The “Hindu Rate of Growth”: Then and Now
There is a fundamental difference between the comparatively low growth-rate of the earlier dirigiste period (pre-1990s) and that of the current neoliberal period.
“Crony Capitalism” as an Economic Strategy
The Modi government’s economic policy has often been termed, rightly, as being utterly callous towards the people, and utterly devoted to serving the interest of “cronies”. But it is “cronyism” sanctified by the idea of building up a (Hindu) “nation”.
The Impending World Recession
The IMF managing director Kristalina Georgieva has now openly admitted that the year 2023 will witness the slowing down of the world economy to a point where as much as one-third of it will see an actual contraction in gross domestic product.
India’s Creeping Industrial Stagnation
The sharp and apparently intriguing fall in industrial production in October, and feeble post-Covid recovery, points to a deep-rooted malaise in the Indian economy.
Problems with GDP Growth Fetishism
There is an important problem with the claim that higher GDP growth itself leads to greater welfare for the people even if the tax-GDP ratio is small. The experience all over the world shows that building a welfare state requires a huge increase in fiscal effort.
The Outflow of Finance from the Periphery
Because of the outflow of finance from elsewhere in the world to the US, all major currencies are weakening against the dollar, including the euro and the pound-sterling. This article is about the weakening of third world currencies, of which the rupee is a prime example.
Whatever Happened to Liz Truss?
The most intriguing question with regard to Liz Truss’ resignation as the prime minister of Britain after a mere 44 days in office is this: what is it about her economic programme that the “market” (read “finance capital”) found unpalatable?
Hunger and Poverty
The 2022 Global Hunger Index shows India occupying the 107th position among 121 countries. This should come as no surprise. Several scholars have used data on per capita daily calorie intake, and per capita annual foodgrain availability to point out that hunger in the country is acute and growing.
The New Threat on the Foreign Exchange Front
The current fall in the rupee is structural in nature and hence non-transient. It has been caused by two specific factors neither of which is transient: one is a widening of the current deficit, and the other is a net outflow of finance from the economy to dollars or dollar-denominated assets.
The Modi Government and the So-Called “Freebies”
A bizarre drama is unfolding in front of our eyes. The Modi government which has been giving away hundreds of thousands of crores of rupees as tax concessions to the monopolists, has expressed its opposition to what it calls “freebies”, that is, subsidies to other segments of the population.