The Political Economy of the Modi Regime
Apr 2nd 2019, C.P. Chandrasekhar

C.P. Chandrasekhar argues that the five years of the Modi-led NDA regime was characterised not just by the consolidation and advance of Hindutva forces but a growing nexus between the state and big capital that intensified the depredations of neoliberal capitalism, camouflaged by diversionary measures like demonetisation.

The Modi Years
Apr 2nd 2019, Prabhat Patnaik

Prabhat Patnaik argues that rolling back of fascification of our society requires much more than the defeat of the Hindutva forces in the coming elections; it requires above all a programme that provides relief to the people from the depredations of neo-liberal capitalism.

Social Responsibility of Intellectuals in Building Counter-Hegemonies 
Feb 4th 2019, Issa Shivji

In a period of upsurge of fascism, narrow nationalism and parochialism, Issa Shivji calls for the social responsibility of intellectuals to construct a counter-hegemonic project that would resonate with the lives of the vast majority.

The Boundaries of Welfare
Feb 4th 2019, Prabhat Patnaik
Interim budget indicates that the government's electoral strategy is to win over the 'intermediate classes' while ignoring the poor.
The Motivated Murder of India's Statistical System
Jan 31st 2019, Jayati Ghosh

Government's suppression of all the relevant statistics is harming citizens, economy and the government itself.

The Strange form of "Disinvestment"
Jan 30th, 2019, C.P. Chandrasekhar

Under the NDA government disinvestment is increasingly turning out to be a process in which surpluses are wrung out of PSEs or government linked institutions to support the budget, instead of the usual route of sale to private buyers. Apart from adversely affecting the modernization and expansion plans of PSEs, this change in the nature of disinvestment does not enable the government to raise its expenditure to the desired levels in a pre-election year.

Some 'Reservations' on the Modi Government's Reservation for 'Economically Weaker Sections'
Jan 25th 2019, Surajit Mazumdar

The Modi government's move to provide reservation for 'economically weaker sections' is a naked attempt to fortify its electoral prospects by creating an upper caste consolidation. This measure is largely for propaganda purposes and has little benefits to offer to anyone given the Modi government's poor record even on public employment.

The furore over farm debt
Jan 4th 2019, C.P. Chandrasekhar

Agrarian crisis is a direct result of the neo-liberal fiscal regime, which advocates tax incentives for finance, the corporate sector, and the rich in general, and tight control over government borrowing; all this has resulted in long-term neglect of agriculture. Now the measures to provide relief to farmers are being opposed by neo-liberal advocates on the grounds that it will violate fiscal prudence and yet not resolve the problem created by neo liberal fiscal regime in the first place.

Criticism and Criticism
Dec 28th 2018, Prabhat Patnaik

The Modi government's demonetization move has been universally criticized, but there are significant differences between a neoliberal critique focused on the impact on GDP and the Left's assessment that looks at the impact on people.

The Modi government, the RBI governor and the mess that is the Indian economy
Dec 11 th 2018, Jayati Ghosh

The resignation of Urjit Patel from the governorship of RBI raises questions about what could have possibly caused such a drastic step. While the tussle between the central bank and the government provides an immediate context, there is a need to look at the depth of the mess that the Indian economy finds itself in.

