Indian Economy in Shambles-What is to be done?
RBI has downgraded India’s growth projection to 9.5% from 10.5%. World Bank projects it at 8.3%. Actually, it may be worse. This is at the backdrop of GDP growth of a negative 7.3%. Last year,...
GDP Growth and Mirage of V-shaped Recovery
If GDP growth rate is an indication of where our formal economy is, then there’s a lot to worry about. It fell to -7.3% in FY21, from the low of 4.2% in FY20. Unless...
Beyond the Frenzy Sale of PSUs!
The government wants to sell the Life Insurance Corporation of India (LIC), which is worth about Rs 34 trillion (USD45 billion). The stage has been set with increasing foreign direct investment (FDI) in insurance...
India’s new farm laws mirror international financial institutions’ vision of agriculture
For more than 100 days, thousands of farmers in India have been in the streets protesting three new farm laws introduced in parliament. The new laws open the agriculture sector to reforms advocated by...
Random Reflections- Future of Wage Revision and Trade Unions in Banking Sector – End of the Road?
After more than 3 years of negotiations, strikes and agitations, wage revision for bank employees has been signed on 11.11.2020. For the award staff it is called Bipartite Settlement as they are covered under...
Random Reflections- Demonetisation – The cruel joke on the People
After demonetisation on November 8, 2016, seeing the anger of the people, on Nov 13 PM Modi in an emotionally choked speech in Goa said “I have asked the country for just 50 days....
SAVE PUBLIC SECTOR CHARACTER OF IDBI
TO PROTECT HARD EARNED SAVINGS OF THE COMMON MAN ORIGIN OF DEVELOPMENT BANKING Historically, the idea of establishing special institution for the provision of finance for industry was put forth in strong terms, as...
Give Doing Business report a COVID burial
On August 27th, the World Bank came out with a statement suspending the Doing Business Report. The statement said that a number of irregularities have been reported regarding changes to the data in the...
Random Reflections- Act of God and Banking
Ms. Nirmala Sitharaman’s statement that Covid-19 is an act of God to deprive states and union territories of their legally due GST has led to lot of discussions. While the central government in a...
Random Reflections- Cheating the Street Vendors and the Public- The Finance Ministers way
Remember the Atma Nirbhar – TV Show of Mrs. Nirmala Sitaraman and Mr. Anurag Thakur? After that, both have disappeared for long. May be rehearsing for the next show. Mr. S.Gurumurthy has announced that...
Snippets from the world of Indian economy and banking
State-owned banks need Rs 2 trillion in capital over next two years: Moody’s Public sector banks (PSBs), which have already had weak capital buffers, will need at least $25 billion in funding from external...
Random Reflections; Privatization of Public Sector – Withering of the State?
We just celebrated the 74th Independence day. On the Midnight of 14th August 1947, Pandit Jawaharlal Nehru while addressing the Constituent Assembly in his famous speech, “Tryst with destiny”, underlined that the service of...
Investments Beyond Borders- A Preliminary Report on Indian EXIM bank
For thirty seven years, the Indian Exim Bank has been providing financial assistance to Indian exporters and importers of goods and services. One of Exim Bank’s major functions is to support and protect exports....
Random Reflections- How & why Manmohan Singh was wrong then & wrong now?
On 24th July 1991 Dr. Manmohan Singh presented his budget to the parliament in which he stated that until November 1989 when his Congress party was in office the economy was doing well but...
Random Reflections- Are the Public Banks Already Private?
Institutions do not become public only because of ownership by the state. They should serve the people at large who are the real owners. While nationalising banks, the purpose was not to earn profit...
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