The first green revolution has run its course. Cereal yields are rising very slowly, water tables are plunging, and agricultural growth now averages only 2% annually. However, optimists think a second green revolution is coming, spearheaded by the corporate sector […]
A second green revolution? Read More »
For years, Indian businessmen have complained that they cannot compete internationally because of costly electricity. However, electricity prices globally are shooting up, mainly because natural gas prices are going through the roof. In consequence, Indian companies with captive coal mines
New comparative advantage in power Read More »
In search of energy security the Petroleum Minister has scoured the world for gas and oil deals, including stakes in oilfields abroad. Alas, such purchases could mean insecurity, not security. Many countries do not respect contracts, and India should reduce
Avoid unreliable energy suppliers Read More »
As the Bombay Sensex bobs up and down, I am amused by explanations emanating from stockbrokers. Some attribute fluctuations to the latest quarterly results, others to the ups and down of oil prices, still others to Indian economic and political
How China makes the Sensex Boom Read More »
Is the tide turning against India? It ran a current account deficit of $ 6.2 billion in April-June 2005, against a surplus of $ 3.3 billion in the same quarter last year. This represents an annualized current account deficit of
Welcome the current account deficit Read More »
When Finance Minister Chidambaram attended the annual IMF-World Bank meeting at the end of September, he had a minor scrap with the IMF Chief Economist, Raghuram Rajan, over record oil and gas prices. Rajan said that rising global demand, especially
How greens raise oil prices Read More »
The UN Committee on the oil-for-food scandal in Iraq, popularly called the Volcker Committee, has revealed that Iraq collected kickbacks on $ 64.2 billion of oil and $ 34.5 billion of “humanitarian imports”. The Indian media have focused on the
India’s Real Effective Exchange Rate (REER) 36-country basket 5-country basket 1990-91 75.58 141.99 1991-92 64.20 117.75 1992-93 57.08 112.38 1993-94 61.59 100.4 1994-95 66.04 100.4 2000-01 66.53 101.18 2001-02 68.43 102.49 2002-03 72.76 98.24 2003-04
Let’s appreciate the appreciating REER Read More »
India’s decision to vote against Iran in the UN has brought protests from left parties and media. They say India is abandoning its independent foreign policy. I am amazed by the mendacity and hypocrisy of such talk. It implies that
Myth of independent foreign policy Read More »
Several reasons, some bogus and some real, have been advanced for the rise in prices of oil and gas since 2003. These include the Iraq war, constrained OPEC production, falling non-OPEC production, speculation by hedge funds, and China’s fast-rising consumption.
Hurricanes stoke the energy crisis Read More »
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