Contemporary Capitalism and the World of Work 
Dec 4th 2018, Prabhat Patnaik
Imperialism remains essential to capitalism in all its phases, although its instruments may change from one phase of capitalism to another. When we incorporate imperialism in the Marx's analysis of the dynamics of capitalism, we resolve the puzzle of fall in per capita annual total (both direct and indirect) cereal consumption despite rise in per capita real income. It is because of rise in world poverty along with rise in per capita real incomes.
On taking Sides in the RBI-government Stand-off
Nov 27th 2018, C.P. Chandrasekhar
The government has crossed the red line in recent times, influenced in part by the mess its policies have created and substantially by the need to win voter support in the impending elections. This clearly is an area where the RBIs willingness to stand up to the government's demands needs appreciation, But these gestures should not be treated as a spat in which the RBI is free of blame and only the government is remiss. The central bank too needs to shed its biased neoliberal perspective and admit to responsibility for its past acts of commission and omission that have also contributed to the current mess in the economy.
Vilifying the Intelligentsia
Nov 26th 2018, Prabhat Patnaik
Government's debunking of intellectuals who are not with them amounts in effect to running down all intellectuals: all intellectuals are perceived by them to be actual or potential threats in varying degrees. In short they oppose the very activity of intellection.
Who Should Control India’s 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.
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.
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.
Emergency 2.0
Aug 30th 2018, Jayati Ghosh
Given the background of failure of the ruling party to fulfil any of its important electoral promises, the recent arrests of lawyers, scholars and human right activists represent the desperate measures by the ruling party to stifle, suppress, and divert all voices of criticism, opposition and dissent.
Finance versus the People
Aug 27th 2018, Prabhat Patnaik
There is a fundamental contradiction between democracy and neo-liberal capitalism. This contradiction can be seen from the exuberance of the market with the removal of a challenge to communal authoritarianism.
Ranking Universities
Aug 6th 2018, Prabhat Patnaik
Ranking universities amounts to detaching them from their social contexts and hence denies the social role of education.
Crop Insurance: Another dressed up scheme
Aug 2nd 2018, C.P. Chandrasekhar
Pradhan Mantri Fasal Bima Yojana (PMFBY) launched in 2016 which is supplemented with Restructured Weather Based Crop Insurance Scheme (RWBCIS), have failed to deliver what it had promised. The number of farmers insured under this scheme has fallen and the claims paid to farmers has fallen from 98% to 61%. The scheme seems to be benefitting the insurance companies as there has been rise in gross premiums paid to these companies by government.
Empty Promises
Jul 18th 2018, C.P. Chandrasekhar
Together with measures like loan write-offs offered by some BJP States and an ostensibly much-improved crop insurance scheme (PMFBY), this hike in MSPs is seen to have confirmed the pro-farmer tilt of the Narendra Modi government. The timing of the Modi government's MSP hike for kharif crops leads to the question of whether it is backed by the financial allocations needed to deliver on them.
Why didn't Socialism have Over-production Crises?
Jul 2nd 2018, Prabhat Patnaik
The period after 2008 has witnessed prolonged overproduction crisis which was not seen in the old socialist economies. A market driven capitalist economy that has its foundations on the principle of antagonism is the source of this glut.
Trump Versus the Rest
Jun 18th 2018, Prabhat Patnaik
Donald Trump's protectionist stance at the G-7 summit is an example of how disunited capitalist countries are on a possible solution to the capitalist crisis. Because of the position of the US economy, Trump can afford to hold on to his protectionist policies while enlarging the fiscal deficit. What is wrong about this strategy is the possibility of long term repercussions, not just for America but for the capitalist world as a whole.
A Tale of Two Discourses
Apr 19th 2018, Prabhat Patnaik
The Hindutva bubble has clearly burst. Mass demonstrations by peasants, traders, doctors, teachers, students and even school children in the past few days have shown that not only the fear gripping the people is over but also the Indian political discourse is shifting towards material-practical matters, again acquiring a resemblance to what it had been in the pre-Modi years.
Commoditization and the Public Sphere
Apr 2nd 2018, Prabhat Patnaik
The distinction between the sphere of market and the sphere of public discourse remains central to liberalism. But under capitalism, the public sphere becomes untenable due its "spontaneous" destruction by the markets’ immanent tendency towards commoditization, as we are witnessing everywhere today. In such a world, a fight towards democracy is itself a means of advancing the struggle for socialism.
Trump's Protectionism
Mar 26th 2018, Prabhat Patnaik
Trumps' announcement of tariff hike tantamounts to a beggar-thy-neighbour policy that would inevitably attract retaliation. But these current protectionist measures on capital-in-production do not in any way restrict capital-as-finance. They are just desperate and counter-productive attempts at coping with a crisis, which is itself an outcome of the process of globalization of finance.
The Importance of Dissatisfaction
Mar 17th 2018, Prabhat Patnaik
The first step to overthrowing an oppressive system is "epistemic exteriority" or visualizing an alternative system outside of the existing one. But neo-liberal capitalism has been remarkably successful in thwarting such visualization, by proposing "epistemic closure" as an essential component of development.
The UGC Directive on Autonomous Colleges
Mar 12th 2018, Prabhat Patnaik
Higher education in India is facing a twin danger of commoditization and communalization under the globalized capital today. This tendency is fueled further by the UGC directive that combines commoditization with a push towards centralization that is rampant under the Modi government.
The Tripura Election Verdict
Mar 7th 2018, Prabhat Patnaik
The Tripura reverse brings out the fact that it is exceedingly difficult for an opposition party, that has an incumbent government in any state to withstand the onslaught of the BJP, and in between states the one anti-BJP opposition force is different and scattered. For the Left it means a fight for survival.
The Destruction of a University
Feb 28th 2018, Jayati Ghosh
The Jawaharlal Nehru University administration has, in the past two years, undermined the norms and conventions that have established it as a premier institution of higher learning in India.
A Dangerous Period
Feb 16th 2018, Prabhat Patnaik
Contemporary Fascism around the world is emerging as neo-liberal capitalism’s “gift” to mankind in the period of its maturity, when it submerges the world economy in a crisis, and reaches a dead-end from which there is no obvious escape.
Arun Jaitley on Electoral Bonds
Jan 15th 2018, Prabhat Patnaik
Arun Jaitley had outlined a scheme of electoral bonds in his budget speech on February 2, 2017. Now, exactly 11 months later, the notification of the scheme and some details of it have finally been announced in a Press Information Bureau release on January 2, 2018.
The Problem with the Indian Left
Dec 27th 2017, Prabhat Patnaik
The current problem with the Indian Left, and in this term I include all sections of the Left, from the so-called "parliamentary Left" to the so-called "revolutionary Left", is in my view, its lack of appreciation of the dialectics between "reform" and "revolution".
The Obscenity of Hunger Deaths
Dec 22nd 2017, Jayati Ghosh
There is no doubt that human life is cheap in India, perhaps more so now than ever before. The attacks, atrocities and killings of people from minorities and marginalised groups that have now become so common are particularly appalling because they reflect a culture of impunity.
Economic Recovery or A Statistical Illusion: Some observations on recent estimates of GDP growth
Dec 7th 2017, Vikas Rawal
On November 30th, the Central Statistical Office (CSO) came out with quarterly estimates of GDP for the second quarter (June to Sep) of 2017. Predictably, analysts and spokespersons of the government spent the evening in newsrooms of various TV channels celebrating what they claimed was a sign of revival of the economy.
Do Purchasing Power Parity Exchange Rates Mislead on Incomes? The case of China
Dec 5th 2017, C.P. Chandrasekhar and Jayati Ghosh
The use of exchange rates based on Purchasing Power Parities (PPPs) to compare incomes across countries and over time is now standard practice. But this may lead to excessively inflated incomes for poorer countries and not capture the real changes over time.
Neo-liberalism has been a disaster for Nepal
Nov 20th 2017, An interview with C.P. Chandrasekhar
Why is neoliberalism bad for India and Nepal? What are its major flaws? Mahabir Paudyal and Prashant Lamichhane from myRepublica caught up with Professor CP Chandrasekhar when he was in Kathmandu last week to discuss the impact of neo-liberal economic order in the two countries, and the prospects of a socialist-oriented economy in Nepal.
Not with a Bang but with a (prolonged) Whimper
Nov 16th 2017, Jayati Ghosh
The German thinker Wolfgang Streeck in his brilliant book provides a cogent critique of the nature of contemporary capitalism, and describes its ongoing extended demise without surrendering to any optimism that as it fails to deliver even in terms of its own logic all the injustice it has generated must inevitably change for the better.
Neo-Liberal Capitalism and its Crisis
Oct 24th 2017, Prabhat Patnaik
Neo-liberal capitalism is marked by the hegemony of international finance capital which has many consequences, among which is the alarming upsurge of fascism, differing markedly from the fascism of the 1930s.
The Current Upsurge of Fascism
Oct 18th 2017, Prabhat Patnaik
To describe the present upsurge of fascism as nationalist or populist would be misleading. Neither is it a replication of the fascism of the 1930s. However, it is marked by four features, which have been common to all fascist upsurges in the past, namely: rise of supremacism, apotheosis of unreason, proliferation of fascism as a movement, and intertwining of fascist movement and corporate capital.
The Class Content of the Goods and Services Tax
Oct 5th 2017, Prabhat Patnaik
In the discussions about GST, the class content of this new tax regime has been missed. Through an overall increase in the taxation of the informal sector i.e. of the petty producers and the small capitalists, it has unleashed the twin process of centralization of political authority and the centralization of capital, which in turn strengthen one another.
Winner-take-all Political Funding
Sep 28th 2017, Jayati Ghosh
By introducing the opaque and hugely problematic system of electoral bonds, the BJP-led government at the Centre has indicated that it is not really interested in fighting corruption but only concerned with expanding its hold on power.
The Epidemic of Vigilantism
Sep 20th 2017, Prabhat Patnaik
In a situation where the secular political leadership has lost a good deal of its credibility and "grassroots vigilantism" is becoming a widespread, veritable epidemic under growing fascism, the judiciary continues to remain a credible instrument for the reassertion of the values that the Constitution associated with a "modern" India.
America's Turn Towards Fascism and Its Contradictions
Sep 4th 2017, Prabhat Patnaik
While the turn of the U.S. towards fascism is unmistakable, the contradictions associated with this turn, and the complexity of the process of formation of the partnership between big business and fascist upstarts within the framework of a non-fascist bourgeois State to start with, are also clearly visible.
The Triple Talaq Verdict: Victory in one battle in a much longer war
Aug 29th 2017, C.P. Chandrasekhar and Jayati Ghosh
The Supreme Court's welcome verdict in the Triple Talaq case should bring public attention to the problems and needs of separated and divorced women across all religious communities in India.
A Dangerous Analogy
Aug 24th 2017, Prabhat Patnaik
