The Monetary Policy Committee (MPC) cut the key policy repo rate by 25 basis points to 6 percent, lowest since 2010, in the meeting held on 2nd August, 2017, largely in line with expectations of the market, economists and experts. However, two members of the MPC, Dr. Ravindra Dholakia, and Dr. Michael Patra dissented with … Continue reading Monetary Policy of Dissent
Application of mathematics was restricted to physical sciences, but only till the last century or so. In the last 90 years, math has seen a greater advent in Economics. An increasing proportion of research papers published had use of advanced mathematical techniques to arrive at results. More so, the display of these results is in … Continue reading Mathematisation of Economics
I recently attended a talk by P. Sainath, an eminent Indian journalist. The talk was titled, very interestingly, "Moral Economy of the Elite". Let me begin by saying, he mocked economist throughout his lecture. While doing so, he quoted Kenneth Boulding and said, "Anyone who believes in indefinite growth on a finite planet is either … Continue reading The Order of Our Society Today
The elevation of the NDA coalition to the Union Government in April 2014 was no surprise. The UPA-II faced extreme corruption charges along with anti-incumbency from the electorate. What Prime Minister Modi did correctly, and strikingly differently, was to run a presidential-style election campaign for the BJP whereas the Congress party was left faceless and … Continue reading Economic liberalism over societal liberalism?
CBSE and ISC boards announced their results in the last few days. What was shocking to see was the focus on the toppers of the respective boards scoring equal to or upwards of 99.5%. As we climb down the ladder, the fall is less than 0.1% per rank, with many students sharing the same rank … Continue reading The irony in India’s College Education
Dr. Raghuram Rajan, the immediate previous Governor of the Reserve Bank of India began a bold task in the last year of his tenure, that to clean up bank balance sheets. Indian banks have been facing a grave issue of rising Non-Performing Assets (NPAs), since the last five years now. The reasons behind this phenomenon … Continue reading Does India Really Need A Bad Bank?
The concept of implementing Universal Basic Income (UBI) is a relevant one, that poses severe challenges to Governments and policymakers around the world. But it is also a highly controversial and contestable one. The argument about UBI will surely catch fire in the near future as we start seeing jobs getting replaced by robots at … Continue reading The Case Against Universal Basic Income In India