Recognising Different Skills and their Uses Jayati Ghosh
Skill development and training are two terms that are greatly beloved of policy makers – and indeed of analysts in general – as they seem to present easy solutions to so many labour market concerns. It is commonplace in India, for example, to hear that our economic growth is constrained by the lack of skills among the bulk of our workers, and that skill development is therefore not only a policy priority but also a relatively easy, inexpensive and painless way to ensure employment growth, especially in formal activities. It is seen as the proverbial low-hanging fruit for governments to…
Recent growth in the Indian economy Jayati Ghosh
What does one make of the Indian economy? It is now declared to be the fastest growing in the world, “the one bright spot in an otherwise gloomy world economy” according to IMF Chief Christine Lagarde, apparently on course to “become a key engine of global growth”. There is no doubt that the economic potential of India is huge: now with more than 1.2 billion people, with hundreds of millions of people with middle class aspirations who will constitute a huge and growing market. Over the decades the economy has diversified to some extent, even if the share of manufacturing…
India and Indians at Seventy Plus Jayati Ghosh
For the majority of Indians aged 70 or more, their sheer survival may be the most positive aspect of their lives since the state, instead of taking any measures of social protection, puts the burden of their care on families without considering their economic situation. indians_seventy_plus (Download the full text in PDF format) (This article was originally published in the Frontline, Print edition: September 2, 2016)
Unexpected Inflation C.P. Chandrasekhar and Jayati Ghosh
The return of inflation, even if moderate, at a time when India is experiencing a normal monsoon and after a long period of inflation-targeted monetary policy is surprising. Unexpected_Inflation (Download the full text in PDF format) (This article was originally published in the Business Line on August 29, 2016.)
Care Work as the Work of the Future C.P. Chandrasekhar and Jayati Ghosh
As technological change threatens many different kinds of jobs, the significance of direct face-to-face interaction required in much care work means that it is unlikely to be as adversely affected. What does this mean for the future requirements of care workers? Future_Care_Work (Download the full text in PDF format) (This article was originally published in the Business Line on August 15, 2016.)
The Economics of Political Change in Developed Countries Jayati Ghosh
Across the world, people have been watching recent political changes in developed countries with a mixture of bemusement and shock. From the recent anointment of Donald Trump as the Republican candidate for US President, to the rise and spread of blatantly racist anti-immigration political parties and movements in Europe, it is clear that there are tectonic shifts under way in the political discourse and practice in these countries. As these changes have gone from the unthinkable to the depressingly predictable, there are increasingly desperate attempts to understand what is driving them. This is especially the case because – despite all…
The Return to Retail Lending C.P. Chandrasekhar and Jayati Ghosh
After having retreated from retail lending in the years since 2005-06, banks burdened by NPAs in areas like infrastructure seem to be returning to the retail market. How far can this go? Retail_Lending (Download the full text in PDF format) (This article was originally published in the Business Line on August 1, 2016.)
25 Years of Economic Reforms: Agriculture Jayati Ghosh
In the fateful month of July 1991 when the devaluation of the Indian rupee presaged the introduction of a whole series of liberalising economic reforms, agriculture was very far from the minds of most policy makers and commentators. The immediate focus was on the balance of payments, and thereafter on industry and other sectors (like the “modern” services”). Indeed, subsequent policy measures, oriented towards trade and foreign investment liberalisation and deregulation of domestic industry and then finance, tended to reinforce the emphasis that was being put on non-agricultural sectors as the means to both faster economic growth and development in…
Why the European Union should be Even More Worried about Brexit C.P. Chandrasekhar and Jayati Ghosh
The economic pressures that may have driven the Brexit vote are also evident in other big European nations. So to survive, the EU must rethink its template for economic policies. European_Union_Worried (Download the full text in PDF format) (This article was originally published in the Business Line on July 18, 2016.)
The Real Banking Problem C.P. Chandrasekhar and Jayati Ghosh
Recognizing bad assets and writing them off may not resolve the banking problem, since the new financial order requires banks to lend to those who seem more prone to default. Banking_Problem (Download the full text in PDF format) (This article was originally published in the Business Line on July 4, 2016.)