Democracy in India faces a severe threat from the penchant for centralization and uniformity that the Hindutva forces have and which Modi articulated in the Central Hall on July 1 through his misleading analogy between the GST and the integration of princely states by Vallabhbhai Patel during Independence. Such comparison puts a tax reform and democratic revolution on the same platform, confusing biased centralization with unity of the country.
150 years of 'Das Kapital': How relevant is Marx today?
Aug 24th 2017, Jayati Ghosh
After 150 years of 'Das Kapital', the seminal work of the 19th century economist still provides a framework for understanding contemporary capitalism. The unique social relations such as "free labour" and "commodity fetishism", that according to Marx, define capital, are reflected in the uneven and unstable development of the world market.
On the Economic Implications of Restrictions on Cow Slaughter
Jul 11th 2017, Vikas Rawal
India's livestock economy is among the biggest in the world. A ban on cow slaughter would either result in more and more unproductive animals being killed in most unscientific and cruel ways or would entail such a high cost for maintaining unproductive animals that cattle rearing would cease to be a profitable enterprise for farm households. Restrictions being imposed on cow slaughter and the actions of the cow vigilantes would deal a serious blow to the agrarian economy and in particular to the livelihoods of the poor and middle peasants in rural India.
Growing Class Resistance Against "Globalization"
Jun 19th 2017, Prabhat Patnaik
Universal non-class use of the term “globalisation” and its “other” “nationalism” by the bourgeoisie has enabled them to show the former as progressive and latter reactionary for all classes. But recent election results in major countries reflect the rise of resistance of the worker class against the hegemony of "globalised" finance capital everywhere. Even in India, for the first time in three decades, anti-labour policies are being challenged by strong peasant movements in many states.
Why Workers Lose
May 30th 2017, C.P. Chandrasekhar
The IMF's push to delink the decline in the share of labour in national income from the rise of finance, neoliberalism and globalisation leads to a set of banal prescriptions on how to deal with a problem that is at the centre of the crisis of capitalism today.
Public Bank Privatisation in a Post-truth World
May 17th 2017, C.P. Chandrasekhar
Narendra Modi government appears to have decided to privatise public sector banks (PSBs). Preparations are underway with arguments being marshalled that "there is no alternative" to privatisation.
Industrial Growth and Demonetization
Apr 24th 2017, Prabhat Patnaik
Recent data on the manufacturing sector dispel all the lies that government propaganda has been peddling of late about demonetization having had no recessionary effect.
The Nefarious Money Bills
Apr 3rd 2017, Prabhat Patnaik
The amendment of the Company Act by the BJP government is a massive assault on democracy and a legitimisation of the fusion of corporate and State power, and a license for big-ticket corruption.
The Rise and Fall of South Korea's Chaebols
Mar 15th 2017, C.P. Chandrasekhar
Even though an alliance between big business and politicians is threatening the survival of democracy in South Korea, a near-unprecedented process of penalising corruption and bribery has begun there because of popular pressure.
Evolution of India as a Nation
Mar 6th 2017, Sitaram Yechury
This piece is the author's deliberations made in the Opening Session, "The Idea of the Nation" of the day-long Seminar on "Interpreting the World to Change It", held on February 11, 2017, in New Delhi to mark the release of Festschrift for Prabhat Patnaik.
Spreading Light: Are the Modi government's electricity promises being fulfilled?
Jan 31st 2017, C.P. Chandrasekhar and Jayati Ghosh
The government's claim that it has ensured electricity for all does not seem to be warranted by the evidence.
No Digital Base for a Cashless Economy
Jan 27th 2017, C.P. Chandrasekhar
In the absence of a digital base for a cashless economy, India's road to a near-cashless economy seems fairly long and the journey is likely to be slow and tedious.
The Pursuit of Unreason
Jan 9th 2017. Prabhat Patnaik
Modi's demonetization can be compared with Idi Amin's fiat in 1972 as both are instances of extreme unreason. But while Amin's was an untenable and extremely inhumane solution to the problem it addressed, Modi's is a complete non-solution to the problem it addresses which is also inhumane, and hence constitutes an even greater act of unreason.
The Dialectics of Authoritarianism
Dec 26th 2016. Prabhat Patnaik
The decision to demonetise overnight as much as 86 percent of the currency of a country which is predominantly currency-using, is necessarily irrational, undertaken in the quest of a heroism that is a necessary feature of an authoritarian regime.
Understanding the American Right
Oct 26th 2016, Jayati Ghosh
One of the reasons for the solid, intense support that Donald Trump commands is his complete disdain for political correctness, which appears exhilarating and liberating to such people who have felt suppressed for so long.
Developing "Infrastructure"
Oct 25th 2016, Prabhat Patnaik
One can intervene in income distribution in an egalitarian direction by restraining the investment in infrastructure that is met at the expense of other socially-pressing needs and rationing the infrastructure in question.
Managing the Corporate-Communal Alliance
Aug 2nd 2016, Prabhat Patnaik
To keep the corporate-communal alliance going, the recalcitrant elements on both sides have to be managed carefully and the alliance must deliver to the partners who constitute it.
The Post-1991 Growth Story
Jul 29th 2016, C.P. Chandrasekhar
Economic growth post liberalization has been riding on a credit bubble. Neither has it made the manufacturing or exports sector robust, nor has delivered any benefits to those steeped in poverty and deprivation.
25 Years of Economic Reforms: Agriculture
Jul 27th 2016, Jayati Ghosh
The inability to resolve the pressing concerns with respect to food production, distribution and availability is one of the important failures of the entire economic reform process.
Globalization and the World’s Working People
Jul 11th 2016, Prabhat Patnaik
Contrary to the impression that Globalization would benefit all, it has actually worsened the conditions of the broad mass of the working people in both parts of the world.
After Brexit
Jul 6th 2016, C.P. Chandrasekhar
Whatever the long term implications of Brexit are, it could, in the short run, disrupt world trade, and worsen the depressed conditions confronting the current world economy.
Broken Promises to India's Youth
Jun 10th 2016, Jayati Ghosh
Quite contrary to its original promise, job creation no longer seems to be a major policy priority of the Modi government, which has shown itself to be remarkably anti-youth.
Two Tales of Contrast
May 26th 2016, Jayati Ghosh
Among the terrible legacies of the Modi government’s first two years, are its double standards, as evidenced by the recent experiences, which will have negative repercussions.
Societal Involution in the North
May 16th 2016, Jayati Ghosh
Recent social and political trends in the US and in parts of Europe point to the regressive tendencies that seek to recreate a past that seems less complicated, but manages to intensify unhappiness.
Capitalism and the Oppressed Castes
Apr 29th 2016, Prabhat Patnaik
The development of capitalism in any society brings about a complete transformation in the way we look at all social questions including the question of caste oppression.
Against the Assault on Thought: A lesson for the Left
Apr 28th 2016, Rohit Azad
When the state cannot hide behind a facade of national performance, the government looks for an alternative category of us versus them which is used to divide the people and rule.
The State of the Economy
Apr 8th 2016, Prabhat Patnaik
There is a remarkable constriction of the size of the domestic market and stagnation of industrial sector in India due to inadequate purchasing power in the hands of the people.
Anti-national Economics
Mar 16th 2016, Jayati Ghosh
The author here argues that the policies that go against the interests of the people are anti-national and NDA's economic policies are profoundly anti-national in that sense.
Budget 2016-17: Signs of paralysis
Mar 16th 2015, C.P. Chandrasekhar
The divergence between the rhetoric and the actual allocations in the Budget 2016-17 depicts the ruling party's inability to use the fiscal lever to push for growth and welfare.
Budget 2016-17: Hype is all
Mar 15th 2015, Prabhat Patnaik
Behind all the hype about a pro-poor budget, the actual provisions of the government for the major social sectors are found to be too paltry to improve the lives of the poor.
Why do we have Unemployment?
Mar 14th 2016, Prabhat Patnaik
Under neoliberal capitalism, where the level of activity requires bubbles to sustain itself, the existence of unemployment must be attributed to the paucity of aggregate demand.
A Sinister Pattern Underway
Mar 7th 2016, Aruna Roy and Nikhil Dey
The ruling party is doing its best to establish that being critical of its government is tantamount to being anti-national. It is time for us to realise that the freedom won so hard, is under threat unless we collectively protect our constitutional rights.
The Battle to Defend the Employment Guarantee Scheme!
Feb 12th 2016, Smita Gupta
In the face of the strong opposition from various sections of the society, ensuring the proper implementation of MGNREGA is one struggle that has to be constantly fought.
Privatization: Any method in this madness?
Feb 3rd 2016, C.P. Chandrasekhar
The government signals towards winding down the public sector allowing the private sector to occupy the spaces it has, for long, avoided. But this predatory exercise involves large developmental costs.
Growth through Redistribution
Jan 21st 2016, Prabhat Patnaik
Contrary to the portrayal by the neoliberal spokesmen, the Left position does not accept the growth versus redistribution dichotomy, rather asserts that growth can occur in a sustained manner through redistributive measures.
MNREGA under the Modi Regime
Jan 21st 2016, Jayati Ghosh
The continuous cutting down of the financial outlays for the programmes like MNREGA clearly indicates the central government's appalling disregard for its legal obligations.
The Abolition of the NDC
Jan 11th 2016, Prabhat Patnaik
The abolition of the NDC adds a final touch to the Modi government's project of centralizing powers and resources, which is an essential element of the neo-liberal strategy.
The Heavy Price of Economic Policy Failures
Jan 7th 2016, Jayati Ghosh
While the citizenry pay a heavy price for economic policy failures, those responsible for the implementation of this are never blamed and they continue to impose their power and expertise on economic policies and on governing institutions.
A Candid Assessment?
Jan 6th 2016, C.P. Chandrasekhar
The Finance Ministry's mid-year review talks of positives, that are more in the nature of disappearing negatives, but it cannot conceal the fact that there has been little advance on the development front.
IDBI Bank: The door to denationalisation
Jan 4th 2016, C.P. Chandrasekhar
The decision to privatise IDBI Bank is the beginning of a larger process of denationalisation of banking in India that would lead to exclusionary banking structure most unsuited to India's development needs.
What can Corporate Planning Learn from National Planning
Dec 29th 2015, Pronab Sen
This paper examines the historical development of national planning in India and identifies the lessons that corporate planning can draw from the long and varied experience.
The Seventh Pay Commission Report
Dec 14th 2015, Prabhat Patnaik
A drastic squeeze on salary increases and a widening of disparities within the real emoluments of the central government employees imposed by the 7th Pay Commission typically characterizes a neo-liberal regime that must be resisted.
Capital Goods Conundrum
Nov 24th 2015, C.P. Chandrasekhar and Jayati Ghosh
While the Government appears to recognise the importance of expanding and strengthening India's capital goods industry, the policy signals it sends seem contrary and confusing.
The Stench of Counter-Revolution
Nov 13th 2015, Prabhat Patnaik
Today we witness an attempt to change the nature of the Indian State to a Hindu Rashtra, which is a hallmark of the counter-revolution and needs to be resisted with all strength.
The Slogan of "Make in India"
Nov 10th 2015, Prabhat Patnaik
