many countries has revealed, this is a perilous path which will take India towards an ...The one-year scorecard
As the National Democratic Alliance (NDA) government approaches its first anniversary, the assessments have ranged from congratulatory to critical, depending on the observer and the criterion. Here is my contribution to the kitty. A year ago, I had written a column entitled “Three national missions”, in which I had argued that the ...Re-starting infrastructure
While the government has taken several steps in the right direction, these measures do not add up to a credible strategy to re-start infrastructure. Building up on action already taken, a strategy needs to be formulated around three dimensions. The Background For the past couple of years, there has been widespread and ...Rainfall and the economy
The first forecast for the south-west monsoon this year caused concern. It projected aggregate rainfall during the June-September period to be 93 per cent of normal, somewhat below the conventional range of 96-104 per cent. This projection would not have attracted much attention, but it comes after a succession of rain-related problems. ...The inclusion project
A little more than a week ago, World Bank chief Jim Yong Kim praised Prime Minister Narendra Modi for launching the Pradhan Mantri Jan-Dhan Yojana (PMJDY), which he called an “extraordinary effort” at financial inclusion. According to the Union finance ministry, India has attained 99 per cent financial inclusion, measured as households’ ...The great oil circle
Oil prices have played a huge part in global economicdynamics over the past several years. They rose sharply in the couple of years leading up to the financial crisis of 2008. They crashed during the crisis, but recovered quite quickly. In late 2010, they surged past the $100-a-barrel mark and, with a few, ...Big problem, small solution
Achhe din sparked hope. The black market bill, whilst laudable in intent, has, however, raised fears of reinvigorated “inspector raj”. The labyrinthine maze of bureaucratic approvals, the tax charge on Cairn petroleum, the abrogation of the winning bid by Jindals for two coal blocks on the charge of cartelisation, and the reluctance to allow the market freer rein have ...Having your cake…
We are told early in life that we cannot both have our cake and eat it, too. Of course, this is taught to us before we take our first economics course. There, we are introduced to the “production possibility frontier”, which traces the combination of goods that an economy can produce when ...Band-aid solutions for health problems
The Draft National Health Policy of 2015 released by the Ministry of Health and Family Welfare, Government of India, is a comprehensive document. So comprehensive, in fact, that it says too little by saying too much. A National Heath Policy is commonly read as a political statement which is meant to provide ...Trysts with e-governance
This column first appeared in Business Standard, on February 8, 2015. 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. Soon after we moved to Mumbai a few years ago, we were informed that our ...Tipping points and Goldilocks conditions
This column first appeared in Business Standard, on December 28, 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. Many, if not most, observers of the Indian economy see 2015 as a year of ...Enjoying the capital flows ride
This column first appeared in Business Standard, on December 13, 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. The last 10 years have been a roller coaster ride of sorts for emerging market ...The Main Thing…
This column first appeared in Business Standard, on December 14, 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. Many years ago, at an offsite that I participated in, I heard a message ...Workfare as an effective way to fight poverty: The MNREGA
This article first appeared in Ideas for India, on December 11, 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. While developed countries are increasingly leaning on workfare programmes as a means to reduce ...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. ...You can’t kill two birds …
This column first appeared in Business Standard, on November 2, 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. The economic parallel of the popular aphorism about the limitations of using one stone is ...A five-year baseline scenario
This column first appeared in Business Standard, on October 20, 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. At the annual meetings of the World Bank and the International Monetary Fund (IMF) earlier this month, headlines ...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 ...Global Silver Linings
This column first appeared in Business Standard, on September 21, 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. When the G20 finance ministers and central-bank heads met in South Korea in late 2010, the United States ...Making it work
The MGNREGS stands out as one of the Indian government’s most ambitious social schemes, with far-reaching consequences throughout the economy. The only known recipe for poverty eradication is a combination of high growth and high development spending. Neither is sufficient. A recent study (Kapoor and Ahluwalia, 2012) has shown that post-liberalisation, one ...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 ...Good governance 101
The prime minister has hoisted his administration’s flag on the masthead of good governance. This is a welcome and timely objective. The question is, what does the prime minister mean by “good”? He campaigned on the slogan of “minimum government, maximum governance”. This would suggest that he equates “good” with “small”. There ...For new ideas, a clean break with the past
The Planning Commission is neither a constitutional nor a statutory body, but over the years it has acquired tremendous power of distant planning which is unsuitable to a country as diverse and complex as India. Let us neither reinvent nor restructure such a body. Let us, instead, make a clean break and ...Strategy and structure
This column first appeared in Business Standard, on August 24, 2014. Like all 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. The title of this column is borrowed from a classic work in business history, ...Why plumbing in India starts leaking in a few months while it lasts...
