Nouriel Roubini, of the infamous (and silly) Dr Doom moniker, says India might just do OK. Despite slowing from highs of 8% to 9% growth, India’s economy will grow close to 6% in 2009. Amid domestic and global liquidity crunch, large domestic savings and corporate retained earnings are financing investment. Sluggish labor market and wealth [...]
India’s Underground & Hinterland seem to be the topics du jour :-) In the Wall Street Journal, Peter Wonacott says India Defies Slump, Powered by Growth in Poor Rural States. Rama Lakshmi of the Washington Post said as much last month: Vast Rural India Sparkles As an Expanding Market About 72 percent of India’s billion-plus [...]
Ila Patnaik and Lant Pritchett discuss the problems facing Indian policy makers
What does 2009 hold for India, given the global credit crisis and the aftermath of the 26/11 Mumbai terror attacks? Joe Nocera, one of my favorite business journalists, thinks that India’s banking sector has managed to avoid getting dragged down by the financial maelstrom. Do you agree? And what is the outlook for the rest [...]
Indian inflation fell back again in the last week of October, as energy and commodity prices continued to fall, and the impact of the global financial turmoil and credit crunch ricocheted its way across one country after another. The IMF last week forecast annual growth for India of 6.3% in 2008 while India’s manufacturing expansion, [...]
Progressive critiques of India’s recent development prospects are often marked by schizophrenic worldviews – between what is and what ought to be. Mira Kamdar’s recent piece in the World Policy Journal illustrates this well. By Ms. Kamdar’s account Indians are heading down an inevitable path to doomsday. Malthusian population pressures, resource scarcity, global warming, environmental [...]
By V Anantha Nageswaran On September 19th, the U.S. Treasury Secretary Paulson issued a statement in which he said that the Federal government “must implement a program to remove these illiquid assets that are weighing down our financial institutions and threatening our economy”. He called it the ‘Troubled Asset Relief Program’. Many have taken to [...]
So says Hugh Young in the Financial Times Indian companies have on the whole risen above the meanderings of government, and in so doing have provided a platform for their shares to do likewise. ……… Granted, unlike some of its Asian cousins, India will remain a frustrating place for investors, as sensible policies one week [...]
Earlier post on the subject: Oil Pricing in India Vikram S Mehta, chairman of the Shell Group of companies in India, provides the structure of the price build up for petrol and diesel by the public sector companies in India. Indian Oil Corporation (IOC) calculates inter alia the landed import duty paid price of petrol [...]
V Anantha Nageswaran What is interesting in Daniel Yergin’s FT piece is that he deftly sidesteps the question of predicting the future for oil price—near-term or in the long-term. In recent years, he has been proven wrong. His Cambridge Energy Research Associates (CERA) has been bearish on oil since 2004-05. More important rather than interesting [...]
V Anantha Nageswaran A table of inflation rates in many countries around the world is beginning to reveal a disturbing picture. The lowest rate is found in Germany – at 3.0%. Many emerging countries that seem to be doing a truthful job are reporting inflation rates in excess of 10% and some in excess of [...]
He advocates a false morality to disguise his government’s failures Dr Manmohan Singh the prime minister has routinely relied on platitudes (instead of on incentives) to motivate the UPA government’s policies. But he is getting even the platitudes wrong. In a country where the average annual per capita income hovers around an unacceptably low US$1000, [...]
The first Africa-India Forum summit was held at New Delhi earlier this month. There were several other events organised on the sidelines of the Summit: the first ever India-Africa Editors Conference, joint performances by Indian and African cultural troupes a seminar of intellectuals from Africa and India on India-Africa Partnership in the 21st century, a [...]
Chandra Kochar, joint managing director and chief financial officer of India’s largest privately owned bank, $80 billion ICICI Bank, is bullish on India growth story. She contends that the growth in India is shifting from consumerism to manufacturing and infrastructure. In the last five to seven years, India has grown on the basis of its [...]
A new research paper titled Trading Population for Productivity: Theory and Evidence by Oded Galor and Andrew Mountford focuses on a novel Unified Growth Theory. The paper argues that the – differential effect of international trade on the demand for human capital across countries has been a major determinant of the distribution of income and [...]
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