The Economic Times

In analysing the Supreme Court judgment upholding the Right to Education (RTE) Act, television channels have focused too much on the 25% reservation of seats in private schools – including famous elite schools – for low-income children. This minor social […]

India has just a 50% chance of becoming a breakout nation (exceeding expectations of 7% GDP growth) in coming years. So says Morgan Stanley honcho Ruchir Sharma in a fascinating new book, Breakout Nations. There is no better book for

Extractive political institutions (autocracy and empire) lead to extractive economies benefiting elites, and cannot create general prosperity save for limited periods. Inclusive political institutions (democracy, rule of law and rights for all) create inclusive economic regimes with opportunity for all,

Rapid GDP growth is the best antidote for poverty. That is the big message that comes blaring out of the poverty data for 2009-10. Record GDP growth of 8.5% per year between 2004-05 and 2009-10 has reduced poverty at a

Manpreet Badal, former Punjab finance minister and nephew of chief minister P S Badal, broke last year with the Akali Dal, complaining that his entreaties for fiscal discipline were being ignored, and would lead to disaster. He looks foolish today

Fiscal consolidation is the need of the hour, and the finance minister should rationalise subsidies. The best way forward is to end price controls for items like urea and diesel, since these constitute the most irrational, lopsided way of allocating

One European scenario shows Germany dominating Europe, forcing austerity on its southern neighbours as a price for staying in the eurozone. A second scenario suggests a eurozone break-up in protest against humiliating austerity. Greece has just voted for a new

The logic of the electoral cycle points unambiguously to a tough budget with stiff taxes, curbs on populist spending, and an emphasis on controlling a runaway fiscal deficit. The next general election is due in May 2014. Hence there will

The IMF wants to increase its lending capacity by $1 trillion, to rescue distressed countries in the eurozone plus those hit by aftershocks from the eurozone. But US is struggling with fiscal problems of its own, Japan now has the

The IMF wants to increase its lending capacity by $1 trillion, to rescue distressed countries in the eurozone plus those hit by aftershocks from the eurozone. But US is struggling with fiscal problems of its own, Japan now has the