Lohia and his ideology: Today’s political weapons?
In a bid to entice the economically and/or socially marginalised sections of society, political organisations in India are projecting themselves as champions of inclusive growth, democratic socialism and principled politics. These organisations have scrambled to embrace the remnants of Ram Manohar Lohia’s ideology, generously invoking the visionary thinker, when talking about the future of socialism,…
If India Goes the Rwanda Way, We Won’t Have the British to Blame
May 2016, I’m sitting in Kigali where my host, an Englishman who calls Rwanda home, has a few people over for drinks. Among them is a septuagenarian British writer who is writing a book on Rwanda. He waxed eloquent about how successful Rwanda has been since 1994. Buses run on time, the roads are paved…
Commodity Transaction Tax: Unearthing a Financial Faux Pas
In the Union Budget of 2013-14, the then Finance Minister of India, Mr. P Chidambaram, announced the introduction (or rather re-introduction) of 0.01 per cent Commodity Transaction Tax (CTT) on sale of all non-agricultural commodity derivatives. The FM’s decision was based on the premises that, “There is no distinction between derivatives trading in securities market…
Will the Strategic Partnership Policy Finally Kick-Start Modi’s Make-in-India Defence Project?
Up to $30 billion in defence deals could be unlocked with the new policy. But the fine print will decide whether it will give a leg up to Indian firms and reduce the country’s dependence on costly imports. It has been well over a decade since India’s private sector was directly involved in defence…
Future of Municipal Bonds in India, Mumbai
The eighth seminar of the monthly “BSE-PIF Financial Sector Policy Series” was held in Mumbai on the 23rd May 2017. The opening remarks for the session was made by Shri Ashish Kumar Chauhan, MD & CEO, Bombay Stock Exchange Limited. The session was chaired and moderated by Dr Rajiv Kumar, Director, Central Board of RBI…
The Danger That Comes With The Passing Of Aadhaar Bill As A Money Bill
Article 110 of the Indian Constitution defines what a money bill is. It specifies only six subjects under the ambit of a money bill, and ‘any matter incidental to any of the matters specified’. The qualification of the Aadhaar Bill to be a money bill has been questioned by the Opposition on multiple occasions. Since a…
So far so good, but investment upturn needed
The three years of the Modi government have been hyper active both in terms of reforms actually implemented and even more for the huge body of work in progress. The slew of measures taken by the Modi government during the last three years have surely laid the foundation for the Indian economy’s transition to a…
The glass is more than half-full
Rajiv Kumar on three years of Modi sarkar The Narendra Modi government has completed three rather breathless and turbulent years. So much seems to have changed, or has been in a flux. There is no separate railway budget anymore, with the Union Budget itself having been advanced by a month to February 1. The Reserve Bank of…
Bite the bullet on banks
Recent amendments to the RBI Act have drawn expected flak. The criticism that a central bank is only a regulator, and not responsible for handling a crisis, is patently misplaced. Central banks have led the way for addressing banking sector crisis over time and across countries. The plausible fear is that these measures may draw…
Gold Monetisation – Are we there yet?
There are few countries that are as entranced by gold as India. China recently overtook India as the largest consumer of gold. Turkey, like India, has been a gold consuming country with great success in monetising gold. In India, the introduction of the three gold monetisation schemes was the first step towards gold monetisation and…