Articles by Parthapratim Pal

Assessing the trends in India’s balance of payments, it is argued that a combination of substantial trade deficit and a significant current account deficit financed predominantly by fickle portfolio investments could have made the rupee vulnerable to the moods of the global capital market. India’s huge dependence on oil imports along with high gold and electronic imports could also have played their roles in making the exchange rate volatile.

External commercial borrowings have emerged in the past few years as one of the instruments preferred by Indian companies to raise debt. However, its growing share in the composition of the country’s external debt is a cause for concern for the economy as the exposure to interest rate and currency fluctuation increases.

It is generally believed that India is doing far better than most emerging market economies in these times of global economic turmoil. Emerging markets are facing capital flight, with large-scale outflows, especially since the second half of 2015, with the trend expected to continue in 2016. India has been less affected than others, but is clearly vulnerable due to the large number of Indian firms that are exposed to external borrowings, a weak rupee, a year or more of declining merchandise exports, falling corporate profitability, and stressed corporate balance sheets.

An analysis of the Unorganised Workers' Social Security Act 2008 shows its distance from the original National Commission for Enterprises in the Unorganised Sector proposal. Passed as a measure of political expediency ahead of the 2009 general elections, the legislation creates few timelines or compulsions for central and state governments to provide for unorganised workers. Current schemes included in the Act's ambit focus only on below poverty line workers, threatening to leave out a large swathe of this vulnerable workforce.

With the Department of Posts facing competition in its traditional monopoly market from private players, the provisions of a new postal bill, which is in the process of being drafted, can have a major impact on postal, courier and express delivery sectors. The bill is expected to define the universal service obligation in the Indian context, and will presumably discuss what privilege or special treatment the national post office will get for fulfilling the USO.