India’s oldest Socialist Weekly!
Editor: Dr. G.G. Parikh | Associate Editor: Neeraj Jain | Managing Editor: Guddi
On May 10, the Prime Minister issued seven appeals to the nation – all of whose purpose was to save foreign exchange. The people are being told: prepare to tighten your belts. But it is not the common people who have created the present foreign exchange crisis.
The recent surge of foreign investment in India’s banking sector is driven mainly by India’s falling net FDI and external financial pressures. The authors warn that opening banking further to foreign capital could increase instability and India’s dependence on global finance.
What are the implications for India of the US-Israel attack on Iran? To understand this, we need to place this development in the context of the present world situation, and India’s political economy within that.
Mumbai’s public bus transport, the Brihanmumbai Electric Supply and Transport (BEST), once considered a model for bus services in the country, is now in complete shambles. Yet this situation was foreseen and was publicly warned against more than seven years ago, when the authorities took the fatal decision to privatise BEST’s core operations.
The ceasefire agreement between Israel and Hamas brokered by Donald Trump has come into effect. The agreement has drawn triumphal commentary from the Right and hostile criticism from some commentators who believe themselves to be leftist. These commentators have missed the actual significance of what has taken place.
India’s large capitalists and India’s people are both facing problems at present. These problems appear to be direct opposites of each other; but in fact they are two faces of the same phenomenon. In the first part of this article, we described the financial situation of the corporate sector. In the second part, we described the financial situation of the people. In this third part, we link the two.
India’s large capitalists and India’s people are both facing problems at present. These problems appear to be direct opposites of each other; but in fact they are two faces of the same phenomenon. The first part of this article described the financial situation of the corporate sector. This part describes the financial situation of the people.
India’s large capitalists and India’s people are both facing problems at present. These problems appear to be direct opposites of each other, but in fact they are two faces of the same phenomenon. In the first part of this 3-part article, the authors describe the financial situation of the corporate sector.
The Government proposes to reduce the rates of GST. This is a tacit admission that the low consumption levels of the people are the underlying cause of the slump in the economy. However, the manner in which this rate reduction is being carried out will not boost aggregate demand, but in fact slightly dampen it further.
JP Morgan has now decided to add Indian government bonds to its “emerging markets government bond index” (GBI-EM), starting in June 2024. The effects of this will be seen with a lag, over the next few years, but the impact will be far-reaching.
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