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.)
The Global “New Normal” is Not New- But it is still a real concern C.P. Chandrasekhar and Jayati Ghosh
lobal growth rates of the last five years are similar to those in the past, but now they are accompanied by unprecedented monetary expansion that seems to have little impact. Global_New_Normal (Download the full text in PDF format) ( This article was originally published in the Business Line on June 20, 2016.)
Broken promises to India’s youth Jayati Ghosh
Two years ago, when Narendra Modi led the BJP to a huge victory in the general elections, there was little doubt that the youth of India, and especially those in the Hindi heartland, had played a significant role in this victory. In his election speeches, Mr Modi particularly addressed the aspirational young, promising them jobs and “development” rather than “welfare” and offering the hope of a new galvanising energy in place of the tired and apparently directionless government that the UPA regime in its final stages seemed to have become. In many parts of the country, young voters – many…
Bad Loans, Lending Behaviour and Growth C.P. Chandrasekhar and Jayati Ghosh
As interested observers focus on the bad loans, accumulating in the books of India’s commercial banks, the implications it has for lending behaviour and growth are less explored. Bad_Loans (Download the full text in PDF format) (This article was originally published in the Business Line on June 6, 2016.)
