A Fiscal Council for India

Fifty-one countries have legislated a publicly financed Independent Fiscal Institution (IFI) to provide unbiased analysis of public spending, forecast the economic outcomes thereof and review government performance versus fiscal rules (targets) to improve fiscal and financial stability. Supreme audit institutions (like the Comptroller and Auditor General in India) do this regularly ex post facto and […]

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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 […]

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India vignettes from 2022 and beyond

2020 was the year of fear as COVID-19 decimated the economy and killed people–both rich and poor– seemingly. 2021 was the year of hope. The bite of the pandemic dulled, thanks to the massive vaccination program, ramped-up emergency medical facilities and the roll-out of special social protection measures like free cereals for 800 million citizens. […]

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A World of Insecurity- Book Review

A World of Insecurity: Democratic Disenchantment in Rich and Poor Countries Author: Pranab Bardhan Publisher: Harvard University Press Pages: 240 Price: Rs 499 An abiding belief in the economic and cultural salience of the democratic principles of liberty, equality, and fraternity characterizes Pranab Bardhan’s work. Originally a native of India — an “unlikely democracy”— he […]

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Independence day 2022: Looking Ahead

The annual address from the ramparts of the Red Fort is Prime Minister Modi’s prime vehicle for mass outreach, other than via his Twitter handle. His style—discursive, evocative, and expansive—suits the occasion where substance must needs take a back seat to rhetoric. All these are good reasons for not looking too deeply into the substance […]

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