Although apparently the "Make in India" campaign appears innocuous, it is actually a dangerous one since the potential thrust of the campaign is in the direction of constricting democracy and squeezing the working people.
The State as Fiefdom
Oct 6th 2015, Prabhat Patnaik
Using the State machinery for settling personal scores must qualify as corruption and must be opposed.
Europe's Refugee "Crisis"
Sep 30th 2015, Jayati Ghosh
Asylum seekers do not have an easy time anywhere, but the richer countries have without question been meaner, more oppressive and more restrictive in their dealings with them.
The Retreat of the Emerging Markets
Sep 16th 2015, Jayati Ghosh
The process of export-led growth strategy that led to declining wage share and increasing inequalities and environmental problems has ultimately proved to be unsustainable.
"De-Linking" and Domestic Reaction
Sep 7th 2015, Prabhat Patnaik
The author here highlights the fact that it is not de-linking from globalization but globalization itself that conduces to a strengthening of reactionary forces.
The Debate on GST
Aug 19th 2015, Prabhat Patnaik
Transition to a GST regime involves various issues; of which reduction in the powers of the states and the regressive nature of its distributive impact deserve greater attention.
Why the Fight for a GST?
Aug 6th 2015, C.P. Chandrasekhar
The claims of the government that the transition to a GST regime would increase revenue mobilisation and raise GDP growth are based on models that are by no means robust.
The Internet in "Digital India"
Jul 24th 2015, C.P. Chandrasekhar
According to the latest NSSO data, the proportion of Indian households in which at least one member had access to the internet is far short of the near universal connectivity envisaged by the Digital India mission.
Pachhwara Coal Mines, Jharkhand: Privatisation of coal mining and rights of adivasis
Jul 21st 2015, Vikas Rawal and Prakash Viplav
Privatisation of coal mining in Amrapara has facilitated a loot of national resources and deprived the poor adivasi peasants of the benefits that rightfully belong to them.
Great Dream of Prosperity
Jul 21st 2015, C.P. Chandrasekhar
The emphasis on the latest GDP growth numbers, when the figures from other indicators point to the opposite, may be the government’s only option to show that all is well.
Looking Back at Debt Relief for the Germans
Jul 21st 2015, C.P. Chandrasekhar and Jayati Ghosh
In the current Eurozone attitudes towards Greece, it is often forgotten that Germany was the major beneficiary of debt write-offs in the 20th century when Greece was its creditor.
A Greek Tragedy that could have been Avoided
Jul 8th 2015, Jayati Ghosh
The EU's insistence on grinding austerity measures and stubborn resistance to even consider the option of debt restructuring forced the Greek people into greater hardship.
The Destruction of Education
Jun 26th 2015, Prabhat Patnaik
The era of globalization of capital brings along a process of destruction of education, but the intrusion of communal-fascism into education is an added element in case of India.
The Beleaguered Indian Farmer
Jun 24th 2015, C.P. Chandrasekhar
The forecast of a poor monsoon is a real bad news for the Indian farmers as it would not only reduce crop production leading to shortages but also encourage speculative holding.
Economics and the Two Concepts of Nationalism
Jun 22nd 2015, Prabhat Patnaik
It is important to differentiate the kind of nationalism that informed the anti-colonial struggle in India from the bourgeois nationalism that had emerged in Europe.
Skating on Thin Ice
Jun 1st 2015, Prabhat Patnaik
Indian economy, under the first year of Modi's rule, has experienced massive attack on the welfare programmes, sluggish growth of exports and an increase in the trade deficit.
How Food was Moved to the Margins of the New Household Budget
May 29th 2015, Rahul Goswami
An enquiry into the private consumption expenditure indicates that a huge majority of India's population are experiencing food insecurity in one or several forms.
One Year of Modi Government: Social sector
May 27th 2015, Jayati Ghosh
The Modi government's vast and sweeping cuts in essential social spending will adversely impact the basic conditions of living and affect the prospects of the aspirational youth.
The Economy: The end of euphoria
May 27th 2015, C.P. Chandrasekhar
Despite having a good fortune of lower international oil prices, the Modi government failed to deliver growth in its first year while the expectations are still very high.
Fiscal Consolidation through Austerity
May 25th 2015, C.P. Chandrasekhar
The government's attempt at fiscal consolidation through austerity would not only affect growth adversely, but also has damaging effects on welfare.
Unseen Workers: Women in Indian agriculture
Apr 1st 2015, Jayati Ghosh
Although women play a pivotal role in Indian agriculture, it is amazing to see how their work goes unnoticed in the public domain.
The Modi Government's Economic Strategy
Mar 19th 2015, C.P. Chandrasekhar
In its pursuit of pushing ahead with the neoliberal agenda, the government is willing to adopt measures which, as evidence suggests, would fail as strategy.
How Not to Treat Agriculture
Mar 19th 2015, Jayati Ghosh
The Union Budget 2015 indicates that the government is going beyond what could be called benign neglect of agriculture to policy moves that are likely to harm its viability.
Budget 2015-16: Bonanza for the corporate
Mar 9th 2015, Prabhat Patnaik
Budget 2015 is a major step towards increasing the class power of capital; it is the true expression of the ideology of a neo-liberal State without any attempt at a human face.
India's Daughter: Since the Delhi rape things have got worse
Mar 9th 2015, Jayati Ghosh
The banning of the BBC documentary points to the fact that the Indian government's real concern is the international image of the country rather than the safety of women.
Averting a Greek Tragedy – For Now
Mar 4th 2015, Jayati Ghosh
The negotiations between the Syriza led Greek government and the EU is the struggle between the democratic will of the people and global finance.
Lessons from the Coal Blocks Auction
Mar 4th 2015, C.P. Chandrasekhar
The outcome of coal block auction suggests that the government could have stuck to expanding public sector coal production without handing the mines over to the private sector.
Growth and Hunger
Feb 23rd 2015, Prabhat Patnaik
The declining foodgrain absorption in India is indicative of growing hunger- a symptom of deprivation, caused by the privatisation of services like education and health.
In Search of Clean Air
Feb 20th 2015, Jayati Ghosh
The worsening atmospheric pollution in India threatens the basic health and well-being of people but sadly, almost nothing is being done in terms of effective public policy.
The "Niti Ayog"
Jan 12th 2015, Prabhat Patnaik
The replacement of the Planning Commission by the NITI Ayog marks a centralisation of economic power in the hands of the Central Government at the behest of neoliberalism.
Prof. Bhagwati has Got it Wrong
Jan 12th 2015, Rohit
Jagadish Bhagwati's recent pitch for make-in-India is flawed as it ignores domestic demand and other pitfalls of an export-oriented growth strategy.
Who's Really Paying for Oil?
Jan 7th 2015, C.P. Chandrasekhar and Jayati Ghosh
As the central government raises excise duties on petroleum products yet again, it is the poor that end up paying the price.
The RBI Governor’s Unwarranted Remarks
Jan 2nd 2015,, Prabhat Patnaik
Dr. Rajan’s criticism of the debt-waiver scheme for farmers underscores the fact that 'social banking" gets progressively eliminated in the era of neo-liberalism.
Make in India
Dec 29th 2014, Jayati Ghosh
The new ambitious "Make in India" initiative is based largely on bluster, bravado and marketing hype that lacks any clear strategy for proactive trade and industrial policies.
The Phenomenal Increase in Wealth Inequality
Dec 16th 2014, Prabhat Patnaik
The recent Global Wealth Report by Credit Suisse shows inequality growth in India since 2000 has been the highest with the top one percent controlling 49% of total wealth.
Bad News in the Good Days
Dec 16th 2014, C.P. Chandrasekhar
While the collapse in oil prices and moderation in food price inflation are good news for the Modi government, there is a real danger of it turning complacent as a result.
Fiscal Correction versus Democracy in India
Dec 12th 2014, Jayati Ghosh
The current government's strategy of imposing sweeping cuts to important areas of public spending without any public scrutiny and discussion is deeply anti-democratic.
The Nehru Legacy
Nov 27th 2014, C.P. Chandrasekhar
Although the Congress is using the Nehruvian tradition to win political legitimacy, it has actually rejected the essentials of the Nehruvian economic trajectory.
Turning Citizens into Mendicants
Nov 18th 2014, Prabhat Patnaik
The shifting of responsibility of sanitation infrastructure from the state to corporate sector is a breach of the rights and dignity of the common citizenry.
India Concludes Bilateral Agreement with US, Agrees to an Indefinite ‘Peace Clause’
Nov 17th 2014, Biswajit Dhar
By making a bilateral agreement with the US, India is able to avert any challenge to its food security programme for now, but the programme will be under WTO surveillance.
Is the Swachch Bharat Mission the Way to a Cleaner India?
Nov 13th 2014, Jayati Ghosh
If Bharat is to become Swachch, it cannot achieve this without proactive concern for the lives and working conditions of those who are responsible for keeping our spaces clean.
Recent Changes in Labour Laws: An exploratory note
Nov 12th 2014, Anamitra Roychowdhury
This article explores the possible implications of amending the Contract Labour Act, 1970 and questions the rationale behind amending the Industrial Disputes Act, 1947.
Dilma Rousseff's Victory
Nov 5th 2014, Prabhat Patnaik
While Dilma's victory represents an important step in the right direction, intensified class struggle will be required to sustain the scheme of "transfers" to the working poor.
An Obsession to Sell
Oct 30th 2014, C.P. Chandrasekhar
The NDA government's strategy of accelerating the process of privatisation is fiscally irrational and unsustainable that will adversely affect the workers in the public sector.
Deregulating Diesel Prices
Oct 30th 2014, Jayati Ghosh
Linking the price of oil to global market prices is simply another way of putting the squeeze on mass consumers whose incomes are well below the global average.
Exploiting the Oil Price Crash
Oct 30th 2014, C.P. Chandrasekhar and Jayati Ghosh
The government has decided to exploit the recent sharp decline in oil prices to push deregulation. But this may not help growth nor prove wise in the medium term.
In Search of a New Industrial Stimulus
Oct 24th 2014, C.P. Chandrasekhar
The new Modi slogan 'Make in India' is an old idea with a new label and there is no reason to believe that a new label can deliver the success that has been thus far elusive.
Is Rising Income Inequality Inevitable?
Sep 16th 2014, C.P. Chandrasekhar and Jayati Ghosh
In spite of globalisation and technological change, patterns of inequality within a country reflect internal political economy, and can be changed by political choice.
The Real Story on Gujarat's Development
Sep 10th 2014, Jayati Ghosh
The book, "Growth or Development: Which way is Gujarat going?", provides a sober, balanced and solidly researched account of Gujarat's development over the past decade.
The State and Indian Planning
Sep 9th 2014, C.P. Chandrasekhar
Though the Planning Commission faltered in residual developmental role, but instead of reforming it the scrapping indicates towards systematic dismantling of checks and balances.
The Logic of Neoliberal Anti-Populism
Aug 27th 2014, C.P. Chandrasekhar
Pursuing fiscal consolidation by providing large transfers to the rich while trimming expenditures that benefit the poor is the best example of the ideology of anti-populism.
New Macroeconomic Consensus Rules Budget 2014-15
Aug 4th 2014, Rohit
The author critiques the macroeconomic framework that underlies the fiscal consolidation approach of the Union Budget for 2014-15.
Social Spending under the Modi Government
Jul 25th 2014, Jayati Ghosh
A decline in real terms in the budget allocations to the crucial areas of public spending is a sign of the new government's lack of respect for the rights of their citizens.
Corporate Karza Maafi at Rs. 36.5 Trillion
Jul 21st 2014, P. Sainath
Since 2005-06 a cumulative amount of Rs. 36.5 trillion has been given away to corporate sector in terms of various sops in corporate income tax, excise duty and customs duty.
Union Budget 2014-15
Jul 15th 2014, Prabhat Patnaik