This column first appeared in Quartz, on August 10, 2014. Like all 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. Indians are proud of their frugality. Saving money is normally a virtue, but in some ...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 ...Explaining Expectations
Contemporary monetary policy is based on two fundamental premises. One, when inflation is above an acceptable level because of demand-side pressures, policy has to work to contract demand to bring it down. Two, if inflationary expectations are high and/or if there is risk of them rising, policy has to work towards moderating and stabilising them at low levels.In ...Missing women leaders
Women constitute a quarter of Narendra Modi’s cabinet, even though they make up only a little over 11 per cent of the 16th Lok Sabha. This is significant, even internationally. In South America, for instance, women hold the same proportion of Cabinet positions, but the proportion of women in the lower houses ...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 ...Modi’s twin challenge- Oil and water
They say that oil and water don’t mix. Literally true, perhaps, but, speaking metaphorically, they can be an explosive combination. The mix between the two poses the most significant risk to the Indian economy over the next few months. It threatens to reignite the drivers of inflation, the fiscal deficit and the current account deficit. At this ...Beginning a new conversation on women
A focus on women citizens Riding on the aspirations of an electorate, Modi’s arrival into Delhi is commonly seen as a vote for development. Women are a significant share of that electorate with fundamentally distinct concerns. The last few weeks’ horrific reminder of how India publically consumes violence against women, in conjunction ...A potential jobs breakthrough
The announcement by the Rajasthan government that it would amend the state’s labour laws to give employers in the manufacturing sector the flexibility to lay off workers without prior government approval is an extremely significant development. The plan is to raise the ceiling under which such approval is not needed from 100 workers to 300. This ...Five fiscal fixes
High on the government’s priorities should be to gain control over the fiscal situation. Between the Budget for 2014-15 to be presented next month and the one for 2015-16 in February, every opportunity to deal with both short-term and structural fiscal problems must be taken. Here is a list of five issues ...Economic & Foreign Policy Priorities for Modi’s Government
Brookings India Fellow Dr. Shamika Ravi, and Mr. R.N. Ravi, former Special Director, Intelligence Bureau of India, address questions on the economic and foreign policy priorities for the new government: How will Narendra Modi govern? Is he the right person to lead India during this challenging time in its history? Narendra Modi ...Looking beyond Modi win: Experts analyze NDA’s uphill task
CNBC-TV18’s Shereen Bhan and Latha Venkatesh caught up with some of the most influential voices in the country to get a sense of what is likely to happen as far as the economy is concerned, as far as the mood in the market is concerned and with key crucial reforms. Below is ...Three national missions on priority for the Modi government
**This column first appeared in the Business Standard, on May 19, 2014. All views are personal. Brookings India does not hold an institutional view on any subject. The mandate received by the new government gives it an opportunity to set a long-term agenda without political threats. This is exactly what any government ...Why less ladies in the Lok Sabha
Gender inequality is a serious concern in most sectors but the gap between men and women has narrowed the least in political representation. Women make up merely 22% of lower houses in parliaments around the world and in India, this number is less than half at 10.8% in the outgoing Lok Sabha. ...Believing in India again
It is a matter of confidence, credibility and trust. Whatever be the political hue of the next government and whoever its leader, the challenge will be to reinvigorate investor confidence in the political stewardship of the economy, restore the credibility of the executive and rebuild trust in the sanctity of policy and ...Walking the line between demographic dividend and disaster
The dominant factor that will determine whether India evolves into a middle-income nation over the next few decades is the country’s ability to generate massive numbers of jobs. As is well known, India is now in a potentially virtuous phase of its demographic transition. The working age (15-60) segment of the population ...The NIF Option
Over the past few months, I have written several columns about the chronic and intensifying problems in infrastructure. To my mind, two issues are of particular concern. First, there is a severe imbalance between investments across sectors, which lowers the productivity of each investment. Infrastructure is essentially a network phenomenon, a chain, ...No monkey business
Why ‘right to entrepreneurship’, promised by Congress manifesto, is a bad idea. Little else is requisite to carry a state to the highest degree of opulence from the lowest barbarism, but peace, easy taxes, and a tolerable administration of justice; all the rest being brought about by the natural course of things. ...Thirsty, hungry and sick
The second volume of the Intergovernmental Panel on Climate Change’s (IPCC’s) Fifth Assessment Report was published on March 31. This volume is titled “Impacts, Adaptation and Vulnerability”. It aggregates the current state of knowledge at both global and regional levels on how ecosystems are responding to climate change and what the larger ...Bang for the Buck
Capital efficiency is a critical determinant of how companies perform. Return on capital employed, which measures the surplus available to the providers of capital to the business, is a useful summary measure of this. Managements are judged by shareholders to have failed in strategy and execution when this measure declines. There are three broad sets ...Slippery Slope for Infrastructure
By now, all of us are used to global rankings of various kinds placing India close to the bottom of a large set of countries. Whether it is ease of doing business or corruption or transparency or human development or infrastructure quality, whenever a new ranking is announced, one instinctively begins searching ...Realigning governance
In its essence, governance is about alignment. Multiple groups, each with its own menu of interests, some coherently articulated and others not, demand recognition and satisfaction from the government. Areas of commonality need to be found and reinforced, while differences need to be reconciled, not by the domination of one group over ...A national agenda – hopefully!
