Who Should Control Indiaís Central Bank?
Nov 15th 2018, Jayati Ghosh
The standoff between India's government and the Reserve Bank of India isn't problematic because of the risk of infringing on central-bank independence. It is problematic because, rather than fighting to protect the public interest, the government's goal is to revive irresponsible bank lending, protect its cronies, and win votes.
The Modi Government's Spat with the RBI
Nov 12th 2018, Prabhat Patnaik
The Modi government's spat with the RBI is rooted in the structural characteristic of neo-liberalism. This entire debate has arisen as a fall-out of neo-liberalism, of the contradictions that inevitably arise in a neo-liberal economy between the compulsion on the part of the government to please international finance and its need to win elections. Expenditures have to be stepped up for the latter, while international finance disapproves of such stepping up.
The Government-RBI Stand-off
Nov 6th 2018, Prabhat Patnaik
The current discourse around government-RBI relations suggests as if there are only two choices, one where market determines RBI policy and the other where government determines RBI policy. However, the root of the problem lies in the structure of the neo-liberal regime itself, which allows too few policy instruments to achieve a number of objectives.
Neo-liberalism and the Diffusion of Development
Nov 19th 2018, Prabhat Patnaik
The cycles of ebbs and flows under capitalism result in the behaviour of capitalists alternating between riskless and adventurers when it comes to investments. As the ongoing capitalist recession continues and even gets accentuated, as finance begins to flow back increasingly to the metropolis as is already happening, investment and growth rate in the third world will dry up to an even greater extent than in the metropolis.
A Heart-rending Episode
Nov 14th 2018, Prabhat Patnaik
The Bengal famine of 1943 in which 3 million persons died was the direct result of the escalation of British war expenditure on the eastern front. Such massive loss of life could have been avoided if the manner of financing war expenditure had been different. The war expenditure on the eastern front was financed by a "profit inflation" generating "forced savings". Financing war expenditure this way imposed a heavy burden, especially on the poor people of rural Bengal who were net food purchasers. The forced reduction in consumption they had to undergo, entailed a drastic reduction in their foodgrain intake, and hence the famine.
Can the RBIís open Market Operations help the Rupee?
Oct 10th 2018, C.P. Chandrasekhar and Jayati Ghosh
The rupee's slide raises the question of whether India's central bank should intervene by selling dollars to prop up the currency. But past experience of such efforts has yielded mixed results, so other measures may be necessary.
Ayushman Bharat
Oct 1st 2018, Prabhat Patnaik
The Modi government's claim of ushering in the largest healthcare scheme in the world is completely vacuous. The chosen method of enlarging healthcare access to the poor is wrong both because of the route chosen (the insurance route which benefits insurance companies more than it benefits the patients) as well as because of the ridiculously paltry financial provision.
The Fall of the Rupee
Sep 25th 2018, Prabhat Patnaik
Falling rupee requires immediate government action. Awaiting an equilibrium that never comes would not only keep squeezing the working people but would eventually make the government run to the IMF and other financial institutions in panic. Measures like raising interest rates, fiscal compression, and using foreign exchange reserves have their own fallouts. There have to be direct restrictions on inessential imports combined with some controls on capital outflows.
The Indian Economy in A Tailspin
Sep 24th 2018, Prabhat Patnaik
A combination of direct import controls on inessential items, reduction of petro-product prices, measures for reducing the consumption of such products, and direct taxation, especially on wealth, is the obvious way of getting out of the tailspin in which the Indian economy is currently caught. There is no alternative to these measures if we are to avoid the fate of countries that eventually run to the IMF and get caught in the vice-like grip of "austerity".

Professor C.P. Chandrasekhar on amalgamation of three banks
Sep 24th, 2018

In an attempt to resolve the Non Performing Assets crisis in the country, the government's projected solution in the form of bank mergers, like the recent Vijaya Bank, Dena Bank and Bank of Baroda merger, points out that the end game of this process is privatization.
A Memorial for Dr. Vineet Kohli, Assistant Professor at TISS and a Former CESP Student
Aug 13th 2018.
Job Opening at Economic Research Foundation
Jan 31st 2018.

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