When Narendra Modi won the 2007 state election in Gujarat, the media focused on Hindu-Muslim issues. Some journalists highlighted rapid industrial development that had made Gujarat India’s fastest-growing state. I mentioned Gujarat’s successful port-led development. However, an excellent new study …
On budget day, the Sensex tanked 869 points and gilt yields rose 30 basis points. The markets seemed to be repelled by Pranab Mukherjee’s budget. In fact, the budget does a good job of dealing with a Great Recession. That …
The budget, which aimed to build on its successful election platform and please the aam aadmi, ended up scaring the aam investor: the Sensex tanked 869 points. The markets had been irrationally exuberant in the run-up to the budget, and …
NEW DELHI: The Economic Survey predicts GDP growth as high as 7.75% in 2009-10 if the global economy turns up by autumn, and a reasonable 6.25% if the global recession drags on. Exuding confidence on the external front, the survey …
Gird your loins to ride out the global economic storm, and don’t get diverted by pleas for unending tax cuts and stimulus packages that will empty the treasury without ending the storm. That should be the approach of finance minister …
Why did voters in south Mumbai have a pathetic turnout at 42% whereas other areas in India recorded up to 90%? Why was the south Mumbai turnout worse than in South Delhi, both areas populated by the elite chatterati? There …
Almost all pundits anticipated a hung parliament with regional and caste-based parties holding the balance of power. Now that the United Progressive Alliance has achieved a clear victory, the same pundits are coming out with grand theories to explain it. …
India cannot return to rapid growth till the world economy recovers. And that cannot happen till the US economy recovers. Alas, the Obama administration is prolonging the recession by avoiding surgery to remove dead wood from its financial sector. Some …
Five years (2003-08) of near-9% growth suddenly seems a distant memory. The CSO estimated GDP growth in October-December 2008 at just 5.3%. Indeed, the IMF estimates that India will average just 5.1% growth in the calendar year 2009. There is …
India cannot grow fast again till the US economy recovers. And US recovery depends on reviving the housing sector, whence the downswing began. Alas, the Obama Plan for housing is a crutch, not a cure. Putting all the blame on …
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