The basic fiscal strategy of the Union Budget 2014-15 is to increase transfers to the rich and the affluent, while reducing the outlays earmarked for the poor.
No Sign of Change
Jul 11th 2014, C.P. Chandrasekhar
The people of India, who have voted for a change, are likely to be disappointed by the NDA government's first budget as it signals no change on the economic policy front.
The Missing Honeymoon
Jul 9th 2014, C.P. Chandrasekhar
The government's decisiveness in ensuring quick clearances for big, infrastructure projects would please the corporate sector and private capital, but not the rest of India.
India as a Manufacturing Hub
Jul 8th 2014, C.P. Chandrasekhar and Jayati Ghosh
The strategy of the new government to revive India's manufacturing sector by exploiting global value chains is well known, but how much success this will bring is doubtful.
The Moves towards 'De-Dollarization'
Jun 18th 2014, Prabhat Patnaik
The de-Dollarisation attempts by Russia via the recent trade deals with China and Iran can have major consequences, but may be difficult to sustain due to internal pressures.
India's External Resiliences
Jun 17 th 2014, C.P. Chandrasekhar and Jayati Ghosh
The fall in the current account deficit of India may seem heartening but this is possibly because of a temporary respite in the areas where India’s vulnerability resides.
Who is Afraid of Illicit Finance?
Jun 16th 2014, C.P. Chandrasekhar
NDA government's move to appoint an SIT to bring back illegal money from abroad brought more complex issues of finance and government's real intention to the foreground.
Chinese Dreams
Jun 11th 2014, C.P. Chandrasekhar
The pursuit of the Chinese dream may become a nightmare for the majority as it involves reduction of expenditures on food subsidies and other welfare measures.
Modi with the Magic Wand
Jun 11th 2014, C.P. Chandrasekhar
Modi has persuaded people that his development magic wand can deliver what others dare to promise. If he fails to deliver on this the current euphoria can prove short-lived.
UPA-2 and Welfare Schemes
May 29th 2014, C.P. Chandrasekhar and Jayati Ghosh
Contrary to the argument that UPA-2 wasted too much money on "populist" schemes, it actually neglected and spent less on these important welfare initiatives than UPA-1.
The Offensive against Transfers to the Poor
May 22nd 2014, Prabhat Patnaik
The demand by corporate magnates to roll back the relief measures for the poor is nothing but an expression of the class animosity of corporate capital towards the working poor.
Stock Market Boom amidst Economic Crisis
May 19th 2014, Prabhat Patnaik
The stock market boom, within a slowdown in the economy, serves the interest of the finance capital, and the crisis cannot be addressed because the boom has to be sustained.
Blaming the "Other"
May 15th 2014, Jayati Ghosh
The BJP's aggressive stance on migrants from Bangladesh is economically stupid. Strategies that seek to exploit such divisive attitudes will boomerang on all Indians.
A Political Economy of the Elections
May 6th 2014, C.P. Chandrasekhar
Blind faith on economic growth took the Congress away from inclusiveness and public opinion but the BJP follows the same lead and does not provide any economic alternative.
The Post-Election Economy
May 5th 2014, Jayati Ghosh
Ideally India needs a new and different vision for the economy, but the parties that are being projected to do well in the elections do not exhibit that new vision at all.
The BJP's Election Manifesto
Apr 17th 2014, Jayati Ghosh
One of the most dangerous aspects of the BJP's vision for India is that it envisages the enforcement of an aggressively pro-big business agenda.
Big Business and Mr. Modi
Apr 16th 2014, C.P. Chandrasekhar
If India is not to be handed over to big business and a rabidly communal fringe, it is best to keep Narendra Modi out of the Prime Minister's office.
Rajan's Target: Inflation or the poor?
Mar 18th 2014, Rohit
The RBI Governor's call for inflation targets to be set by the parliament is not a demand for providing relief to the poor, but a gesture to assure global finance capital.
Crony Capitalism in the Age of State Capture
Mar 10th 2014, C.P. Chandrasekhar
The illegal nexus between the state and big business for the benefit of both has strengthened under the neoliberal policy regime in India.
What about the Aam Aurat?
Feb 12th 2014, Jayati Ghosh
The increasing evidence of patriarchal attitudes towards women among the AAP leaders is the most compelling reason for the growing wariness about the party among many people.
Understanding the "Mango People"
Dec 31st 2013, Jayati Ghosh
People's aspiration for alternative, symbolised by AAP's success, creates progressive political possibilities if the left can see the changing realities and think creatively.
Animal Spirits
Dec 24th 2013, C.P. Chandrasekhar and Jayati Ghosh
As GDP growth slows, the government focuses on ways of raising investment in the economy. But evidence from the CSO suggests that the source of the problem may lie elsewhere.
Democracy, Neoliberalism and Inclusiveness
Nov 26th 2013, C.P. Chandrasekhar
A strategy of inclusive development is required instead of the rhetorical ''inclusive growth'' propagated by two main political parties in the run-up of next general election.
Is the Party Over?
Oct 3rd 2013, Rohit
The article analyses the reasons behind the poor performance of the Indian economy in the recent past and suggests measures for way out of the current crisis.
Class War at the Capital
Sep 19th 2013, Prabhat Patnaik
Indian State's treatment of workers under neoliberalism is not a normal "class war," but a "class war" in which the ruling classes are fast moving in the direction of fascism.
Is Fiscal Profligacy the Cause of the Crisis?
Sep 10th 2013, Prabhat Patnaik
Current account deficit is a major reason behind lack of demand and slowdown. Government spending on food security can boost demand for domestic goods and chance of a revival.
The Discreet Charms of Controlling Imports
Sep 4th 2013, Jayati Ghosh
Some protection from imports together with current account balancing is clearly what is necessary now to deal with India's balance of payment crisis.
Growth versus Redistribution
Aug 19th 2013, Prabhat Patnaik
In reference to the recent Sen-Bhagwati debate, the author argues that redistribution is a fundamental right in a democracy and is not necessarily dependent on growth.
The Sen-Bhagwati "Debate" on Economic Policy in India
Aug 14th 2013, Jayati Ghosh
The recent Sen-Bhagwati debate is not about a choice between economic growth and social sector spending; rather it is more about the economic strategy of growth.
Banks and the F-word
Aug 8th 2013, C.P. Chandrasekhar
The rising incidence of bank frauds in India breaks the myth that better accounting standards and stringent disclosure requirements post-liberalisation would discourage fraud.
Once More, without Feeling: The Government of India’s latest poverty estimates
Aug 8th 2013, Jayati Ghosh
The Government of India's latest poverty lines are appallingly low and unrealistic, that make a cruel joke on the actual living standards of the bulk of the population.
What Defines Headline Inflation?
Jul 30th 2013, C.P. Chandrasekhar
Barely a year and a half since the government started computing headline inflation based on CPI rather than WPI, it has returned to focusing on WPI-based inflation.
The India behind the New Poverty Ratio
Jul 30th 2013, Rahul Goswami
Poverty in India is far more serious than that suggested by the Planning Commission's latest claims, and the latter may crucially impact upon social welfare programmes.
The Politics of a Development Strategy
Jun 17th 2013, Prabhat Patnaik
Narendra Modi's projection as India's Prime Ministerial candidate is the political denouncement of the economic strategy that is completely anti-people and pro-corporate.
Whose Public Interest?
Jun 11th 2013, Jayati Ghosh
Whatever government is in power, ''public interest'' cannot be appropriated to stifle dissenting voices through abuse of power and undemocratic use of legislation.
Privatising the ICDS?
May 30th 2013, Jayati Ghosh
The government's proposal to hand over the supply of supplementary nutrition to NGOs is an invitation for private profiteering on the back of the supposedly public scheme.
The Corruption System
May 29th 2013, C.P. Chandrasekhar
The greater corruption witnessed under liberalisation reflects an aggravation of the systemic tendency towards primitive accumulation of capital characteristic of capitalism.
The Political Economy of Indian Food Exports
Apr 2nd 2013, C.P. Chandrasekhar and Jayati Ghosh
The article discusses the political economy configurations that permit rising grain exports from India, even as domestic food prices spiral out of the reach of ordinary people.
The Neo-liberal Paralysis
Mar 6th 2013, Subhanil Chowdhury
India's commitment to neo-liberalism and enticement of global finance capital forbid it to undertake any policy aimed at ameliorating the current condition of the economy.
Is this Really a Budget for Women?
Mar 6th 2013, Jayati Ghosh
Many of the policies implicit or explicit in the Budget statement have implications that are adverse for most women because they involve cuts in essential public spending.
Tax Concessions to Companies
Mar 5th 2013, C.P. Chandrasekhar and Jayati Ghosh
Revenue foregone due to direct tax concessions to the corporate sector has become a huge element in the Budget, and one that is increasingly coming under public scrutiny.
Niggardly on Essential Spend
Mar 1st 2013, Jayati Ghosh
Given that the Indian electorate would soon see what the real implications of the budget 2013-14 are, it is surprising that his own party let Chidambaram get away with this.
Two Parties, One Vision
Feb 6th 2013, C.P. Chandrasekhar
Despite the handicap stemming from the growing similarity of its economic policy with that of the BJP, the economic policy vision of the Congress party is unlikely to change.
India and the Congress Party
Jan 9th 2013, Jayati Ghosh
The Congress Party's actions that appear insensitive, distant and even cynically patronising have alienated its core constituency of the poor, minorities and middle classes.
Hawking the Deficit
Jan 8th 2013, C.P. Chandrasekhar and Jayati Ghosh
While the government proclaims the need to reduce fiscal deficit, its actual performance in recent years has been well below projections, especially due to lower receipts.
Polishing the Nation's Silver
Jan 3rd 2013, C.P. Chandrasekhar
Avoiding taxation route and relying more on non-debt capital receipts has led to the failure of the government on the fiscal front in terms of its deficit reduction target.
Mad about Cash Transfers
Jan 1st 2013, Jayati Ghosh
Cash transfer is seen by the Congress Party as the vehicle that will lead it to electoral victory. But, in no case should it be seen as substitute for public service delivery.
Gujarat: A growth story retold
Dec 14th 2012, C.P. Chandrasekhar
The benefits of Gujarat's economic growth have not been shared with the State’s poor and working population, even as the sustainability of the growth trajectory is in doubt.
Demonising Dissent
Dec 5th 2012, Jayati Ghosh
The reform measures of the UPA government, its double standards and failure to actually improve the conditions of its people have been major sources of public disappointment.
India Wants More than Crony Capitalism
Nov 14th 2012, Jayati Ghosh
Revelations of corruption are engulfing the country's leading Congress party. But what will replace it?
Does the Left have an Alternative?
Oct 31st 2012, Prabhat Patnaik
Left trajectory, an alternative to the policy being pursued in India, can sustain only if it reverses the neo-liberal policies and carries forward the interests of the people.
The Role of the Small Retailer
Oct 6th 2012, C.P. Chandrasekhar
As evidence suggests, policy of pushing organised retail will result in substantial loss of employment and livelihood contrary to the official claim of employment growth.
FDI in Retail: Benefiting neo-liberalism, harming people
Sep 26th 2012, Subhanil Chowdhury
The decision of the UPA government to open up the retail sector in the country to FDI is an example of the basic fallacy in the 'growth fetishism' of the votaries of neo-liberalism. While the government argues that this move will generate investor confidence in the Indian economy and lead the country to high growth, in reality the problems of the common people - deprivation, poverty and hunger - far from being ameliorated, will actually be intensified.
Emerging Dynamics of Global Production Networks and Labour Process: A study from India
Sep 12th 2012, Praveen Jha and Amit Chakraborty

