Courtesy Arvind Subramanian, India’s Chief Economic Advisor, the 4R (reform, recognize, recapitalize, resolve) approach to manage the corporate bad loans problem, has captured public imagination. But he soft peddles a fifth R, that of retribution. The big stick must be wielded for reform to be credible. Public sector banks – flabby, politicised ATMs providing easy […]Read More Retribution – the missing R for resolving bad loans
Hasmukh Adhia, India’s revenue secretary, is finance minister Arun Jaitley’s chief aide for rolling out the Goods and Services Tax. Contrary to his first name, he never smiles, at least not in public. But even he can now take a break and smile. The GST juggernaut is careening ahead. In just over a week, India […]Read More Can GST make Hasmukh Adhia smile?
BOOK REVIEW Rethinking Public Institutions in India Devesh Kapur, Pratap Bhanu Mehta, Milan Vaishnav (Eds) Oxford University Press 548 pages; Rs 995 Public institutional reform has a stale air about it. There are plenty of options but little action. The sombre packaging of this book adds to this gloom. Possibly, the “monkish”, value-for-money branding is […]Read More India’s pressured public institutions
What is it about the Indian elite, which makes them salivate at the thought of global leadership? Barely had President Trump pulled the US out of the Paris accord, that we were exulting at the thought of an “opening” for India at the high table of global climate leaders. The tail can’t wag the dog […]Read More Avoid the global climate leader trap
So is “the cow” (including bulls) a living deity, like the Ganga or Yamuna rivers, to be revered as a “mother”, or just another productive asset like a buffalo or a goat? This debate dates to the Constituent Assembly sessions in the late 1940s. Cow protection smuggled into a non operative part of the Constitution […]Read More Pensioning-off cows