Frankly, I think we spend too much time and effort analysing the numbers presented by the interim Budget. At its core, the process simply involves obtaining parliamentary approval for the government to continue spending money on activities that are ongoing – from the routine to the priority and flagship programmes of the ...India’s Missing Women
Even though fair elections are held at regular intervals for State Assemblies and Parliament, they do not reflect the true consent of the people because a large number of women are missing from the electorate On her arrival in India recently, the words of Gloria Steinem, American feminist and leader of the ...The alpha male syndrome
Behaviour traits of primates can be positive or negative for governance The institution of the alpha male is common to several species, including virtually all primates. At any given time, one male dominates the group, which, among other things, gives him the exclusive right to reproduce. When an incumbent alpha shows signs of weakening, ...BHAG inclusion BHAG
The goals for financial inclusion need to be matched by the means being used In their book Built to Last: Successful Habits of Visionary Companies (1994), James Collins and Jerry Porras postulated that an important characteristic of such companies was their articulation of their Big Hairy Audacious Goal, or BHAG. In contrast ...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 ...The state of the state
Whether the state, as an institution, is doing the right things and has the capacity to do them are fundamental questions in a liberal democracy. As India approaches the next general election, these are particularly significant questions. However, the articulation is as yet fuzzy and needs to get sharper if it is to translate into ...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 ...Slow burn
The Intergovernmental Panel on Climate Change is in the process of putting out its fifth series of assessment reports. There are three components in this series. The report on the first component – science – was released at the end of September. The other two – impacts and mitigation – will be ...Infra bottlenecks will dilute potential benefits of weak rupee: Subir...
Subir Gokarn: The earlier assessment was made at a time when the rupee had not depreciated. It is obviously showing signs of stability, importantly because of the announcement by the FED and the expectation that liquidity levels will continue to remain buoyant in the global economy. However, the depreciation over the last ...Public sector – Act V?
Act I: Idealism Beginning with the second Five-Year Plan in 1956, public enterprise was given a central role in the industrial development strategy for the economy. At that point, the perception that very large upstream investments, which would lay the foundations for comprehensive industrialisation, were best done by the state was quite ...Dimming of brand India
We have messed up the present. Can we still recover the future? We are in the midst of a severe economic crisis. Our macroeconomic indices are weakening. The first quarter growth figure has come in at 4.4 per cent and some analysts are projecting a figure for FY 2013-14 of below 4 ...Taper tribulations
When the United States Federal Reserve began what turned out to be a series of quantitative easing (QE) measures in October 2008, most observers would have seen it as a temporary crisis response measure, to be withdrawn as soon as it had done its job of calming markets and thawing out a ...“Un prêt du FMI est certainement une option” pour l’Inde
Subir Gokarn était le gouverneur adjoint de la banque centrale indienne entre 2009 et 2012. Il est aujourd’hui directeur de la recherche du groupe de réflexion Brookings India. Il évoque la crise des changes qui frappe son pays et qui s’aggrave avec l’hémorragie des capitaux. Comment analysez-vous la dépréciation de la roupie ...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 ...