ISSN (Online) - 2349-8846

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FRDI Bill, 2017

Given the far-reaching nature of the changes it seeks to introduce within the financial system, the Financial Resolution and Deposit Insurance Bill should not be rushed through Parliament. Widespread apprehensions regarding provisions of the FRDI Bill, particularly the bail-in provision, have already forced the government to pause. It is only appropriate that an informed public debate precedes the tabling of this legislation for passage, which can signifi cantly alter the contours of India’s financial sector.

FRDI Bill, 2017: Inducing Financial Instability

Given its wide scope and the far-reaching nature of the changes it seeks to introduce within the financial system, the Financial Resolution and Deposit Insurance Bill should not be rushed through the parliament, as has unfortunately been the case with several legislations in the recent past. Widespread scepticism and apprehensions regarding the various provisions of the FRDI Bill, particularly the bail-in provision, have already forced the government to pause, as the Joint Parliamentary Committee studying the bill has been given time till the end of the next budget session to finalise its report. It is only appropriate that an informed public debate precedes the tabling of this legislation for passage, which can significantly alter the contours of India’s financial sector.

Demonetisation Post-Truths

A close examination of the finance ministry's claims of meeting the stated objectives of demonetisation, reveals that they are mostly false and deceptive. Official data show that even the fiscal costs of demonetisation have far surpassed its benefits, let alone its impact on the rest of the economy and the people.

‘Riskless Capitalism’ in India

A study of the financial processes underlying India’s high-growth trajectory of the 2000s and its relationship with “riskless capitalism,” a term first used by Raghuram Rajan in November 2014, finds that the Indian growth story cannot be over-simplistically explained as a result of “market-oriented” reforms. Public sector bank credit-financed investments, particularly in the infrastructure sector, played a significant role in sustaining growth, most crucially after the global economic crisis. Such a growth trajectory, however, proved to be unsustainable with the expansionary phase coming to an end in 2011–12 and bad loans piling up in the banking system.

Missed Goals

Government as Practice: Democratic Left in a Transforming India by Dwaipayan Bhattacharyya, Delhi: Cambridge University Press, 2016; pp xx+273, ₹750, hardback.

A Rightward Shift

The results of the 2014 Lok Sabha elections reflect a clear rightward shift in Indian politics. The misrule of the Congress-led government at the centre, which has presided over the most corrupt and anti-people regime in the post-Independence period, had led to popular anger across the country. It...

A Land Acquisition Bill With Many Faultlines

The much revised and much delayed Land Acquisition, Rehabilitation and Resettelment Bill is expected to be debated in Parliament in the Monsoon Session. There are, however, many problems with the Bill as it now stands. Can they be addressed?

A Selective Reading

 A Selective Reading Prasenjit Bose This is in response to the editorial

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