Economic historian Douglas North once observed that countries that reformed successfully rarely followed the exact path chalked out by their reformist visionaries. Typically they ran into unexpected obstacles, made various blunders and suffered from unintended consequences of their actions. But […]
Sleepwalking To Success In Privatisation Read More »
WHAT principles should govern bids from public sector undertakings (PSUs) for majority control of other PSUs up for privatisation? There is still some fuzziness about this, as is evident from the case of IBP, the petroleum distribution PSU up for
Privatisation That Wasn’t Read More »
MUMBAI: The Ninth Five-year Plan period (1997-02) looks like recording the lowest GDP growth in any five-year Plan in the last two decades. After recent revisions by the CSO, it appears that GDP growth in the Ninth Plan will average
Growth At Lowest 5-Yr Rate For Two Decades Read More »
Indian industry will remain in the dumps till the global recession ends. Many believe the recession has touched bottom. But will the recovery be swift or painfully drawn out? Doing the rounds are theories that I call the U, V
The U-V-W Scenarios Of Recession Read More »
Republic Day is an occasion for ruminating on events of the past year. We can hardly claim that it was a year of good political or economic management. Yet India ended the year a clear winner because good luck overcame
A Year of Good Luck Read More »
Why does the law require companies to appoint auditors? To ensure that accurate, transparent information about the company is available to shareholders. But in practice businessmen cook their books with a flair that puts Taj Hotel chefs to shame, and
Why Not Abolish Farcical Company Audits? Read More »
Why are customs inspectors so corrupt? Because India’s high tariffs induce bribes. And India’s bewildering variety of tariff rates for different items (and even for the same item depending on its end use) encourages corruption by manipulating import classifications. The
Case For A Flat 20 Per Cent Import Duty Read More »
WASHINGTON DC: Despite much bonhomie, visiting home minister L K Advani failed to get any assurance from US secretary of state Colin Powell of a US crackdown on Pakistan’s support for terrorism. It appears the US wants to give President
Advani Gets Red Carpet But No Assurance Read More »
ARGENTINA’S economic collapse has brought the usual but bogus warnings about the ill-effects of free-market policies and the Washington Consensus. The same warnings were issued when Mexico went bust in 1995, and again when East Asia, Russia and Brazil went
How should we tax agricultural income? The Constitution allocates this function to state governments, which generally levy nothing on farmers, though many levy hefty rates of tax on plantations. There is a tax on land, called land revenue. But competition
How to revive land revenue Read More »
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