Early October provided yet more evidence of the breakdown of multilateralism and the lack of international commitment from countries, to work together to address shared national challenges. The 2023 pledging Conference for the second replenishment of the Green Climate Fund,…
The latest Annual Report of the Periodic Labour Force Survey, covering July 2022 to June 2023, has some interesting results. On the face of it, there seems to be some improvement in the labour market, as expressed in the declining…
Unlike many low- and middle-income countries (LMICs), the Indian economy is not characterised by external debt stress or distress that could lead to default. It does record almost consistent current account deficits on the balance of payments, but these are…
The sovereign debt crises confronting many low and middle income countries is now common knowledge and is frequently referred to by global policy makers—even though remarkably little is being done by the international powers-that-be to resolve these crises. The general…
As news broke that the monsoon month August was the driest since 1901, when records began to be kept, fears of inflation gathered strength. At 161.7 mm across the country, rainfall that month was well below the previous record low…
The dramatic increase in global oil and food prices from the start of the Ukraine War did not reflect real global supply shortages or demand-supply imbalances. Rather, it reflected the impact of market concentration and financial activity in commodity futures…
Severe external debt stress in several low- and medium-income countries (LMICs) has raised two questions. The first is whether we are on a trajectory that would result in a generalised debt crisis of the kind that preceded debt write-offs under…
The IMF’s estimates of debt stress suggest that as of May 2023, 11 countries were in debt distress (that is, in default or on the verge of default) while 51 countries were in severe moderate debt stress. Typically, a debtor…
Around a month ago, The Reserve Bank of India, in a controversial circular, reversed its long-standing policy of not allowing banks to arrive at compromise settlements with willful defaulters or holders of fraudulent accounts. A willful defaulter is defined as…
High global prices of food items, especially essential food grains, have terrible consequences around the world, with those living in lower-income food-importing countries typically the worst affected. It is often assumed that when such prices rise, it is the result…
