ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Saving, Investment and Interest Rates

Saving, Investment and Interest Rates Arun Ghosh Four basic questions of great relevance to the Indian economy today.
THE government of India has, from the mid-80s generally, been following the advice, guidance and the words of wisdom emanating from the World Bank/IMF and the pundits from the US. From the mid-80s, the then prime minister of India, Rajiv Gandhi, seriously heeded the advice of the then president of the World Bank, Barber Conable, that India should speed up borrowings from 'commercial banks' from abroad in order to speed up the rate of growth of the economy. This was the period when the present finance minister, Manmohan Singh, was deputy chairman of the Planning Commission, and S Venkitaramanan (later, governor of the Reserve Bank of India) was finance secretary in the union government. Both of them actively implemented this policy.

Investment, Speculation and the Gambling Instinct

Investment, Speculation and the Gambling Instinct Arun Ghosh THE instinct to gamble is probably as old as man can remember The Mahabharaja tells us of Yudhishthira gambling away his kingdom, and later even his wife's honour. Columbus' voyage to the Americas was a gamble. At a time when the popular belief was that the earth was as flat as a pancake, he gambled on reaching India by travelling westward, and not eastward, even though he knew India lay to the east of Spain. And of late, Oscar Morgenstern has made gambling an exercise in scientific exploration by applying to all economic activities the rigours of the theory of probability.

Savings, Investment and Growth-Some Questions

Savings, Investment and Growth Some Questions Arun Ghosh It must be an extraordinarily inept government which cannot (a) contain a balance of payments deficit on current account and (b) manage a rapid growth of the economy with a domestic saving rate of more than 24 per cent THE National Accounts Statistics, 1993 (hereafter NAS, 1993) are at long last out and the Advance Estimates of National Income given therein (p 218) indicate an increase in the GNP(at factor cost) in 1992-93 of 4.2 per cent over 1991-92.

What Is Sauce for the Goose Is Not Sauce for the Gander

What Is Sauce for the Goose Is Not Sauce for the Gander Arun Ghosh There is an inherent asymmetry in all principles under the present international order, an asymmetry which goes back to the roots of the capitalist system And it is in this international setting that India has chosen to 'globalise' the economy. Having accepted the legitimacy of this asymmetry, we have given up the basis of democracy, we have abrogated our Constitution.

Structural Adjustment and Education

'Structural Adjustment' and Education Arun Ghosh The damage structural adjustment is doing becomes evident from the government's policies on education.

Power Generation, Foreign Investors and Money Market Brokers

Power Generation, Foreign Investors and Money Market Brokers Arun Ghosh Money can be borrowed in Dubai at 8 per cent. If one can get a government-guaranteed return of 16 per cent in foreign exchange after a wait of just two years, one would be a stupid financier not to go flat out to get the necessary papers signed quickly, Who knows, Narasimha Rao may lose his job, and a new prime minister may have other ideas on how to stimulate investment in the power sector.

Cat on a Hot Tin Roof

Cat on a Hot Tin Roof Arun Ghosh The country must witness its economic independence slowly but surely eroded in the next three years given to the Narasimha Rao government because the opposition is confused and lacks conviction that India should really be charting a course of action other than the one being relentlessly pushed through by the minority government.

An Agenda for the South

An Agenda for the South At a time when the ASEAN countries as well as China favour the articulation of a broader agenda for the south countries, should India regard this task with indifference?

State of Economy and 1993-94 Budget

Arun Ghosh The 1993-94 budget is weak on raising resources and on restoring a balance in our external payments (relaying heavily on contracting more and more external debts); it underplays the likely increase in administrative expenditures

Socialism, Modern Capitalism and Democracy

Socialism, Modern Capitalism and Democracy Arun Ghosh The development of increasingly more capital-intensive production under modern capitalism leads to increasing unemployment in the developed capitalist countries as well As a natural corollary, we have this new face of imperialism

Getting Tough with the Weak

Getting Tough with the Weak Arun Ghosh Addressing senior bureaucrats recently, the prime minister deplored the Indian state as 'soft', but evidently the tough decisions, from which the civil servants were exhorted not to flinch, are not meant for tough customers. The really tough measures are directed against the poor, the unemployed, the slum-dwellers and so on.

India s External Debt in Relation to BOP Prospects

India's External Debt in Relation to BOP Prospects Arun Ghosh The Reserve Bank is to be congratulated for bringing some transparency to the subject of India's external debt obligations and for attempting a long overdue reconciliation between divergent estimates of such debt Using the data made available by the RBI an attempt is made here to determine the magnitude of the country's external debt, to examine the concepts adopted by the RBI to delineate the country's external debt liabilities and to assess the options open to the country for meeting these liabilities.


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