The current pandemic has brought to the fore, and with exceptional clarity, the fundamental contradiction underlying contemporary globalization, namely, the contradiction between the interests of finance and those of the people. Indeed this contradiction, which characterizes the era of globalization…
One of the many symptoms of the economic shock resulting from the Covid-19 pandemic is a sharp depreciation of the Indian rupee vis-à-vis the dollar. The value of the rupee fell from 71.3 to the dollar on February 12 to…
In a show of solidarity, some of India’s opposition leaders have declared the much-delayed relief package (titled Pradhan Mantri Garib Kalyan Yojana) announced by Finance Minister Nirmala Sitharaman on March 26 to mitigate the effects of the Coronavirus pandemic on…
The crisis at Yes Bank is only the concentrated expression of a deeper malaise afflicting the Indian banking system as a whole, namely its vastly increased financial fragility. The Chief Economic Advisor is no doubt right when he assures depositors,…
The revival package announced by the Reserve Bank of India (RBI) to rescue insolvent Yes Bank smacks of desperation. Having placed a moratorium on the bank’s activities and capping withdrawals by depositors at Rs 50,000, the government has called upon…
The Supreme Court has set aside a circular issued by the Reserve Bank of India in April 2018, which directed all entities regulated by it to “not deal in virtual currencies (VCs) or provide services for facilitating any person or…
India’s financial landscape appears set for a sea change. Early into its second term, the Modi government, through the Budget speech of its Finance Minister, has signalled the likelihood of a fundamental transformation of Indian finance. There were five indications…
Discussions on the state of the world economy centre around the likely negative impact of the novel coronavirus epidemic and the potential positive effect of the truce reflected in the “phase 1” trade deal between China and India. Though most…
The budget figures these days mean very little. The difference between what the budget provides and what actually happens does not come to light even after a time- lag of two years, while earlier two years were the limit. And…
The budget placed in the Indian Parliament on 1st February fails to send out a long due message to the stagnating Indian economy. This is by failing to announce policies for a possible recovery of aggregate employment and output in…