With cheap labour and a strong supply base, India's automobile sector has emerged successful in integrating itself into the global production networks. Using case studies from the National Capital Region, this paper seeks to study the nature of changes in the organisation of production and work in the automobile sector - both intra-firm and inter-firm - and their impact on the changing labour processes and issues of managerial control, skill or working conditions. The anatomy of the recent waves of labour unrest there has been studied to investigate its relation with changing labour processes, and to understand the new regime of accumulation from a political economy perspective in terms of the dynamic interaction of capital's strategy, technology and the agency of labour.

The Parthasarathi Shome Committee Report
Sep 10th 2012, Prabhat Patnaik
The Shome Committee Report has recommended that the introduction of GAAR should be kept in abeyance until April 1, 2016 and that the capital gains tax be done away with altogether. These are all a reflection of the Manmohan Singh government's keenness to legitimise its efforts to start another stock market ''bubble'', which it thinks will stimulate growth by attracting more speculative finance capital into the country.
Redefining the Nation
Sep 6th 2012, C.P. Chandrasekhar
Growth achieved under the UPA regime as a result of the reform pursued relentlessly by them has benefited a few while excluding the majority. So to argue that such growth is in the interests of national security is to redefine the nation itself.
Gender, Property and Institutional Basis of Tax Policy Concessions: Investigating the Hindu Undivided Family
Sep 1st 2012, Chirashree Das Gupta

