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

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Modernity and Democracy in India

Unresolved agrarian question, slow pace of industrial development and distorted economic growth of the service sector, have all led to the nature of economic development that is not symmetrical or equally poised with political democracy and rights. As long as capitalism in India remains backward to a large extent, in agriculture and industry, and as long as the distorted development continues, we will be stuck with the impasse of backward-looking nationalism and authoritarian populism. Current impasse is a product of achieving political modernity and a superstructure without its accompanying economic basis.

Majoritarian Rationale and Common Goals

Looking at existing policy instruments and goals, and the economic and social outcomes they promise to deliver, it is argued that majoritarian politics and social and cultural outcomes are not part of fringe thinking. The politics of hate actually works to build a consensus for ruling class economics. It is not surprising, therefore, that the only "nationalist outlook" of our times is to stand firmly behind the policy programme for the global investor.

Reforming the Risky Financial System

Other People's Money: The Real Business of Finance by John Kay; New York: Public Affairs, 2015; pp 352, $27.99 (hardcover).

Calm before the Storm?

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.

Secondary Market to the Fore

The growth of the financial market in 2002-03 was much more marked in the secondary market than in the primary segment. Turnover in all three components of the secondary market - equity, debt and forex - continued to grow apace.

Social Impacts of Large Dams

The complexities of the imbalances between the 'losers' and the 'winners' in the distribution of the benefits of large dams are the main issues in formulating the parameters of equity principles. Gender is one layer in this complexity, and is one of the most basic aspects of a realistic impacts assessment. Gender is fundamental to equity and distribution. Due to the far-reaching transformations initiated by large dams, it is essential to ensure that the negative impacts do not outweight the positive ones. Therefore, an integration of gender is indispensable in any process that seeks to formulate equity principles.
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