In the midst of a crisis reflected in a collapsing rupee, India’s BJP government is acting ostrich-like, burying its head in the ground. Nothing illustrates this better than its much-delayed response to the collapse of the rupee with a set…
The rupee’s current tendency to fall is hardly surprising. India’s growth experience, unlike China’s, was built on the quicksand of a more or less persistent trade and current account deficit on the balance of payments. But there was always enough…
The Indian economy is in a tailspin. This cannot be attributed only to innocence in economic matters of the command-centre of the NDA government. While that is indubitably a contributing factor, the current travails of the economy point to something…
In an attempt to resolve the Non Performing Assets crisis in the country, the government's projected solution in the form of bank mergers, like the recent Vijaya Bank, Dena Bank and Bank of Baroda merger, points out that the end…
With the GDP estimates for the fourth quarter of 2017-18 placing growth relative to the corresponding quarter of the previous year at 7.7 per cent, talk of India being the world’s fastest growing economy has revived. Moreover, since the year-on-year…
The media are full of it. Viral Acharya, a recently inducted Deputy Governor of the Reserve Bank of India (RBI), has declared publicly that resolving the problem of bank stress resulting from large non-performing assets (NPAs) on their balance sheets…
Finance capital is always opposed to the use of fiscal measures for stimulating an economy. This is because any such fiscal stimulation undermines the social legitimacy of capitalism, and especially of that segment of it which constitutes the world of…
An absurd debate has been going on for some time in India. On the one side are those who blame Raghuram Rajan, the governor of the Reserve Bank who has just decided not to seek an extension of his term,…
In the fourth round of what has become a periodic exercise, the All India Bank Employees Association (AIBEA), the “oldest and largest” trade union in the industry, has released a list of 5,610 wilful defaulters on debt they owe commercial…
One is witnessing the emergence of a strange and unprecedented phenomenon in the advanced capitalist world, namely the charging of negative interest rates. The European Central Bank reduced its deposit rate to -0.1 percent in June 2014, and since then…
