Category Thematic Areas

The SVB Downfall: a Macroeconomic Phenomenon

The real world has a way of confounding textbook economics. Macroeconomics, the branch that deals with the big things like growth, inflation and interest rates, seems broken when used to implement policy. In medicine, a drug is not approved for use if it has potentially serious side-effects. Or, if it's approved, it is administered with care, in the right doses. The collapse of Silicon Valley Bank (SVB) and the pressure on other US banks suggests that economists still don't quite appreciate the side-effects of their actions.

Six Takeaways for India from Russia-Ukraine Conflict

The ongoing war between Russia and Ukraine, visibly evident in the bloody fighting in the Ukrainian town of Bakhmut, has again drawn attention to the constant – war is the ultima ratio or the supreme arbiter in international politics. International politics takes place in the shadow of war, and force in international politics is timeless, remaining a viable instrument of statecraft.There are six key takeaways for India from the Russia-Ukraine conflict.

Relevance and Reliance on China’s Provisions of providing Financial System

The crises in Sri Lanka and Pakistan are raising questions about the relevance and the costs of their reliance on the alternative financial system provided by China’s Belt and Road Initiative

On March 6, China became the last major bilateral creditor to provide financing and restructuring assurances to Sri Lanka. Following this, the International Monetary Fund (IMF) has agreed to make a final decision on Colombo’s $2.9 billion bailout package. Sri Lanka’s consistent back-and-forth negotiations with the IMF and China indicate a broader development in South Asia. In 2022, two other South Asian nations and participants of the Belt and Road Initiative (BRI) — Pakistan and Bangladesh — had sought financial assistance from the IMF. These developments in the subcontinent indicate that developing countries are furthering their economic interests and stability by approaching the IMF and the West, even as they try not to antagonise China.

India’s Monetary Policy Autonomy from Rich World Crises lies in limiting Portfolio Inflows

Tanking stock markets may not be the best background in which to discuss curbing portfolio inflows into India. But to insulate Indian policymaking from the fickle twists and turns of the US Fed and regain monetary autonomy, India must impose capital controls on short-term portfolio flows.

Doubling of Income, Really?

INDIA’S per capita income, representing the average income of an Indian citizen, has risen from INR 79,000 in 2013–14 to INR 1,71,000 in 2022–23 — an increase of 116 percent. Therefore, some claim that incomes have more than doubled in India since the present ruling dispensation took office. The catch is that: a) this includes the price increase during the period and hence does not represent the real increase in incomes, and b) the data for 2022–23 and two earlier years is provisional and subject to revision.

Reimagining Public Policy in the Context of Emerging Global and Domestic Trends

It is a privilege to deliver the inaugural address for the Conference on Public policy Research, Pedagogy, and practice organized by the Delhi School of Public Policy and the Motilal Nehru College, University of Delhi. In any discipline, particularly in the social sciences and in professional programs, research, pedagogy, and practice need to be tailored to the emerging context and challenges which the discipline needs to help understand and address. The title of my address has the terms “Reimagining Public Policy”. It also stresses “Emerging Global and Domestic Trends”.

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