Category Centres

RBI Affidavit Obfuscates rather than Clarifying

The government affidavit filed on November 16 justified demonetization by claiming that it was a part of a bigger policy push to digitize and formalize the economy – in its view a beneficial step. The affidavit, in paragraph 15 justifies the decision to demonetize the large denomination currency notes by stating that it was a “well-considered decision” taken after “extensive consultation with the Reserve Bank of India (‘RBI’) and advanced preparation”. The implication is that if the decision was wrong, it is the RBI’s (the expert’s) fault.

Major Power Contestation in New World Order: An Opportunity for India

To say that the year 2022 has been a tumultuous one would be an understatement. Even as the year comes to an end, Russia continues with its bombardment of Ukrainian cities, targeting Ukrainian energy infrastructure with missiles and drones. The world’s second most powerful nation, China, is facing multiple pressures. In a matter of days, the Chinese Communist Party reversed its zero Covid policy as it came under pressure from the wider public that was tired of Xi Jinping’s strict Covid measures.

Debt-Burden for Future

Fiscal Deficit Hawks, who swoop down on North Block, where harried finance ministry officials race against time to prepare the Union government's annual budget, to screech sharp orders to slash the fiscal deficit. The fiscal deficit created now translates into a higher debt burden that future generations have to service. Is that fair? It is more than fair.

Indo-Pacific & the New Normal

With tensions between an aggressive China and an emerging India intensifying, there will be significant changes and challenges in the Indian Ocean and South Asian regions. As 2022 comes to an end, the world is embracing a ‘new normal’ where new fault lines are being reconfigured in the Indo-Pacific.

Discouraging Debates Dilutes Democracy

The strength of democracy is that debate and dialogue provide society with a self-corrective mechanism. The existence of strong opposition and policymakers to consider other points of view help devise more holistic policies. The constant questioning prevents complacency from setting in. Demonetisation was another policy that led to a major disaster since there was little consultation and the parliament was bypassed. The Citizenship Amendment Act (CAA) and the National Register of Citizens (NRC) are hanging fire, causing huge uncertainty. The farm Bills rammed through parliament without much discussion and were withdrawn only after a year-long agitation and disruption.

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