Being optimistic on India

India has changed. Gone is the earlier hesitation about being coldly pragmatic while keeping the public interest in mind. Foggy Post-Colonial and Cold-War ideological baggage is being stowed away, appropriately. The clear guard rails developed for dealing with the Ukrainian crisis do the country proud—extending principled support for the continuation of the international mediation effort, […]

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Storm in India’s monetary tea cup

The Reserve Bank of India-led Monetary Policy Committee (MPC) brewed a storm in a teacup by continuing its accommodative monetary policy stance—retaining the Repo rate (the cost of borrowing from the RBI) at 4 percent and the Reverse Repo (the cost of depositing funds with the RBI) at 3.35 percent. The MPC is a device, initiated in […]

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The Modi budgets- High achievements sans institutionalised changes

Budgets reflect the economic philosophy, near-term political economy pressures, and the long-term vision of a government. A review of budget metrics (table below) across the twilight years of the Manmohan Singh UPA government and the Modi government reveals a surprisingly elevated level of similarity, despite differentiated specific outcomes. In plainer words, the rulers changed but […]

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Budget Fy 2023 – Saying sorry is ok

The drama and spectacle around Budgets in India are completely undeserved. More than four-fifths of the Union Budget demands relate to expenditure that is carried through from past decisions, leaving little leeway for bold new outlays. And even when such programmes are budgeted, it is unclear who is going to pay for the added expense. […]

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The upside of farm laws repeal

The dominant view is dire on the impact of the proposed roll back of the three Farm Laws, enacted in haste in 2020, even as the pandemic raged. Opinion is divided whether it is proof of the government’s shallow commitment to deep reform or that it proclaims doom for agriculture, which has committed Hara-kiri by […]

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Institutionalizing Net zero

India bought transition time at Glasgow by committing to net zero carbon emissions only by 2070. Advanced economies have mostly clustered around a nearer time frame of 2050, as befits their culpability, in depleting the global carbon envelop, and their enhanced technological and fiscal resources. China chose emissions peaking “before 2030” but a long transition […]

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