This discussion note is an attempt to situate the development of Hindu Undivided Family (HUF) as a legal tax entity recognised by tax law, separate and distinct from individuals and corporate entities. Over the years this tool has been used by the family-owned business groups for evading tax. In fact in the era of neoliberal globalisation, the laws of the land have been altered suitably to facilitate the transformation of family-owned business groups into multinationals without an increase in their total corporate liability.

A Scandal in Kerala
Aug 24th 2012, Prabhat Patnaik
Passing a legislation permitting plantation owners in Kerala to use up to five percent of the land under their control for purposes other than growing plantation crops, including growing other crops and real estate projects, legitimises the illegal land occupations of the big plantation owners and opens up huge tracts of land for the operation of the real estate mafia. Crucially, it will also eliminate any scope for an extension of land reforms, which was a major component of the trajectory of egalitarian development in the state.
Capital and Public Expenditure
Aug 24th 2012, Prabhat Patnaik
The author explores the paradox of why capitalists are opposed to public expenditures even in economies with high unemployment and unutilised capacity despite the fact that such investments would boost aggregate demand. The answer lies in preserving the capitalists' control over the level of output and employment and thereby maintaining their hegemony over society.
Tweaking Animal Spirits
Aug 8th 2012, C.P. Chandrasekhar
One element of the emerging policy consensus within India's economic policy establishment involves spurring demand for the private sector by diverting expenditure away from subsidies for the poor to finance investment. Simultaneously, a case is being made for providing more concessions to cajole the private sector into exploiting this opportunity.
The Growth Model has Come Undone
Jul 12th 2012, Mritiunjoy Mohanty
The government's argument that India's economic slowdown is the result of the global situation and related uncertainty is only partly true. The deeper reason is the unravelling of the underlying growth model - partly due to the greatly increased import dependence of the manufacturing sector and partly because the investment subsidy that Indian companies enjoyed due to the under-pricing of assets is no longer feasible.
Markets and the Role of Law?
Jul 2nd 2012, Bikku Kuruvila
While law is presented within the dominant policy discourse as a source of transaction costs and bureaucracy, markets simply could not exist without the rigorous enforcement of rules and contracts that allow the much-celebrated moments of ''free exchange'' to proceed with any certainty. In this light, it is very important to look at the political compromises, policy resolutions and distributional consequences created by market-oriented state intervention. To this view, India in 2012 is already largely integrated into the global economy with the growth, volatility and inequality that such integration entails.
Pranab Mukherjee as Finance Minister
Jun 26th 2012, Jayati Ghosh
Although he has been awarded as the best Finance Minister, Pranab Mukherjee has failed to manage the economy that has been reeling under decelerating growth, rising prices of essential goods and stagnant employment along with high youth unemployment. He did little or nothing to ameliorate any of these problems, instead, in some cases he exacerbated them.
The Queen and her Guards
Jun 13th 2012, Jayati Ghosh
The aggrandised celebration that marked the Queen's diamond jubilee was successful in concealing the grim economic realities of the British economy. A disquieting employment situation, discussed in the article, raises concern that it could just be the tip of the iceberg and that a sweatshop scenario that was once regarded as typical of the developing world exists in the UK as well.
The Emerging Left in the Emerging World
Jun 12th 2012, Jayati Ghosh
In this article, the author reviews several features of emerging left movements in Latin America, Africa and developing Asia that suggest a move away from some traditional ideas associated with socialist theory and practice even as there are two important areas of continuity with the leftist thinking of the past.
ILO Leadership Election Must Not be Another Charade
May 21st 2012, Jayati Ghosh
The ILO is uniquely positioned among the multilateral organisations to play an extremely significant role in forging a global consensus around viable alternative economic trajectories. The election of a developing country candidate as its new Director-General would have important consequences that go beyond symbolism.
Time to End the Madness
May 16th 2012, C.P. Chandrasekhar
Irrational insistence on fiscal conservatism has led to widespread growth slowdown not only in the European countries, but also in emerging economies like China and India. The political backlash in major eurozone economies rekindles hope that governments embracing growth stunting fiscal tightening would soon switch back to sound economic policy-making.
Is a Universal Pension Scheme Feasible in India?
May 16th 2012, Jayati Ghosh
In an economy like ours, a universal pension scheme must be part of a broader development strategy that focuses on public investment in physical and social infrastructure, which will ensure supply of necessary goods and services while increasing demand from the population in a stable and inclusive way.
The Roaring 2000s
May 11th 2012, C.P. Chandrasekhar
The coincidence of the profit and the output booms during the two post-liberalisation booms in India's organised manufacturing sector since the early 1990s suggests that in periods of rising demand, the organised manufacturing sector in India has been a major beneficiary of reform through a rise in mark up. The complaints of the leaders of this sector are therefore not to be taken too seriously.
A Communist's Life under Capitalism
May 8th 2012, Prabhat Patnaik
The contradictions confronting the personal life of a Communist activist having to work within a capitalist society have not attracted much classical Marxist theorizing. But the question of how a communist living under capitalism must both engage in quotidian life and yet be outside of it needs to be addressed for the formulation of an appropriate Communist praxis in today's world.
Paralysis in Policy Assessment
May 8th 2012, C.P. Chandrasekhar
The kind of policy paralysis that the UPA government is identified with refers to the failure of the government to deliver fully on its commitment to so-called economic reform. But the true paralysis lies in its inability to address deprivation by allocating additional resources and improving delivery to accelerate advance on the human development front.
The Continuing Need for Industrial Policy
May 7th 2012, Jayati Ghosh
The 13th UNCTAD conference held recently in Qatar discussed industrial policies as the significant yet unsung force behind the much trumpeted emergence of some developing economies as major players in the global stage. Despite liberalisation in the '90s, much of India's success too lies in the industrial policies that preceded it. Moreover, India has much to learn from its counterparts like Brazil on how to utilise industrial policies even in largely market-driven economies.
Food and Agriculture: Trends in India into the early Twelfth Plan period
Apr 23rd 2012, Rahul Goswami

