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Monetary policy in times of a slowdown

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BusinessLine The GDP numbers for Q1 coming in lower than market predictions led to worries over prospects for Indian growth, but it must be remembered that Q1 was an election quarter. The fall in investment growth visible in January was a worrying indicator of... More »

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A new approach to industrial policy

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BusinessLine India wants to grow its economy to $5 trillion. People want jobs and their incomes to grow. The country needs its industrial sector to evolve to absorb the millions of people coming off agriculture, as they will, with productivity in the agricultu... More »

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Commodities market needs a policy push

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BusinessLine Fifteen years after the launch of commodity derivatives trade through nationwide exchanges trading multiple commodities online, there is still a sense of under-achievement in terms of products and trading volumes. This feeling is palpable especial... More »

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Foreign policy in an uncertain world

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BusinessLine Prime Minister Modi’s first-term was marked by his placing his own distinctive stamp on the conduct of Indian foreign policy. Just a few weeks preceding commencement of the general election campaign, he received a message of greetings from Preside... More »

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Economic policy, beyond the elections

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BusinessLine It is unfortunate that debate even on economic issues such as GDP growth and measurement has become politicised, thanks to the election. What one government can achieve depends on what past governments were able to do. For India a long view shows ... More »

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No Hindutva orientation in foreign policy

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BusinessLine Shortly before the 2014 elections, Narendra Modi — at that time practically a novice in foreign affairs — stated in an interview that “my Hindutva face will be an asset when dealing with foreign affairs with other nations.” This statement might ha... More »

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Monetary policy in the shadow of polls

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BusinessLine Implementing inflation targeting well can be challenging in an emerging market. Flexibility is essential for good policy, so is good timing. A related key issue is the quantum of adjustment. The MPC took the correct call in cutting rates last time... More »

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Four policy signals from the Budget

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BusinessLine Most folks who tuned into Budget 2019 may have come away with the impression that it was just a random bag of goodies for Indian voters from a government heading into general elections. But the tax and subsidy proposals in this Budget do offer cue... More »

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RBI ‘groupthink’ dynamics and the risk of policy errors

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BusinessLine What’s ‘groupthink’? It’s a term coined by Yale research psychologist Irving L Janis, who carried out extensive work in the area of group dynamics. After reading a retelling of the 1961 Bay of Pigs fiasco involving a planned US military invasion o... More »

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Clarity emerges on monetary policy stance

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BusinessLine The penultimate monetary policy for fiscal 2018-19 has maintained status quo on the policy repo rate at 6.5 per cent, but what stands out is the clarity with which the MPC resolution and the RBI leadership has spoken this time on critical areas li... More »

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Changing paradigm on economic policy

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BusinessLine Fashions change in economics. From the 1950s to the 1970s, inward orientation of economic development and trade was in vogue, associated with concepts of ‘industrial policy’ and ‘protectionism’. From the 1980s, outward orientation became the fashi... More »

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India’s foreign policy on show

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BusinessLine Inviting all ten leaders of Asean to the Republic Day celebrations is a neat diplomatic move to deal with the China factor When the Soviet Union collapsed in 1992, and India’s economy was heading into what appeared to be an irrevocable tailspin, w... More »