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Indian Economy

Trade deficit to touch all-time high of 7% of GDP in FY23

As India prepares for the next budget, here is another critical issue it needs to focus on: The galloping trade deficit. According to the First Advance Estimate (AE1), released earlier this month, the trade...

Read more January 31, 2023 at 11:40 am Prasanna Mohanty

Systematically killing public sector banks: Pushing away people to money sharks

It was only after the nationalisation of 14 banks on July 19, 1969, that the banks reached the common people. The main changes that were done included a shift from class banking to mass...

Read more January 23, 2023 at 6:53 pm CFA

‘Car economics’ to explain India’s skewed growth model

Somewhat like ‘thalinomics’ of Economic Survey of 2019-20 which measured household incomes and “dosa economics” of Raghuram Rajan in 2016 to explain inflation, ‘car economics’ explains the higher-growth-higher-inequality paradigm

Read more January 20, 2023 at 3:08 pm Prasanna Mohanty

Time to press the panic button: Job loss is widespread and galloping

India has officially acknowledged that 62.5% of its population or 813.5 million people are extremely poor and need to be fed

Read more January 13, 2023 at 2:44 pm Prasanna Mohanty

An “Amrit Kaal” which entails feeding 62.5% population with “free” food

How do you describe a nation that is the fastest-growing major economy in the world and also the fifth largest economy in the world

Read more January 9, 2023 at 11:27 am Prasanna Mohanty

RBI, Artificial Intelligence, Machine Learning and MNCs – Dangerous proposal – Must be dropped

When RBI is refusing to disclose details of borrowers whose loans are written off except in the case..

Read more January 2, 2023 at 5:10 pm Thomas Franco

Trade deficits hit $111 billion in November 2022 – up by 135%

Import barriers are self-inflicted wounds which is not only disabling the fourth growth engine – exports – but also increasing forex outflows

Read more December 25, 2022 at 12:42 pm Prasanna Mohanty

The Fiscal Challenges of the Realization of Workers’ Rights: Do They Exist?

For the past 36 years, banks' pensions have not been upgraded. No social security, like universal basic income, is considered. The vast majority of unorganised sector workers (94%) do not have access to provident...

Read more December 23, 2022 at 4:43 pm Thomas Franco

When less than 4% of Indian dollar millionaires pay income tax

In FY18, the last year for which disaggregated income tax data is available, only 29,002 ITRs declared income above Rs 5 crore, while Credit Suisse said India had 7.25 lakh dollar millionaires (the wealth...

Read more December 21, 2022 at 5:07 pm Prasanna Mohanty

No escape from the lower-middle income trap, at least not yet

A 17% credit growth in the first quarter of November 2022 means little since personal loans continue to dominate over loans to industry, particularly large industry. In September 2022, the CFA explained how India’s...

Read more December 12, 2022 at 6:28 pm Prasanna Mohanty

PM-Kisan: Who and how many are getting income support of Rs 6,000?

Surely, the Center doesn’t know; had that not been the case, it wouldn’t be giving multiple sets of data, all of which contradict each other. One true “master stroke” that helped the Modi government...

Read more December 2, 2022 at 4:31 pm Prasanna Mohanty

While the RBI was sleeping…

Nearly a month after Maruti Suzuki chairman RC Bhargava raised a stink by saying that people’s ability to buy small cars has eroded and would continue to decline next year and national dailies reported...

Read more November 23, 2022 at 12:39 pm Prasanna Mohanty

EWS Quota: Can targeting 90% of Indians be called reservation, affirmative action or positive discrimination?

Until now, reservation was prompted by the perennial caste-based discrimination system, which has pushed a significant population into multiple deprivations; upper castes suffer no such handicap.

Read more November 10, 2022 at 9:31 pm Prasanna Mohanty

From Desperation to Destitution to Despair

The callous and unwarranted announcement of demonetisation in November 2016 was one of the cruellest blows to the majority of India’s citizens, compelling them to plunge from what was already a life of desperation...

Read more November 8, 2022 at 5:16 pm Ritu Dewan

IDBI Privatisation: Betrayal with Parliamentary Mandate & Mandate of the Constitution

After getting independence in the year 1947, India adopted the process of planning for the economic development of the country. As soon as it became a republic, in 1950, the first five-year plan was...

Read more November 7, 2022 at 10:59 am Devidas Tuljapurkar
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