The transformation taking place in India's agriculture and crop cultivation choices is brought about by a few key factors that have begun to heavily influence the patterns of crop cultivation, the movement of food through India and the effect of these on nutrition on different income classes in rural and urban habitats. In this view, foreign direct investment in multi-brand retail and the influence of the retail food industry is linked with climate change impacts and the proposed genetic engineering solutions; the combining of agriculture, health and nutrition is aided by pro-technology policies and consumption geared for urbanising India; and the domination by the USA of the crop science, research agenda and market reform process is still evident. These factors are responsible for the repetition of the misdiagnosis of impending hunger in the country by the Government of India as being a consequence of a lack of food, to be tackled today, and tackled exclusively by technological means.

The Dollar Drain
Apr 16th 2012, C.P. Chandrasekhar
With the government announcing the new liberalised norm for remittances for Indian residents, there has been a spurt in capital outflow from the country. The rising Indian appetite to invest abroad could prove a problem if uncertainty with regard to rupee rises, as such uncertainty could trigger capital flight in a liberalised environment.
An Inequitable Path: The ritualistic exercise in fiscal management 
Mar 23rd 2012, Amiya Kumar Bagchi
Ignoring all the evidences of the fact that growth does not trickle down, the Budget 2012-13 has emphasised the target of raising the rate of growth at any cost without bothering about the majority of Indian population. Instead what was needed for managing the economy was a progressive system of taxation, employment creation and universalisation of the public distribution of food grains.
Employment and Social Spending in Budget 2012-13 
Mar 21st 2012, Jayati Ghosh
Highly regressive in both taxation and spending terms, the Budget 2012-13 has managed the remarkable feat of upsetting almost everyone and making no aam aurat and aam aadmi happy. It provides conclusive proof of the UPA government having lost its way as it seems to have forgotten the importance of its own ''flagship schemes''.
Mutiny of the Minority Shareholder 
Mar 19th 2012, C.P. Chandrasekhar
In what would be a first for India, a minority foreign investor in a public sector company that had gone in for privatisation, in this case a hedge fund looking for capital gains, has challenged the right of the government to pursue policies it presumes is in the national interest.
Budget 2012-13 
Mar 17th 2012, Jayati Ghosh
Highly regressive in terms of taxation, the Budget 2012-13 will obviously lead to rising prices with continuing shortfalls in employment. Hence it emerges that the greatest losers from this budget will be the Indian consumers, particularly the poorer sections.
From Food Security to Food Justice 
Feb 7th 2012, Ananya Mukherjee
Millions of Indians suffer from the twin violence of hunger and injustice. However, most of the Indian governments are neither willing nor able to deliver food justice. Therefore, the need of the hour is the devolution of power and resources to the local level so that with their knowledge of local needs and situations they can create a just food economy, as has been shown by the women in Kerala.
Capitalism and Hunger
Jan 20th 2012, C.P. Chandrasekhar
After close to 65 years of independent national development, the level of child malnutrition in India remains unacceptably high. The capitalist growth of the worst variety fostered by neoliberalism and the consequent refusal of the government to directly address the problem explains the cause for this ''national shame''.
Protest in the Age of Crises
Nov 2nd 2011, C.P. Chandrasekhar
If the Occupy Wall Street movement is to acquire strength to actually confront the might of finance capital and the state it controls, it must find greater cohesion, with an organisational structure and a programme that goes beyond anger against the capitalist system and the condition to which it has reduced the majority.
Karuturistan, Ethiopia: The fire next time?
Oct 21st 2011, Alemayehu G. Mariam
Karuturi is an Indian MNC that currently owns 2,500 sq km of virgin fertile land in Gambala, Ethiopia, where it practices corporate farming. The project has not only displaced local inhabitants from their homeland, it is also impoverishing the local community by bringing in farmers from India and thereby denying local people the right to livelihood. The produce is meant to be exported to the international market, whereas Ethiopia is one of the largest recipients of foreign food aid.
Much More Needed to Help the Poor
Oct 19th 2011, Jayati Ghosh
The Planning Commission's Approach Paper to the Twelfth Plan is not only disappointing, but also disturbing in its attitude towards poverty reduction. Multidimensional approach to poverty, which any sensible government would adopt today, is ignored in the Approach paper and the policy interventions that have been proposed are pathetic.
''Planning'' for Whom?
Oct 12th 2011, C.P. Chandrasekhar
There are some fundamental changes in the Planning Commission's current perspective relative to the earlier periods. In the post-Independence years, pursuit of profit was not seen as being in the social interest and this was reflected in the nature of development planning. But now, profit is the sole motive and the role of the state is to merely facilitate this by incentivising corporate activity.
Approaching the 12th Plan
Sep 26th 2011, Jayati Ghosh
Considering India's slow growth of employment in the recent period because of our demographic bulge and increasing numbers of educated youth in search of productive employment, the need of the hour is to redesign our growth strategy and use social policy and social expenditure to generate more employment as employment creation is the most important mechanism for achieving inclusive economic growth.
Nix to Both Teams: People's power can only work within a structured
Sep 12th 2011, Ashok Mitra
Although people's power is a beautiful idea, it can work only within the format of a structured system. While the Anna Hazare movement leaves lessons for the government and the Parliament, it should also make the nation realise the perils from excesses indulged in the name of the people's will.
Afterword on a Movement
Sep 7th 2011, Prabhat Patnaik
Any undermining of parliamentary democracy represents a huge social retrogression. But a positive fall-out from the Hazare movement hopefully is self-rectification by the ''democratic State'' in the face of this challenge. However, the Hazare group's assault on parliamentary institutions and exclusive emphasis on corruption within the state machinery, to the exclusion of the corporate sector and civil society groups, could turn out to be a part of an agenda of converting Indian democracy into a ''corporatocracy''.
Grabbing Global Farmland
Sep 7th 2011, Jayati Ghosh
It is essential to fight the irresponsible and exploitative behavior manifested by Indian companies involved in the recent trend in large-scale overseas acquisitions of farmland and the undemocratic processes underlying these land grabs. Without this, the struggle for greater economic justice within India will also be undermined.

India's Role in the New Global Farmland Grab

Aug 23rd 2011, Rick Rowden
This report explores the role of Indian agricultural companies that have been involved in the recent trend in large-scale overseas acquisitions of farmland. In addition to examining the various factors driving the ''outsourcing'' of domestic food production, the report also explores the negative consequences of such a trend. It looks at why critics have called the trend ''land grabbing'' and reviews the impacts on local peoples on the ground, who are often displaced in the process.
America's Debt-ceiling Crisis
Aug 4th 2011, Prabhat Patnaik
The compromise between Obama and the Republicans to end the US debt-ceiling crisis has done great damage in terms of a sharp regression in income distribution and a remarkable shift to the Right in the US, as well as an aggravation of the recession in the world economy.
Changing Guard at the IMF?
Jul 6th 2011, Jayati Ghosh
The change of guard at the IMF would not make a difference as long as there is no significant change in the Fund's approach to economic policies. Despite the experience of continually getting it wrong in so many countries over so many decades, the Fund is still persisting in imposing the blatantly counterproductive strategy of fiscal austerity everywhere.
Why is India Suddenly so Angry about Corruption?
Jun 18th 2011, Jayati Ghosh
Post liberalisation, market-oriented reforms have delivered higher aggregate growth but also significantly increased economic inequality and material insecurity for the majority of India's population. The recent outrage against corruption in India reflects a great betrayal felt by a populace that had been told that the era of neoliberal economic policies would end vices that were supposedly associated with greater government involvement in economic activity.
Commodities and Corruption
Jun 6th 2011, Prabhat Patnaik
Capitalism is supposed to bring in modernity, which includes a secular polity. Many have even defended neo-liberal reforms on the grounds that they hasten capitalist development and hence our march to modernity. But the incident of four senior central ministers kow-towing most abjectly to a ''Baba'' proves that neo-liberal India, far from countering pre-modernity, is actually strengthening it. This proves the leftist argument that in countries embarking late on capitalist development, the bourgeoisie allies itself with the feudal and semi-feudal elements that impedes the march to modernity.
The Left and Elections in West Bengal
May 18th 2011, C.P. Chandrasekhar and Jayati Ghosh
Assembly elections in West Bengal have resulted in defeat of the Left Front government after 34 years in power. However, a detailed look at the voting shares shows that the Left parties still managed to garner more than 41 per cent of the votes which by no means can be taken as showing a big decline in popular support for the Left among the people in the state.
The Growth-discrimination Nexus
Apr 13th 2011, Jayati Ghosh
It is argued by many that market forces break open age-old social norms, particularly those of caste and gender. However, unfortunately, capitalism in India, especially in its most recent globally integrated variant, has used social discrimination and exclusion to its own benefit, to take forward the growth story.
Why West Bengal Needs a Left Government
Apr 4th 2011, Jayati Ghosh
It is not only for taking forward the struggle for democracy but also the successful achievements of the Left government in the areas of land distribution and health that West Bengal should have a government headed by a revitalised Left Front. It is essential to consolidate these achievements and move forward, rather than allow them to be dissipated or even reversed.
The Paradox of Capitalism
Feb 4th 2011, Prabhat Patnaik
The fact that the bulk of the world's population continues to struggle for subsistence is because of the incubus of an exploitative social order; but this is often obscured by analyses that continue to cling to the illusion that the logic of compound interest will overcome the ''economic problem of mankind''.
Policy Paralysis and Inflation
Feb 3rd 2011, C.P. Chandrasekhar
The price trends over the last one-and-a-half years suggest that inflation is being driven by factors which are structurally embedded in the economic environment generated by the government's neoliberal reform agenda adopted for two decades now. Further, neoliberal thinking is leading not only to policy paralysis and absurd reasoning, but also to policy responses that are contrary to what is needed.
The Criminalization of Dissent
Jan 13th 2011, Prabhat Patnaik
The official position idealising economic growth as a national goal and vilifying any opposition to it as anti-national, is reification. But, equally importantly, it is dangerous, both because it criminalizes ideological dissent and because it implicitly justifies corporate control over the State.
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