Can flying geese-Gujarat, Maharashtra, Tamil Nadu-Power India’s growth with stability?

State government performance is going to matter in the coming months of fiscal and economic stress. The national performance will depend in the near term, crucially, on how the better-performing states pull their weight. One criterion of state performance is the budget allocations for fiscal 2023-24 starting April 1st and the outlook on fiscal rectitude. […]

Taming Digital Titans

Between 2010 and 2022, the combined revenue of the top five digital titans in the United States (US) (Amazon, Meta, Apple, Alphabet, and Microsoft) exploded from US$ 181 billion to US$3.9 trillion a scorching growth of 29 percent per year. This rapid accretion of economic power invited deeper scrutiny and rethinking of whether the regulatory […]

The Downside of Systematically Important Billionaires

The Union Finance Secretary dismissed l’affair Adani as a storm in a teacup. He is right of course. The personal misfortunes of the Adani family are unlikely to shake the financial stability of India. But it is a rather large teacup, even post denouement, valued at US$60 billion. If the “teacups” of all of India’s […]

Budget Bounties 2023-24

Our garden is full of goodies come and get what you need. This is what Finance Minister Sitharaman conveyed to the people (and voters) of India in her 2023-24 budget speech. Adding to the ever deepening gift bag that the Modi administration has held out to voters since 2015, the budget not only slashed income […]

Fiscal Options for Budget 2023-24

Between spending and saving, governments are generally better at the former. High growth comes with the advantage that government revenue expands and gets spent, as is happening this fiscal. But this is also habit forming. If growth tapers down – as is expected in FY 2024- cutting back government spending will be politically rocky just […]

Supreme Court Demonetisation Verdit & rBI’s autonomy

The dissenting, minority judgement of Supreme Court Justice Nagarathna, in the Writ Petition Vivek Narayan Sharma versus Union of India—popularly known as the demonetisation case—has regurgitated the vexed issue of whether the RBI is sufficiently autonomous and resilient in discharging its mandate. India is new to autonomous regulation. Autonomous regulators were a rarity till the […]

Indian Economy between A Rock and A Hard space

Growth is slowing in India. In July to September this year there were six major economies- Malaysia, Greece, Philippines, Israel, Colombia, Argentina (The Economist December 1) with growth higher than the 6.3 percent India achieved in the April to September quarter of this fiscal. Growth by year end is unlikely to be vastly different. Is […]

When McKinsey Comes To Town- Book Review

McKinsey, the storied global management consulting firm, will be celebrating its centenary in 2026. Walt Bogdanich and Michael Forsythe, both journalists with the New York Times, use their considerable investigative skills, to craft an evidenced, albeit selectively curated, assault to expose the rot behind McKinsey’s public image. It makes for a riveting read but fails […]

Regulating Political Parties and Opaque Election Finance

Elections are to democracy what financial markets are to the economy. Elections channel the flow of political power, from the people to the government via political parties, which act like asset management companies in financial markets, enhancing market contestability and assuring stability. The absence of an omnibus law to regulate elections and political parties in […]

Public Spending: Cut The Fat finance Growth Enablers

Governments are the biggest spenders in national economies. Global expenditure per the IFPRI SPEED 2019 database, in agriculture, communications, education, defense, health, mining, social protection, fuel and energy, and transport for 110 countries in 2015 is estimated at US$ 19.3 trillion in current terms or 26 percent of global GDP. By 2022 the average spend […]

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